Day Trading Guide for Wednesday: After swinging between gains and losses throughout the day, the Indian stock market finally closed in negative territory for the third consecutive day on Tuesday. The Nifty 50 index closed 42 points lower at 15,732 while the BSE Sensex lost 153 points to end at 52,693. Nifty Bank lost 94 points and closed at 33,311 level.
global market The fall came sharply on Tuesday after Wall Street hit a certain bear market milestone on fears that aggressive US interest rate hikes would push the world’s largest economy into recession.
According to stock market experts, global markets may remain nervous till the US Fed’s meeting is out of the way. He said Nifty made a new high of 15,659 on Tuesday, which is close to the important support level (multiple swing low) of 15,700 to 15,650. However, there is no evidence of a sharp upside recovery near this important support.
day trading guide for stock market today
Speaking on today’s trading guide for Nifty, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The market is placed in an important support zone around 15,700 to 15,600 levels. But, the bulls need to show any significant growth. Inefficiency of key support is indicated by another leg below 15,600 to 15,500 levels before any significant upside bounce from the lows is visible. Immediate resistance for NSE Nifty is placed at 15,850 levels.
Ruchit Jain, Lead Research at 5paisa.com, recommends a ‘Sell on Rise’ approach, saying, “Stock specific action does not indicate any bottom out formation near the previous support area. So in the near term, the index may probably support this support.” zone and see further selling pressure. Hence traders should avoid aggressive positions and continue with ‘Sell on Rise’ approach.”
day trading stocks
While sharing the intraday stocks for today, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi, Avinash Gorakshakar, Head of Research at Profitmart Securities and Rohit Singre, AVP – Technical Research at Bonanza Portfolio – chose the buys today. 5 stocks recommended.
Today’s Intraday Stock of Mehul Kothari
1]Berger Paints: Buy Nearby 571, target 590, stop loss 555
2]Coromandel: Buy Nearby 948, target 985, stop loss 925
Will buy day trading shares of Avinash Gorakshakar today
3]GAIL: Buy on CMP, Target 158, stop loss 142
4]DLF: Buy on CMP, Target 334, stop loss 305
Rohit singre stock today
5]Greenply: buy momentum, target on CMP 190, stop loss 176.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.