Day Trading Guide for Wednesday: After showing a spectacular rally on Monday, the Indian stock market slipped into profit-booking mode on Tuesday and closed the day in the red zone. The Nifty 50 index failed to sustain above the 18,000 level and closed 96 points lower at 17,957 from Friday’s close. The BSE Sensex closed 435 points lower at 60,176 while the Nifty Bank index fell 567 points to end at 38,067.
According to stock market experts, this weakness Nifty, Sensex and other major indices, indicating booking of marginal gains from higher. Tuesday’s weakness has so far not hurt the recent bullish position of the market. He also added that positive chart patterns such as higher highs and higher lows persisted according to the daily chart and the current consolidation movement could create new higher lows in the near term.
day trading guide for stock market today
Intraday trading strategy for Nifty unveiled today; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “The market has halted sharply and Nifty has shifted into marginal profit booking mode. Any sharp weakness from current levels can be ruled out, but no range expected. Movement around 18,200 to 17,800 levels for the next few sessions. The crucial resistance at 18200 level on NSE Nifty may eventually be breached upwards.”
Expect volatility on both sides; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers said, “For the intraday trading session on Wednesday, Nifty has a broad range of 17,800 to 18,150, while Nifty’s short range is 17,900 to 15,050 level. Similarly for Nifty. Bank index, broad range is between 37,700 to 38,800 level while short range is between 38,000 to 38,500 level.
day trading guide
Sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Mehul Kothari of Anand Rathi has a buy call on 6 stocks today.
Today trading shares of Sumeet Bagdia will be bought
1]Grasim Industries: Buy on CMP, Target from 1730 1750, stop loss 1670
2]Asian Paints: Buy on CMP, Target from 3200 3250, stop loss 3080
Today’s Intraday Stock of Mehul Kothari
3]Chalet Hotels: Buy at CMP, Target 325, stop loss 295
4]Bajaj Consumer Care: Buy at CMP, Target 190, stop loss 170
Anuj Gupta’s Stock Picks for Wednesday
5]State Bank of India or SBI: buy momentum on CMP, target 550, stop loss 480
6]Ashok Leyland: Buy on CMP, Target 134, stop loss 114.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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