The Sensex closed 205,21 points, or 0.31%, higher at 66,795.14 while the Nifty ended at 19,749.25, up 37.80 points, or 0.19%. The Midcap and Smallcap indices, however, underperformed the frontliners and ended in the red.
Intraday trading strategy for Wednesday
Vaishali Parekh, Vice President — Research at Prabhudas Lilladher said that Nifty witnessed resistance near the 19,800 zone after the two consecutive strong sessions and hovered within a range for the entire session closing near the 19,750 zone.
She believes the upside near term target for Nifty is maintained at around 19,900 – 20,000 levels in the coming days with major support intact near 19,300 levels, as said earlier.
The support for the day, she said, for Nifty is seen at 19,600 – 19,550 levels while the resistance is seen at 19,900-19,950 levels.
For Bank Nifty, Parekh noted that the index continued with the strong move to touch the 45,900 zone but fizzled out to some extent to end near the 45,400 levels.
“The support is maintained strong near the 44,500 zone and with the overall bias maintained strong, we anticipate further rise with initial targets of 47,000 – 47,500 levels open in the coming days,” Parekh said.
According to Parekh, Bank Nifty would have the daily range of 45,100 – 45,800 levels. Support levels for Bank Nifty are 45,100 – 45050, while resistance is seen at 45,800 – 45,850 levels.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Hero MotoCorp, IRCON International and Torrent Power.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out important details in regard to those day trading stocks:
1] Hero MotoCorp: Buy at ₹3,116, target ₹3,240, stop loss ₹3,065;
2] IRCON International: Buy at ₹86.50, target ₹90, stop loss ₹85; and
3] Torrent Power: Buy at ₹617, target ₹640, stop loss ₹608.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 19 Jul 2023, 08:32 AM IST