Day Trading Guide for Wednesday: The Indian stock market continued to trade in a limited range for the second consecutive session on Tuesday amid fears of recession. NSE Nifty fell 10 points to 17,655, BSE Sensex lost 48 points to 59,196 while Bank Nifty index lost 139 points to end at 39,666. However, the mid-cap index outperformed the Nifty-50 index and closed 0.47 per cent north.
According to Share Market According to experts, a small downside candle was formed on the daily chart with smaller upper and lower shadows. Technically, this pattern indicates a higher wave type formation. But by keeping this pattern in a narrow range, the expected value of this pattern may be lower. Hence, this can be considered as a range-bound action for the market over the past few sessions.
day trading guide for stock market today
Speaking on Nifty technical outlook, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Nifty is currently placed at the crucial overhead resistance of 17,800 and a decisive breakout of this zone could pull Nifty back into an upward momentum. Any weakness could be there from here. Take significant support near 17,450 to 17,400 level.”
On Nifty call put data, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said, “Market remains firm and bulls should now keep an eye on higher targets. Nifty option chain CE writers aggressively to close Rs 1 lakh for weekly close. Reflects on adding more than one. Contracts on multiple strikes by 18200 CE, maximum at 17800 CE, 17500PE/17000PE with PE writers – with over a million contracts. PCR OI at 17600 around 2, gearing up to set The stage for the Upside show is coming soon.”
“Bank Nifty Future Option Chain on PE writers is active at 39500PE – with overall over 90 thousand contracts and fresh high additions of over 30 thousand contracts. CE writers stand at 40000/41000/42000 strike while strong upside move But pointing at INDEX now,” Shilpa Raut said.
day trading stocks
Intraday shares unveiled for today, Stock market expert – Sumeet Bagdia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Mehul Kothari, AVP – Technical Research at Anand Rathi – recommended 4 stocks to buy today.
Sumeet Bagadiya’s stock of the day
1]GMM Pfaudler: Buy on CMP, Target from 2250 2300, stop loss 1900
Today’s Intraday Stock of Anuj Gupta
2]Jay Corp: Buy on CMP, Target 170, stop loss 145
3]Dish TV India: Buy on CMP, Target 21, stop loss 16
Mehul Kothari’s Stock Pick for Wednesday
4]Tata Steel: Buy here 109, target 115, stop loss 106.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.