Day Trading Guide for Wednesday: After showing a sustained uptrend on Monday, the Indian stock market witnessed a bullish trend on Tuesday with range-bound action. Amid the consolidation, the NSE Nifty closed at 18,055 – 52 points higher than Monday’s close while the BSE Sensex closed 221 points higher at 60,616. The Nifty Bank index closed 94 points higher at 38,442.
According to stock market experts, the current market pattern indicates a limited range action in the market with a positive bias. The near term trend of Nifty 50 index is intact and a positive chart pattern of highs and higher lows is active on the daily chart.
day trading guide for stock market today
Speaking on today’s trading guide for NSE Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “The market is likely to continue the upward trend with range-bound action. Further volatility and range-bound is likely to continue, after placing at significant overhead resistance around 18200 levels. Movement for the next 1-2 sessions. Eventually, the market may break the above resistance in the near term. Immediate support for NSE Nifty has been placed at 17,950 levels.”
Expect fatigue in market volatility in the near future; Deepak Jasani, Head of Retail Research, HDFC Securities said, “Nifty has shown a decline in upward momentum on January 11 and the forward drawdown ratio has turned slightly negative. This is indicative of the trend maturing and Nifty showing signs of fatigue after Maybe. Recent bullish upward correction. 17,945 to 18,109 could be the band for Nifty in the near term.”
day trading stocks
Sharing Day Trading Stocks for Wednesday; Stock market experts – Sumeet Bagadia, Executive Director, Choice Broking and Mudit Goyal, Senior Research Analyst, SMC Global Securities, made 4 buy recommendations on the stock today.
Day Trading Shares of Sumeet Bagdia for Wednesday
1]Adani Ports: Buy on CMP, Target 8810, stop loss 725
2]ONGC: buy speed on cmp, target 168, stop loss 157
mudit goyal today trading stock
3]Info Edge (India) Limited or Naukri: Buy on CMP, Target 5800, stop loss 5590
4]Adani Enterprises: Buy on CMP, Target 1900, stop loss 1820.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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