Day Trading Guide for Wednesday: Following positive global cues, the Indian stock market closed early morning losses and ended in the green zone. The Nifty 50 index closed 18 points higher at 15,850 while the BSE Sensex added 16 points to end at 53,177. However, the Nifty points index lost 168 points and closed at 33,642. Global stocks rose on Tuesday despite higher crude oil prices as China eased its strict Covid protocols, easing investor concerns about global growth.
After showing a lack of strength during an upside breakout of key resistance at 15800 levels (resistance according to change in polarity), the market showed a slight bounce off the downside and closed higher. According to Share Market According to experts, the current trading pattern indicates the emergence of buying interest from the lows.
day trading guide for stock market today
Speaking on Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “After staying above the crucial zone of 15,750 to 15,800, NSE Nifty is likely to move further upwards from here towards the next important resistance 16,180 levels (opening gap of 13 June). On the other hand, 15,800 level has been an important price area and has resulted in the formation of a long range bear candle during the recent decline (June 16). Hence, further Choppy or range bound movement (absence of strong upside momentum) above 15,800 levels may indicate a possibility of false upside breakout and this could possibly trigger bears into action. Immediate resistance for NSE Nifty placed at 15,950 levels Is.”
When asked about the Nifty Bank index, Ruchit Jain, Lead Research, 5paisa.com said, “The banking index underperformed Nifty as recovery was in sectors such as IT, metals and auto. From these non-banking heavyweights Recovery likely. Continuing, however, near term momentum in Bank Nifty may turn positive after crossing 34,000 mark.
day trading stocks
While sharing the intraday stocks for today, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi and Avinash Gorakshakar, Head of Research, Profitmart Securities, recommended 4 stocks to buy or sell today.
Mehul Kothari’s day trading shares buy
1]CCL Products: Buy Nearby 384, target 420, stop loss 365
2]Strides Pharma or Star: Buy Nearby 352, target 385, stop loss 335
Today’s intraday stock of Avinash Gorakshakar
3]TVS Motor: Buy it on CMP, Target 860, stop loss 795
4]Jindal Steel: Buy on CMP, Target 365, stop loss 318.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.