Day Trading Guide for Wednesday: The Indian stock market broke a five-day winning streak on Tuesday due to negative global cues. The Nifty 50 index closed 208 points lower at 16,663, while the BSE Sensex lost 709 points to end at 55,776. Bank Nifty index lost 289 points to end at 35,022. According to stock market experts, the current market pattern indicates the formation of a bearish dark cloud cover type at higher levels. Generally, a reversal pattern post confirmation often occurs after a proper reversal move or as a result of the formation of such a dark cloud cover pattern at a barrier. Hence, further weakness can be expected in the coming session.
day trading guide for stock market today
Speaking on Day Trading Guide for NSE Nifty today; Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “A bullish reversal from the downside near the crucial resistance area of 16,800 to 17,000 on Tuesday indicates that the market is likely to face further downside in the near term. Overall chart pattern is higher. A bottom formation around 16,400 to 16,250 levels on NSE Nifty in the next few sessions, before showing another round of upward move.
Market volatility expected to continue; Ruchit Jain, Lead Research at 5paisa.com said, “News flows on Russia-Ukraine geopolitical tensions and global events like Fed meeting outcome are likely to drive near-term momentum in the market. However, technically the index may be cold. Above resistances and may enter a broad consolidation phase before the next phase of trend move. We expect volatility to continue and hence, traders should look for opportunities on both sides of the trade. For Nifty Immediate support is placed around 16,500 while 16,400 to 16,800 will be seen as resistance.”
Sharing short and broad range today with respect to Nifty and Bank Nifty index; Sumeet Bagadiya, Executive Director, Choice Broking said, “The broad range for Nifty today is 16,300 to 17,200 whereas for high risk traders, today’s short range for Nifty is between 16,450 to 17,000. Similarly, the broader range for Bank Nifty today The range today is 34,300 to 36,300 while the short range of Nifty today is between 34,700 to 35,700 levels for high risk traders.
day trading stocks
Sharing Day Trading Stocks to Buy Today; Stock Market Expert – Sumeet Bagdia of Choice Broking; Anuj Gupta, Vice President, IIFL Securities and Avinash Gorakshakar, Head Research, Profitmart Securities give buy call to 6 stocks today.
Sumeet Bagadiya Day Trading Stocks
1]Motherson Sumi: Buy at CMP, Target from 140 145, stop loss 128;
2]Minda Corp: Buy on CMP, Target 225, stop loss 185
Anuj Gupta’s shares selected for today
3]Tata Power: Buying momentum, target on CMP 470, stop loss 400
4]Equitas Holdings: Buy on CMP, Target 125, stop loss 90
avinash gorakshakar today trading stock
5]ICICI Bank: Buy on CMP, Target 730, stop loss 685
6]Mahindra & Mahindra: Buy on CMP, Target 790, stop loss 748.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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