Day Trading Stocks for Wednesday: After opening after a hiatus on Tuesday, the Indian stock market continued its upward journey and closed the day in the green zone. The Nifty 50 index closed 417 points higher at 16,259, while the BSE Sensex closed 1344 points higher at 54,318. The Nifty Bank index rose 704 points to end at 34,301. According to stock market experts, it is not yet clear whether the market has bottomed out and a new rally has started or is it just a pullback. Therefore, today’s close will be significant and hence Tuesday’s rally should be taken as a pull back move.
day trading guide for stock market today
Speaking on Day Trading Guide for stock market todayRuchit Jain, Lead Research, 5paisa.com said, “For the last three trading sessions, Nifty was consolidating around the low support level of March. The index needs to cross the narrow range formed in the last three sessions for the next directional move. and as the index gave a breakout above 16000, we saw a sharp rally from that. As the hurdle was crossed, we saw short covering in the derivatives segment and all sectors participated in an upward move which fueled the rally. Added. Now, looking at today’s move the big question is whether the market has bottomed out and started a fresh rally or is it just a pullback.”
“In our sense, the index was trading around the previous low support and the momentum readings were quite high, so there was a lot of need for the relief rally that was seen today. For a change in trend, the market needs to be confirmed with a higher top high bottom. Formation which is yet to be seen and till then, it should be taken as a pullback move. Immediate resistance will be seen in the range of 16350-16400 where 38.2% retracement of the recent correction coincides with the hourly 89 EMA. On the flipside, as the market turned bullish today, call writers in the options segment went to cover their positions while 16000 put saw excess. Thus, 16000 now becomes immediate support for the short term,” 5paisa.com K Ruchit Jain said.
day trading stocks
Sharing the intraday stocks for today, stock market expert – Mehul Kothari, AVP – Technical Research at Anand Rathi; Anuj Gupta, Vice President – Research at IIFL Securities and Avinash Gorakshakar, Head of Research at Profitmart Securities – made 6 buy recommendations on the stock today.
Today’s Intraday Stock of Mehul Kothari
1]HCL Technologies: Buy in the middle from 1075 1085, target 1190, stop loss 1025
2]TCS: 3445 to . buy between 3455, target 3550, stop loss 3400
Day trading shares of Anujan Gupta will be bought today
3]SBI SBI: Buy on CMP, Target 510, stop loss 448
4]GAIL: Buy on CMP, Target 180, stop loss 144
Buying in the shares of Avinash Gorakshakar today
5]Larsen & Toubro: Momentum buy on CMP, Target 1690, stop loss 1560
6]Jindal Steel: Buy on CMP, Target 520, stop loss 465.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.