Day trading guide for Wednesday: After showing profit booking from the highs on Monday, Indian stock market witnessed an excellent upside bounce amidst volatility on Tuesday. NSE Nifty ended 197 points higher at 17,315 whereas BSE Sensex gained 696 points and closed at 57,989 levels. Nifty Bank index ascended 330 points and closed at 36,348 levels.
According to stock market experts, positive sequence like higher highs and lows is intact on the daily chart and Tuesday’s swing low of 17,006 levels at Nifty 50 index could now be considered as a new higher bottom of the sequence. Hence, more upside is likely from current levels.
Day trading guide for stock market today
Unveiling intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty bounced back sharply after a small downward correction. The overall chart pattern indicate next upside of around 17,500 for NSE Nifty in the short term and one may expect further upside targets of around 17,800 to 18,000 levels in the near term.”
Advising stock specific trade to intraday traders; Ruchit Jain, Lead Research at 5paisa.com said, “For the coming session, 17350 is the crucial level to watch at NSE Nifty as it is the important retracement resistance of the recent correction. If the market surpasses this hurdle with a healthy market breadth, then the index could continue to rally towards 17,500 and 17,640. On the flipside, a failure to do so could then could drag the index back towards supports of 17,160 and 17,000 to 16,950. We continue with our advice for traders to look for stock specific opportunities and trade with proper risk management.”
On important levels in regard to Nifty and Bank Nifty index; Rajesh Bhosale, Technical Analyst at Angel One Limited said, “Immediate support for Nifty is placed at 17,150 whereas next support for the 50-stock index is placed at 17,000 levels. Similarly, its immediate hurdle is at 17,350 while next hurdle is placed at 17,500. Likewise, immediate support for Bank Nifty index is at 35,975 while next support for the index is placed at 35,750. The Nifty Bank index is facing immediate hurdle at 36,600 levels whereas its next resistance is placed at 36,800 levels.”
Day trading stocks
Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers; Rajesh Bhosale of Angel One Limited and Anuj Gupta, Vice President at IIFL Securities — recommended 7 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] Infosys or INFY: Buy at CMP, target ₹1925, stop loss ₹1840
2] ICICI Bank: Momentum buy at CMP, target ₹740 to ₹750, stop loss ₹699
Avinash Gorakshkar’s stock of the day
3] Tata Motors: Buy at CMP, target ₹458, stop loss ₹430
Mehul Kothari’s stock picks for Wednesday
4] Tech Mahindra: Buy at CMP, target ₹1600, stop loss ₹1500
5] Lemon Tree Hotels: Buy at CMP, target ₹57, stop loss ₹52
Rajesh Bhosale’s intraday stock for Wednesday
6] United Spirits or MCDOWELL: Buy around ₹916, target ₹981, stop loss ₹885
Anuj Gupta’s intraday share for today
7] Delta Corp: Buy at CMP, target ₹350, stop loss ₹288.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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Read More: Day trading guide for Wednesday: 7 stocks to buy or sell today — 23rd March