Trading Day Stocks for Wednesday: After opening higher on Tuesday, the Indian stock market continued its rally and closed the day in green territory. The Nifty 50 index climbed 417 points and closed at 16,259 while BSE Sensex soared 1344 points and closed at 54,318 levels. The Nifty Bank index jumped 704 points and closed at 34,301 levels. According to stock experts, it is still unclear if the markets have bottomed and started a new rally or if it is just a pullback. Thus, today’s close will be significant and therefore Tuesday’s rally should be viewed as a pullback.
Daily trading guide for the stock market today
Speaking today on the day trading guide for the stock market, Ruchit Jain, Lead Research at 5paisa.com, said: “For the past three trading sessions, Nifty has consolidated in a range around the supports The index was expected to break above the narrow range formed in the last three sessions for the next directional move and as the index gave a break above 16000 we saw a strong rally from there. hurdle was breached we saw short coverage in the derivatives segment and all sectors participated in the upside which added Now a big question regarding today’s move is whether the markets have bottomed out and started a new rally or is it just a pullback.”
“In our view, the index was trading around previous low supports and momentum readings were quite oversold, so the relief rally was much needed, which was seen today. For a change in trend, the market must confirm with a higher high lower structure which has not yet been seen and until then should be viewed as a pullback move Immediate resistance will be seen in the 16350-16400 range where the 38 retracement .2% of the recent correction coincides with the 89 hourly EMA. On the flip side, as the market rallied today, option sellers in the options segment went to hedge their positions while additions were seen in 16,000 puts, so 16,000 now becomes immediate short-term support,” added Ruchit Jain of 5paisa.com.
Day trading stocks
Sharing today’s intraday stocks, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi; Anuj Gupta, Vice President – Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities – recommended 6 stocks to buy today.
Mehul Kothari Intraday Stocks for Today
1]HCL Technologies: Buy between ₹1075 to ₹1085 target ₹1190 stop loss ₹1025
2]TCS: Buy between 3445 and ₹3455 target ₹3550, stop loss ₹3400
Anujn Gupta’s day trading stocks to buy today
3]State Bank of India SBI: Buy from CMP, objective ₹510, stop loss ₹448
4]GAIL: Buy from CMP, target ₹180, stop loss ₹144
Avinash Gorakshkar shares to buy today
5]Larsen & Toubro: Buy Momentum at CMP, target ₹1690, stop the loss ₹1560
6]Jindal Steel: Buy from CMP, target ₹520, stop loss ₹465.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.