Day trading guide for today: 6 stocks to buy on Wednesday — 30th November

Market


Day trading guide for today: Following positive Asian markets, Dalal Street finished in green territory on Tuesday session. NSE Nifty gained 55 points and closed at 18,618 while BSE Sensex surged 177 points and closed at 62,681 levels. Bank Nifty index ended 33 points higher at 43,053 mark. However, broad markets underperformed as buying action was limited to the top 100 odd scrips.

According to stock market experts, Encouraging news from China has resurrected sentiments in Asia. Beijing rolled out more stimulus measures, while social media rumours suggested that the Chinese government was considering the scaling back of its anti-COVID policies. They went on to add that a small positive candle was formed at the highs on daily chart with upper shadow. Technically, this pattern indicates consolidation movement in the market at the new highs. The overall market breadth was weak on Tuesday signaling lack of participation from broad market participants.

Day trading strategy for stock market today

Speaking on intraday trading strategy, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The positive chart pattern like higher tops and bottoms is intact as per daily chart and the market is now in line with the formation of new higher top of the sequence. Though, tiredness is visible in the market, but there is no confirmation of any reversal pattern unfolding at the new highs. Immediate support for NSE Nifty is placed at 18,500 and the next overhead resistance to be watched around 18,950.”

Expecting correction on profit booking trigger, Ruchit Jain, Lead Research at 5paisa.com said, “After testing the new all-time high in Monday’s session, the market participants continued their cheerful mood as the index shrugged off the negative global cues and continued its northwards momentum. However, the index traded within a narrow range amidst stock specific action. Now although the trend still continues to be positive, the momentum readings on the hourly time frame of Nifty and on the daily chart of Bank Nifty are in an overbought zone and such overbought set ups need to cool-off before gaining momentum again. Now for the readings to cool-off, the index could either see a time-wise correction or a price wise correction towards the supports.”

Ruchit Jain went on to add that although everything seems hunky-dory at the moment, it is better not to get complacent and rather tighten the grip on money management and trade with strict stop losses.

Day trading stocks for today

Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Mehul Kothari, AVP — Technical Research at Anand Rathi — recommended 6 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Marico: Buy at CMP, target 525 to 530, stop loss 486

2] Sun Pharma: Buy at CMP, target 1070 to 1080, stop loss 1034

Anuj Gupta’s stocks to buy today

3] Reliance Industries Ltd or RIL: Momentum buy at CMP, target 2755, stop loss 2674

4] HDFC Bank: Buy at CMP, target 1640, stop loss 1565

Mehul Kothari’s shares to buy today

5] Vinati Organics: Buy at 2170, target 2250, stop loss 2130

6] Patel Engineering: Buy at 20.50, target 22, stop loss 19.50.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.


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