Day trading guide for Wednesday: Indian stock market ended in positive zone on Tuesday. NSE Nifty gained 46 points and closed at 17,991 levels whereas BSE Sensex shot up 148 points and closed at 60,284 levels. Bank Nifty index went up 227 points and closed at 38,521 levels. On a day when the volumes on the NSE were in line with recent averages; consumer durables, metals and FMCG indices rose the most while IT and telecom indices dipped the most. BSE Mid-cap index ended 0.65 per cent higher while the Small-cap index ended 0.26 per cent up.
Trade view on Nifty
According to stock market experts, although NSE Nifty index has corrected from the highs of Monday, it bounced back on Tuesday and managed to close on a strong note above the 20 DMA (Days Moving Average). This indicates that the short term uptrend looks set to continue.
Speaking on intraday trading strategy; Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, “Further upsides on NSE Nifty are likely once the immediate resistance of 18,009 is taken out. Next upside target for Nifty is at 18,100. Immediate support for NSE Nifty to watch for weakness is at 17,958 levels.”
Day trading stocks for today
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Ravi Singhal, Vice Chairman at GCL Securities; Dr Ravi Singh, Head of Research & Vice President at Share India; Sandeep Matta, Founder at TRADEIT Investment Advisors and Manoj Dalmia, Director & Founder, Proficient Equities Private Limited — recommended 9 intraday shares for today.
Sumeet Bagadia’s intraday stocks for today
1] Hindustan Petroleum Corporation Limited or HPCL: Buy at CMP, target ₹338 to ₹345, stop loss ₹318
2] Hindustan Unilever Ltd or HUL: Momentum buy at CMP, target ₹2750 to ₹2820, stop loss ₹2600
Mudit Goel’s stock of the day
3] Tata Consumer Products: Buy at CMP, target ₹834, stop loss ₹805
Ravi Singh’s stocks to buy today
4] Ambuja Cements: Buy around ₹405, target ₹414, stop loss ₹401
5] Exide Industries: Buy at ₹187, target ₹195, stop loss ₹184
Sandeep Matta’s shares to buy today
6] 3M India: Buy above ₹26000, target ₹28500, stop loss ₹24000
7] NMDC: Buy at ₹152, target ₹164, stop loss ₹141
Ravi Singhal’s day trading stock
8] United Breweries Limited or UBL: Buy at ₹1717, target ₹1766, stop loss ₹1701
Manoj Dalmia’s intraday stock for Wednesday
9] Indian Bank: Buy at ₹160.50, target ₹175, stop loss ₹155.50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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