2 min read.Updated: 30 Sep 2021, 06:48 AM IST Edited By Asit Manohar
Day trading guide: The short term trend of Nifty remains negative. But, lack of sharp follow-through selling and an emergence of buying from the lower supports suggest chances of upside bounce in the market in the next 1-2 sessions
Listen to this article
Day trading guide for today: After showing sharp weakness and intraday upside recovery on Tuesday, Nifty shifted into a consolidation with weak bias on Wednesday and closed the day lower by 37 points at 17,711 levels. BSE Sensex shed 254 points and closed at 59,413 levels. A promising upside recovery has emerged in the mid to later part, but the market was not able to close at the highs. According to stock market experts, this trend indicates a formation of high wave type pattern. Normally, such formations after a reasonable decline could hint at a possibility of halt in present trend and this need to be confirmed with reasonable upside move in the subsequent sessions.
On a day when the volumes on the NSE were higher than the recent average; power, metals and realty indices gained the most whereas banks, auto, capital goods and FMCG indices fell the most.
Unveiling intraday trading tips for today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains negative. But, lack of sharp follow-through selling and an emergence of buying from the lower supports suggest chances of upside bounce in the market in the next 1-2 sessions. A sustainable move above the immediate resistance of 17,800 could open strong upside bounce towards 18,000 mark. Immediate support for NSE Nifty is placed at 17,580 to 17,600 levels."
Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Rohit Singre, Senior Technical Analyst at LKP Securities; Ravi Singhal, Vice Chairman at GCL Securities; Sandeep Matta, Founder at TRADEIT Investment Advisors; Dr Ravi Singh, Head of Research & Vice President, ShareIndia and Manoj Dalmia, Director & Founder, Proficient Equities Private Limited — recommended 9 intraday stocks for today.
Sumeet Bagadia's day trading stocks
1] HDFC Life: Buy at CMP, target ₹755 to ₹765, stop loss ₹715