BackDay trading guide for today: 6 buy or sell stocks for Wednesday - 26th April
Prashanth Tapse, Senior VP (Research), Mehta Equities said, Volatility and choppiness are likely to continue in Wednesday’s trading session with Nifty’s biggest support seen at 17543 mark, while the index may gain strength only above the 17863 mark.
PremiumIndian markets are currently persuaded by March 2023 quarterly performance this week. On Wednesday, a host of major companies such as Maruti Suzuki, Bajaj Finance, SBI Life, HDFC Life, and Indus Towers among others will be presenting their Q4 numbers. Further, global news will continue to have a play in the sentiment.
Investors will also be focusing on US GDP and PCE inflation data that is expected to give some clarity on Fed policy outcomes scheduled next month.
Sensex, Nifty latest:
On Tuesday, Sensex closed at 60,130.71 up by 74.61 points or 0.12%, while Nifty 50 ended at 17,769.25 higher by 25.85 points or 0.15%. Although the markets were in the green, however, the upside was at a slower pace. Consumer durables stocks were top bears as the index on BSE slipped by nearly 355 points, while capital goods and oil & gas stocks emerged as gainers with an upside of 206 points and 161 points.
Wednesday market outlook:
For today's trading session, Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Volatility and choppiness are likely to continue in Wednesday’s trading session with Nifty’s biggest support seen at 17543 mark, while the index may gain strength only above the 17863 mark."
Going ahead, Ajit Mishra, VP - of Technical Research, Religare Broking said, "We reiterate our positive view on Nifty and suggest continuing with “buy on dips" till 17,500 is intact. However, participants shouldn’t go overboard and maintain their focus on sector/stock selection citing restricted participation so far."
Meanwhile, Shrikant Chouhan, Head of Equity Research (Retail), at Kotak Securities said, “On daily charts, the Nifty has formed a small Doji candlestick formation which indicates indecisiveness between the bulls and bears. A minor intraday correction is possible, if the index slips below 17720 and retests the level of 17670-17625. On the flip side, a fresh uptrend wave is possible only after the dismissal of 17820. Post breakout the chances of the index hitting 17900-17925 would turn bright."
Day trading stocks to buy:
Anuj Gupta, Vice President at IIFL Securities:
- Buy Infosys with a stop loss of ₹1,180 for a target price of ₹1,270.
- Buy Tata Steel with a stop loss of ₹102 for a target price of ₹112
Sumeet Bagadia, Executive Director at Choice Broking:
- Buy L&T with a stop loss of ₹2,220 for a target price of ₹2,280-2,300
- Buy Torrent Pharma with a stop loss of ₹1,610 for a target price of ₹1,680 - 1,700
Jigar Patel, Senior Technical Analyst at Anand Rathi:
- Buy SAIL at ₹82 with a stop loss of ₹80 for a target price of ₹86
- Buy Havells India at ₹1,216 with a stop loss of ₹1,195 for a target price of ₹1,260
- Nifty Spot Index - Support - 17600/17650 and Resistance - 17800/17850
- Bank Nifty Spot Index - Support – 42000/42100 and Resistance – 42900/43000
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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