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Business News/ Markets / Stock Markets/  Day trading guide for today: 6 stocks to buy or sell on Wednesday — 8th February
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Day trading guide for today: 6 stocks to buy or sell on Wednesday — 8th February

Day trading guide: While the bias remains positive, we expect Nifty to consolidate in a range between 17400-18000 levels for the next few sessions, believe experts

Day trading strategy: FII’s have been negative on our markets recently as they have been selling equities in the cash segment, say analysts. (PTI)Premium
Day trading strategy: FII’s have been negative on our markets recently as they have been selling equities in the cash segment, say analysts. (PTI)

Day trading stock: Despite banking stocks giving support to bulls' attempt to overcome bears, Nifty and Sensex ended in red territory on Tuesday session. Nifty 50 index lost 43 points and closed at 17,721, BSE Sensex went off 220 points and closed at 60,286 levels. However, Bank Nifty index surged 116 points and closed at 41,490 levels. Broad market indices outperformed the Nifty even as the advance decline ratio ended at 0.81:1.

According to stock market experts, Nifty has bounced back smartly after finding support near the 200 day EMA. The index is now finding resistance near the 20 day SMA and has reacted from there on Monday.

Day trading guide for stock market today

"While the bias remains positive, we expect Nifty to consolidate in a range between 17400-18000 levels for the next few sessions. Traders need to focus on stock specific action to make money," said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

On hurdle in upside move in Indian markets, Ruchit Jain, Lead Research at 5paisa.com said, "FII’s have been negative on our markets recently as they have been selling equities in the cash segment and have formed short positions in the index futures as well. Their ‘Long Short Ratio’ is just around 15 percent which was last seen when the market formed a bottom in June 2022. So post all the last week’s volatility, the markets seems to have stabilized but still the above data from FII’s and the INR are restricting the market upside move."

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"The Bank Nifty index has shown relative outperformance and it too is currently hovering around its ‘20 DEMA’ hurdle. Above 41800, this index too can see a buying momentum towards 42500," Ruchit Jain said adding, "Traders can look for buying opportunities for now and once the above hurdle (Nifty and Bank Nifty) is surpassed, the broader markets are likely to do well."

Day trading stocks to buy today

Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi — recommended six shares to buy today.

Sumeet Bagadia's stocks to buy today

Aurobindo Pharma: Buy at CMP, target 435 to 440, stop loss 402

Coromandel International: Buy at CMP, target 925 and 940, stop loss 880

Anuj Gupta's stock picks for Wednesday

GAIL (India): Buy at CMP, target 103, stop loss 90

Federal Bank: Buy at CMP, target 137, stop loss 126

Ganesh Dongre's intraday stocks for today

Larsen & Toubro or LT: Buy at 2165, target 2225, stop loss 2120

AU Small Finance Bank: Buy at 650, target 685, stop loss 634.

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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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 08 Feb 2023, 07:35 AM IST
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