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Day trading guide for Wednesday: After witnessing a smart upside bounce from the lows on Monday, the uptrend momentum with range bound action continued at Indian stock market on Tuesday. Nifty 50 gained 147 points and closed at 17,233 levels whereas BSE Sensex surged 477 points and closed at 57,897 levels. Nifty Bank index added 125 points and closed at 35,183 levels. According to stock market experts, current market pattern indicates continuation of uptrend.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The market continued with strength on the upside and the overall chart pattern signal that the Nifty could breach the next important resistance of 17,350 in the short term. Hence, any decline from the highs on NSE Nifty should be seen as buying opportunity. Immediate support for NSE Nifty is placed at 17,120 levels."
Unveiling day trading strategy for Nifty Bank index; Ruchit Jain, Lead Research at 5paisa.com said, "The Bank Nifty index has relatively under performed the benchmark so far, but it is hovering around its crucial resistance of 35,500. If the index gives a breakout above this resistance, then we could see a catch-up move in the banking stocks to cover up the underperformance."
Day trading stocks for today
Sharing day trading stocks to buy or sell today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 3 stocks to buy on Wednesday.
Sumeet Bagadia's day trading stocks
1] Sun Pharma: Buy at CMP, target ₹840 to ₹8850, stop loss ₹790
2] Cummins India Ltd or CUMMINSIND: Buy at CMP, target ₹960 and ₹980, stop loss ₹920
Avinash Gorakshkar's day trading stock for Wednesday
3] Asian Paints: Buy around ₹3368, target ₹3425, stop loss ₹3340.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
