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Day trading stocks: The sharp upside momentum continued in the Indian stock market around the key economic event of Union Budget 22 on Tuesday, as key benchmark indices displayed high volatility and finally closed the day in green territory. NSE Nifty ended 237 points higher at 17,576, BSE Sensex shot up 848 points and closed at 58,662 whereas Bank Nifty index gained 530 points and closed at 38,505 levels.
According to stock market experts, after opening on a positive note on Tuesday, the market shifted into a gradual upside move for better part of the session. The volatility has started after the presentation of the Union Budget in the Parliament. Sharp intraday dip of mid part has been absorbed and the market closed the day at the highs. Technically this pattern indicates high volatility in the market with positive bias.
Day trading strategy for stock market today
Unveiling intraday trading tips for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be positive with high volatility. The upside momentum at Indian stock market seems to have strengthened in the last few sessions and this could be continued in coming sessions. The next upside levels at NSE Nifty to be watched is around 17,800 to 17,900 levels in the near term. Immediate support for NSE Nifty is placed at 17,460 levels."
Echoing with Nagraj Shetti's views; Ruchit Jain, Lead Research at 5paisa.com said, "Our markets witnessed a fair bit of volatility post the Budget speech but given that it was a big event, such moves were much on expected lines. The follow up move post the initial reaction was very important and we witnessed a V-shaped recovery from the lows which indicates a buying interest amongst market participants at dips. Thus, the trend for the market continues to be positive and until and reversal signs seen, we continue with our optimistic view on the markets."
On possible buzzing sectors for intraday traders; Ruchit Jain of 5paisa.com said, "The banking space continued to witness strength and the Metals stocks which were trading around their respective supports too witnessed buying interest. Stocks from these sectors could continue to lead the momentum on the positive side."
Day trading stocks to buy
Sharing day trading stocks for today's stock market, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President at IIFL Securities — recommended 4 stocks to buy today.
Sumeet Bagadia's day trading stocks
1] Cholamandalam Investment and Finance Company or CHOLAFIN: Buy at CMP, target ₹675 to ₹680, stop loss ₹635
2] HCL Technologies: Momentum buy at CMP, target ₹1175 to ₹1200, stop loss ₹1090
Anuj Gupta's day trading stocks for Wednesday
3] IRCTC: Buy at CMP, target ₹930, stop loss ₹810
4] Vodafone Idea: Buy at CMP, target ₹13, stop loss ₹8.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
