2 min read.Updated: 22 Sep 2021, 06:47 AM IST Edited By Asit Manohar
Day trading guide for Wednesday: The market seems to have reversed up surprisingly after a short period of downward correction.
Current market pattern indicates strength of present upside momentum and emergence of buying after a small dips, say experts
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Day trading guide for Wednesday: NSE Nifty ended 165 points higher at 17,562 levels on Tuesday aided by a late surge as global markets seemed to be recovering from contagion fears based on troubles at Evergrande. In the process it recorded the highest single-day gain since 31st August 2021. BSE Sensex shot up 165 points and regained 59,000 levels. According to market experts, a sharp buying has emerged from a day's low of 17,326 levels and this upside momentum continued for rest of the session. Technically, this pattern indicates an upside bounce in the market after a quick decline in last two trade sessions.
Speaking on intraday trading strategy; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The market seems to have reversed up surprisingly after a short period of downward correction. This pattern indicates strength of present upside momentum and emergence of buying after a small dips. The present upside bounce from initial moving average support could signal possibility of more upside towards 17,800 levels in the next few sessions. Immediate support for NSE Nifty is placed at 17,425 levels."
Intraday stocks for today
Unveiling day trading stocks to buy, stock market analysts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors; Dr Ravi Singh, Founder & Director, DRS Advisory and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 8 intraday shares for today.
Sumeet Bagadia's day trading stocks to buy
1] Petronet LNG: Momentum buy at CMP, target ₹238 to ₹240, stop loss ₹226
2] Bajaj Finance: Buy at CMP, target ₹8200 to ₹8250, stop loss ₹7500