Day trading guide for Wednesday: 8 stocks to buy or sell today — 4th May
Day trading guide: The short term trend of Nifty remains choppy and the market is placed within broader high low range, believe experts
PremiumDay trading guide for Wednesday: Indian stock market had a weak start on Monday on weak global cues. However, post gap down opening, the indices were resilient to correct further and it consolidated within a range for most part of the day. The banking space showed some relative strength and recovered the losses which led to a recovery in key benchmark indices NSE Nifty and BSE Sensex. Nifty 50 index finally ended 33 points lower at 17,069 levels whereas BSE Sensex went off 84 points and closed at 56,975 levels. Nifty Bank index added 75 points and closed at 36,163 levels. According to market experts, a long bull candle has formed on the daily chart, which indicate a range bound action in the market at the support of 16,900 levels on Nifty.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains choppy and the market is placed within broader high low range. Minor upside bounce could be expected in the next 1-2 sessions and the market could eventually turn down and retest the support and lower range. Hence, limited upside and higher possibility of decisive downside breakout persists in the market."
Highlighting the trade pattern witnessed recently at Nifty 50 index, Ruchit Jain, Lead Research, 5paisa.com said, "Recently, our markets have been reacting to the global markets direction at the open, but there’s no trended move seen as the index has largely consolidated within the range of 16800-17400. There’s formation of a bearish flag pattern on the daily chart of Nifty and the index is trading within the pattern with no breakout yet. We expect the index to unfold a directional move only on a breakout beyond the above mentioned range. Till then, one should be very stock specific and avoid aggressive trades."
Unveiling intraday trading strategy, Ruchit Jain of 5paisa.com said, "Traders should look to lighten up longs on pullbacks towards the resistances and wait for a clear breakout before trading aggressively. On the flipside, the support range is at 16900-16800 and if this is breached, then we could see a sharp sell-off to drag the markets towards 16470."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst, Angel One Ltd; Mehul Kothari, AVP – Technical Research at Anand Rathi; Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 8 stocks to buy today.
Sumeet Bagadia's day trading stocks to buy today
1] ITC: Buy at CMP, target ₹270 to ₹275, stop loss ₹257
2] UPL: Buy at CMP, target ₹850, stop loss ₹815
Rajesh Bhosale's intraday stocks for today
3] Indusind Bank: Buy around ₹1018, target ₹1071, stop loss ₹992
4] Godrej Properties: Buy around ₹1616, target ₹1710, stop loss ₹1567
Mehul Kothari's stock pick for today
5] Rupa: Buy around ₹560, target ₹650, stop loss ₹500
Avinash Gorakshkar's stocks to buy today
6] Tata Steel: Buy at CMP, target RS 1365, stop loss ₹1260
7] Tata Chemicals: Buy at CMP, target ₹1100, stop loss ₹1000
Anuj Gupta's stock of the day
8] HDFC Bank: Buy at CMP, target ₹1460, stop loss ₹1365.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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