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Day trading guide for Wednesday: Despite weakness in Asian markets on rising US China tension, Indian stock market ended in positive territory on fifth straight session. Nifty 50 index ended 5 points higher at 17,345 whereas Sensex finished 20 points north at 58,136 levels. Nifty Bank index shot up 120 points and finished at 38,024 mark. Volumes on the NSE were higher than recent averages. Among sectors power & FMCG indices rose the most while realty and IT indices fell the most. Broad market indices like mid-cap and small-cap did better than the 50 stocks index but the advance decline ratio fell to 1.23:1.

According to stock market experts, a small positive candle was formed on the daily chart with upper and lower shadow. Technically, this pattern indicate a formation of high wave type candle pattern at the resistance of 17,400 levels. Normally, such high wave formations after a reasonable upside move or down move signal impending reversals. Having formed this pattern at the swing highs, one may expect downward correction in the market for the short term.

Day trading guide for stock market today

"Nifty displayed strength recently after the upside breakout of important resistance at 16,800 levels. The the positive chart pattern like higher tops and bottoms is intact and Tuesday's swing high of 17,390 could now be considered as a new higher top of the sequence. The overall chart pattern of the Nifty signals minor downward correction or consolidation movement for the next 1-2 sessions before showing another round of upside bounce from the lows. Immediate support for NSE Nifty is placed at 17,150 and the crucial overhead resistance to be watched around 17,400 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Speaking on Nifty Bank index technical outlook, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Immediate support for Nifty Bank index is placed at 37,600 to 37,700 mark whereas it is facing immediate hurdle at 38,400 to 38,500 levels. So, broader range of Bank Nifty is placed in between 37,600 to 38,500 levels."

On technical outlook for SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, “Immediate support for SGX Nifty is placed at 17,220 whereas 17,070 is expected to extend major support for the index. Likewise, SGX Nifty is facing immediate hurdle at 17,520 whereas 17,640 is major hurdle that the index is facing today."

Day trading stocks

Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities, Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh of Prabhudas Lilladher — listed out 8 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] Grasim Industries: Buy at CMP, target 1640 to 1650, stop loss 1550

2] Bajaj Auto: Buy at CMP, target 4050 to 4075, stop loss 3940

Anuj Gupta's stocks to buy today

3] Rain Industries: Buy at CMP, target 235, stop loss 174

4] Tata Steel: Buy at CMP, target 130, stop loss 94

Mehul Kothari's day trading stocks for Wednesday

5] HCL Tech: Buy around 952, target 980, stop loss 930

6] Voltas: Buy around 994, target 1035, stop loss 975

Vaishali Parekh's stocks of the day

7] BSE: Buy around 704, target 750, stop loss 684

8] Abbot India: Buy around 20,508, target 21,000, stop loss 20,150.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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