Day trading guide for Wednesday: ICICI Bank, Indian Hotels among 9 stocks to buy today — 29th March
1 min read 29 Mar 2023, 06:56 AM ISTAny upside bounce from here could find strong resistance around 17100 levels for Nifty, as per analysts
PremiumBenchmark equity indices ended marginally lower in highly volatile trade on Tuesday amid mixed global trends and a sharp slide in Adani group stocks. The BSE Sensex dipped 40 points at 57,613.7 while Nifty closed lower by 34 points to finish at 16,951.7. In the broader market, the BSE smallcap gauge declined 0.79% and midcap index 0.42%.
Day trading guide for stock market today -
"If the Nifty fails to regain strength to move up from the support in the short term, then that action could eventually result in a decisive downside breakout of the support band of 16,900-16,800 levels in the near term. Any upside bounce from here could find strong resistance around 17,100 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The support for the benchmark index is seen at 16,800 odd levels below which the selling pressure can intensify. The short-term trend for the Nifty is expected to remain down unless Nifty surpasses the 17,200 resistance. Only a sustained close above the 17,200 zones is likely to trigger bullish momentum toward 17,350 – 17,400 levels," said Rohan Patil, Technical Analyst, SAMCO Securities.
Stocks to buy today as recommended by analysts -
Anuj Gupta, Vice President - Research at IIFL Securities
Buy NTPC, stop loss ₹163, target ₹182
Buy ICICI Bank, stop loss ₹830, target ₹870
Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi
BUY HDFC at ₹2,580, stop loss ₹2,550, target ₹2,630
Buy Cipla at ₹890, stop loss ₹860, target ₹930
Sumeet Bagadia, Executive Director at Choice Broking
Buy MGL at ₹979, stop loss ₹960, target ₹1020
Buy CHOLA FIN at ₹732.1, stop loss ₹715, target ₹760
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
BUY INDIAN HOTEL at ₹312, stop loss ₹307, target ₹322
BUY MGL at ₹979, stop loss ₹966, target ₹1,012
BUY CUMMINS at ₹1,612, stop loss ₹1,594, Target 1654
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
