Day trading guide for Women's Day 2023: 6 stocks to buy or sell on Wednesday
3 min read . Updated: 08 Mar 2023, 06:29 AM IST
Premium- Day trading guide for Woman's Day 2023: Both Nifty and Bank Nifty is in uptrend any dip should be seen as buying interest, say stock market experts
Day trading guide for Women's Day 2023: Carrying its positive bias from Friday, Indian stock market finished higher for second straight session on Monday. Nifty 50 index gained 117 points and closed at 17,711 levels, BSE Sensex shot up 415 points and finished at 60,224 mark whereas Nifty Bank index surged 99 points and closed at 41,350. Broad market indices gained more than the Nifty even as the advance decline ratio ended at 1.75:1.
Speaking on the reason for rally in Indian stock market, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Global stock markets were steady on Monday as investors assessed the impact of China’s decision to set the lowest economic growth target in decades for 2023."
Day trading guide for Wednesday
Speaking on outlook for Nifty 50 index, Rohan Patil, Technical Analyst at SAMCO Securities said, "On Monday, Nifty bulls enjoyed a bullish session as 39 out of Nifty 50 stocks closed in green, and benchmark index ended above its 9 & 21 EMA respectively. Technically, the bullish candles have shown optimism amongst the traders but the index needs to cross 17,800 levels on the higher side for a shift in the momentum. On the lower side, 17,550 and 17,500 will act as a support zone for the index."
"The momentum readings on both Nifty as well as Bank Nifty are on the buy side and hence, any declines are likely to witness buying interest," said Ruchit Jain, Lead Research at 5paisa.com, adding, "The banking space is continuing to lead from the recent lows while the Nifty PSE index rallied to mark a new record indicating buying interest in the PSU names too."
Nifty call put option data
On Nifty call put ratio, Rahul Ghose, Founder & CEO at Hedged said, "The Nifty Index saw a shift in its put writers today from the 17,500 level to the 17,600 level and the 17,700 levels. Although the highest OI of put writers is still at the 17500 level, it is important to note that this has shifted from the initial level at 17,000 PE, which was earlier the strike with the highest OI. The shift in the range of highest OI, signals a near term bottom at17,500 for this weekly expiry. Even if the Nifty Index sees some profit booking in the next few days after this stellar rally it has had for the past few days, there is an immediate buying zone between 17,250 and 17,465."
Bank Nifty call put option data
"Bank Nifty on the other hand had seen huge short build-up at the 41,500 CE strike which traders will have to watch out for on Wednesday. Any surprises from the global indices could be the only trigger for a short covering to the trigger on this index and this strike, but till such time it happens, this will act as a resistance point from the purview of this expiry," said Rahul Ghose.
Day trading stocks for Women's Day 2023
On intraday stocks for Wednesday session, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 5 stocks to buy on this women's Day 2023.
Sumeet Bagadia's stock picks for Women's Day 2023
1] TVS Motor: Buy at CMP, target ₹1130 to ₹1150, stop loss ₹1070
2] Coal India: buy at CMP, target ₹230 to ₹232, stop loss ₹219
Anuj Gupta's stocks to buy on Wednesday
3] Bank of Baroda: Buy at CMP, target ₹192, stop loss ₹162
4] Tata Steel: Buy at CMP, target ₹117, stop loss ₹100
Ganesh Dongre's day trading stocks
5] Havells India: Buy at ₹1226, target ₹1285, stop loss ₹1175
6] Tata Motors: Buy at ₹441, target ₹460, stop loss ₹425.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
