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Day trading guide for Wednesday: 6 stocks to buy or sell today — 17th August | Mint – Mint

Day trading guide for Wednesday: Following bulls’ interest in broader markets, Indian stocks ended upside on sixth straight session on Tuesday. Nifty 50 index closed 127 points northward at 17,825 levels whereas BSE Sensex surged 379 points and closed at 59,842 mark. Nifty Bank index finished 197 points higher at 39,239 levels. Volumes on the NSE was on the higher side compared to recent averages.

According to stock market experts, a small positive candle was formed with gap up opening on the daily chart. Many opening upside gaps remains unfilled during upward journey of recent past and this signal continuation of upside move in the market. The Nifty is now placed at the edge of significant overhead resistance of down sloping trend line (down trend line connected from the important lower tops) around 17,850 to 17,900 levels. This is positive indication and suggests that the hurdle could be taken out on the upside soon.

Day trading guide for stock market today

“Nifty is now placed at the edge of the crucial resistance at 17,900 to 18,000 levels and a sustainable upside above this hurdle could open the next upside target of around 18,500 to 18,600 levels in the near term. Immediate support is placed at 17,650 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Speaking on Nifty Call Put data, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “NIFTY FUT’s making higher highs and higher lows on daily basis, is a clear indication of the BULL run to continue for time being. Option chain for the weekly expiry suggests 17800 straddle playing the most crucial part with very aggressive additions on PE side- fresh contracts of more than 89 thousand contracts and CE writers placing their maximum exposure with 1.88 lakh contracts overall.”

“BANKNIFTY FUT Option chain reflects on PE writers being active at 39000PE with more than 88 thousand contracts overall and 39200 being the most aggressive strike – freshly added 45 thousand contracts. CE writers adding aggressive positions at 39500CE/40000CE over a lakh contracts on each, with very cluttered resistance built-up at 39300/39400 zones,” Shilpa Rout said.

Day trading stocks

Unveiling intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher — recommended 6 stocks to buy today.

Anuj Gupta’s intraday stocks for today

1] PC Jeweller: Buy at CMP, target 72, stop loss 57

2] ITC: Buy at CMP, target 325, stop loss 298

Mehul Kothari’s stocks to buy today

3] Whirlpool: Buy around 1790, target 1850, stop loss 1755

4] Canara Bank: Buy around 232, target 244, stop loss 225

Vaishali Parekh’s stocks to buy today

5] TVS Motor: Buy around 979, target 1010, stop loss 962

6] Godrej Industries: Buy around 483, target 503, stop loss 474.

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

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