Day trading guide for Wednesday: On account of heavy sell-off in IT, realty, power and FMCG stocks, Indian stock market ended in red zone for fifth successive session on Tuesday. Nifty 50 index lost 215 points and closed at 16,958 whereas BSE Sensex ended 703 points lower at 56,463 levels. Bank Nifty index dipped 387 points and closed at 36,341 levels. Mid-cap and small-cap indices too fell in line with NSE Nifty.
According to stock market experts, the display of violent declines in the last two sessions indicate steep down trend is on the way.
Day trading guide for stock market today
Speaking on intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The overall chart pattern of Nifty indicate a decisive down trend. A move below the support of 16,800 levels could open the door down to lower 16,200 to 16,000 levels in the near term. Any pull back rally could find resistance around 17,100 levels.”
Giving broader outlook of NSE Nifty index; Ruchit Jain, Lead Research at 5paisa.com said, “Tuesday’s low of 16,840 coincides with the ‘200 EMA’ on the daily chart and 50 per cent retracement level of the previous upside move. If the index breaches this support, then we could see the index extend its correction towards 61.8 per cent retracement level which is placed around 16,600. On the flipside, 17,250 to 17,300 will now be seen as an immediate hurdle which needs to be surpassed for any strength to regain.”
On day trading strategy for Wednesday; Ruchit Jain of 5paisa.com said, “Looking at the near term volatility, traders should avoid aggressive positions and look for stock specific opportunities on both the sides of the trade.”
Day trading stocks
Sharing intraday stocks for today’s session, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP – Technical Research, Anand Rathi Shares & Stock Brokers; Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart securities — recommended these 8 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Coal India Ltd: Buy at CMP, target ₹210, stop loss ₹190
2] Tech Mahindra or TechM: Momentum sell at CMP, target ₹1270, stop loss ₹1330
Mehul Kothari’s day trading stocks to buy today
3] RCF: Buy around ₹103, target ₹111, stop loss ₹97
4] National Aluminium Company or NALCO: Buy around 118, target ₹128, stop loss ₹112
Anuj Gupta’s stocks to buy today
5] Delta Corp: Buy at CMP, target ₹315, stop loss ₹284
6] Mirza International: Buy at CMP, target ₹target ₹250, stop loss ₹204
Avinash Gorakshkar’s stocks picks for Wednesday
7] GAIL: Buy at CMP, target ₹184, stop loss ₹164
8] Hindustan Petroleum Corporation Limited or HPCL: Buy at CMP, target ₹308, stop loss ₹283.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.