- Day trading guide for today: The underlying short-term trend of Nifty is positive, believe experts
Day trading guide for today: After showing weakness from the highs on Monday, Indian stock market shifted into a sustainable upside move on Tuesday and closed the day with decent gains. NSE Nifty shot up 158 points and closed at 18,053 levels, highest in last six sessions. BSE Sensex surged 562 points and closed at 60,655 levels while Bank Nifty index ended 67 points higher at 42,235 mark. Among sectoral indices, FMCG and realty indices gained the most while PSU banks and media fell the most. Declining shares outnumbered the advancing shares where advance decline ratio stood at 0.90:1 on NSE.
According to stock market experts, the triangle pattern on the daily chart is still intact. After reacting down from near the upper end of a triangle at 18,050 levels on Monday, Nifty bounced back smartly on Tuesday and closed at the edge of upper end again. This signals a possibility of upside breakout of triangle pattern as per daily timeframe chart.
Day trading strategy for Wednesday
Unveiling intraday trading tips for Wednesday, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying short-term trend of Nifty is positive. The market is currently placed at the edge of upside breakout of the consolidation or triangle pattern around 18,100 levels. A decisive upside breakout with confirmation could open a large upside for the market ahead. Any lack of strength during upside breakout is likely to result in reversal of uptrend.”
HDFC Securities went on to add that on Tuesday session, a long bull candle was formed on the daily chart, that has engulfed the negative candle of previous session. Technically, this pattern indicates chances of upside breakout of the sideways range movement of 18,100 to 17,800 levels in the short term.
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Day trading stocks to buy today
On intraday trading stocks for today, share markets 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 6 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Grasim Industries: Buy at CMP, target ₹1690 to ₹1700, stop loss ₹1630
2] Britannia Industries: Buy at CMP, target ₹4450, stop loss ₹4310
Anuj Gupta’s stock picks for Wednesday
3] State Bank of India or SBI: Buy at CMP, target ₹615, stop loss ₹578
4] Tata Motors: Buy at CMP, target ₹445, stop loss ₹395
Ganesh Dongre’s stocks to buy today
5] IRCTC: Buy at ₹642, target ₹675, stop loss ₹628
6] MCX: Buy at ₹1642, target ₹1685, stop loss ₹1585.
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.
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