Day trading guide for Wednesday: The range-bound action with volatility continued in the markets for the fourth consecutive sessions on Tuesday. The NSE Nifty closed 21 points higher at 16,280 while BSE Sensex surged 151 points and closed at 54,554 levels on Tuesday. On a day of normal volumes, telecom and IT went upside the most while realty, power and metals fell the most. Advance decline ratio was the lowest since 23rd December 2020. S&P BSE mid-cap index slipped nearly 1 per cent and the S&P BSE small-cap shed over 2 per cent. In the global markets, Wall Street continues to remain choppy as Dow Jones ended 0.46 per cent higher while Nasdaq shed 0.49 per cent on Tuesday.
Trade view on Nifty
Unveiling the day trading guide; Deepak Jasani, Head of Retail Research at HDFC Securities said, “Nifty has closed in a narrow band of 16,238 to 16,280 over the last five sessions suggesting a tug of war between bulls and bears as far as index heavyweights are concerned, although the broader market continues to bleed. We expect Nifty to breakout upwards of this band (though mildly) before seeing a larger correction.”
Day trading stocks for Wednesday
Speaking on stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 3 shares to buy today.
Sumeet Bagadia’s stock to buy today
1] PVR: Buy at CMP, target ₹1475 to ₹1500, stop loss ₹1375
Mudit Goel’s stock of the day
2] HDFC AMC: Momentum buy at CMP, target ₹3100, stop loss ₹2940
Rohit Singre’s share to buy today
3] Escort: Momentum buy at CMP, target ₹1330, stop loss ₹1200.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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