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Day trading guide for Wednesday: 4 stocks to buy or sell today | Mint – Mint

Day trading guide for Wednesday: Amid fear of recession, Indian stock market continued to trade range-bound on second straight session on Tuesday. NSE Nifty finished 10 points lower at 17,655, BSE Sensex shed 48 points and closed at 59,196 whereas Bank Nifty index lost 139 points and closed at 39,666 levels. However, mid-cap index outperformed Nifty-50 index and finished 0.47 per cent north.

According to stock market experts, a small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a high wave type formation. But having placed this pattern within a narrow range, the predictive value of this pattern could be less. Hence, this could be considered as a range bound action for the market over the last few sessions.

Day trading guide for stock market today

Speaking on Nifty technical outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty is currently placed at the crucial overhead resistance of 17,800 levels and a decisive breakout of this area could pull Nifty back into upside momentum. Any weakness from here could find important support around 17,450 to 17,400 levels.”

On Nifty call put data, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Market continues to show strength and the Bulls should now eye for the higher targets. Nifty Option chain for the weekly expiry reflects on CE writers aggressively adding over a lakh contracts at many strikes all the way up till 18200CE, max being at 17800CE, with PE writers staying put at 17500PE/17000PE – with more than a lakh contracts as well. PCR OI at 17600 being well nearly 2, is gearing up to set the stage for the upside show coming in soon.”

“Bank Nifty Future Option chain on PE writers being active at 39500PE — with more than 90 thousand contracts overall and fresh highest additions of over 30 thousand contracts. CE writers standing tall at 40000/41000/42000 strikes, while hinting on strong upside move for the INDEX now,” said Shilpa Rout.

Day trading stocks

Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Mehul Kothari, AVP — Technical Research at Anand Rathi — recommended 4 stocks to buy today.

Sumeet Bagadia’s stock of the day

1] GMM Pfaudler: Buy at CMP, target 2250 to 2300, stop loss 1900

Anuj Gupta’s intraday stocks for today

2] Jai Corp: Buy at CMP, target 170, stop loss 145

3] Dish TV India: Buy at CMP, target 21, stop loss 16

Mehul Kothari’s stock pick for Wednesday

4] Tata Steel: Buy at 109, target 115, stop loss 106.

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

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