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Day trading guide for Wednesday: 6 stocks to buy or sell today — 18th May

Day trading guide: The immediate resistance will be seen in the range of 16350-16400 where the 38.2% retracement of the recent correction coincides with the hourly 89 EMA, say experts. (MINT)

Day trading guide for stock market today

Speaking on day trading guide for stock market today, Ruchit Jain, Lead Research at 5paisa.com said, "Since last three trading sessions, Nifty was consolidating in a range around the March low supports. The index needed to surpass the narrow range formed in last three sessions for next directional move and as the index gave a breakout above 16000, we saw a sharp rally from thereon. As the hurdle was surpassed, we witnessed short covering in the derivatives segment and all the sectors participated in the up move which added fuel to the rally. Now, a big question looking at today’s move is whether the markets have bottomed and started a new rally or is it just a pullback."

"In our sense, the index was trading around the previous low supports and the momentum readings were quite oversold, so the relief rally was much required which was seen today. For a change in trend, market has to confirm with a higher top higher bottom structure which is yet to be seen and till then, one should take this as a pullback move. The immediate resistance will be seen in the range of 16350-16400 where the 38.2% retracement of the recent correction coincides with the hourly 89 EMA. On the flipside, as the market rallied today, the call writers in the options segment went to cover their positions while additions were seen in 16000 puts. Thus, 16000 becomes an immediate support now for the short term," Ruchit Jain of 5paisa.com added.

Day trading stocks

Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.

Mehul Kothari's intraday stocks for today

1] HCL Technologies: Buy between 1075 to 1085, target 1190, stop loss 1025

2] TCS: Buy between 3445 to 3455, target 3550, stop loss 3400

Anujn Gupta's day trading stocks to buy today

3] State Bank of India SBI: Buy at CMP, target 510, stop loss 448

4] GAIL: Buy at CMP, target 180, stop loss 144

Avinash Gorakshkar's stocks to buy today

5] Larsen & Toubro: Momentum buy at CMP, target 1690, stop loss 1560

6] Jindal Steel: Buy at CMP, target 520, stop loss 465.

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