Day trading guide for Wednesday: After showing intraday upside recovery from the lows in the last 3-4 sessions, Nifty failed to pick up the upside momentum, after positive opening on Tuesday and closed the day higher by 24 points at 17,380 levels amidst a range-bound movement. BSE Sensex added 69 points and closed at 58,247 levels. The intraday range movement with weak bias has continued for the whole session and the market closed near the lower end of the day. The opening upside gap has been filled and the new all time high was registered at 17,438 levels. According to experts, this pattern signal a continuation of range bound action in the market.
On a day when the volumes on the NSE were higher that the recent averages due to hectic trading in Zee, IRCTC and the two new listings — Ami Organics and Vijaya Diagnostic, metal sector was the main loser while consumer durables, automobiles and utilities were the main gainers. The broader indices outperformed their larger peers with the S&P BSE Mid-cap adding over 1 per cent and S&P BSE Small-cap rising 0.6 per cent.
Trade view on Nifty
Speaking on intraday trading strategies; Deepak Jasani, Head of Retail Research at HDFC Securities said, "On Tuesday, Nifty closed at its all time high, though on an intraday basis it faced resistance from the previous high formed 4 days back. Advance decline ratio has improved to much above 1:1, bringing some positivity amongst traders. A convincing breach of 17,437 could lead to acceleration in the upside move. On the other hand 17,254 could act as a support for NSE Nifty."
Intraday shares for today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors; Kapil Goenka, Founder at Eternity Financial Services; Manoj Dalmia, Director and Founder, Proficient Equities Private Limited and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 8 shares to buy today.
Sumeet Bagadia's intraday stocks to buy today
1] IndusInd Bank: Momentum buy at CMP, target ₹1075 to ₹1100, stop loss ₹1001
2] Hero Motocorp: Buy at CMP, target ₹3000 to ₹3100, stop loss ₹2750
Sandeep Matta's intraday stock list
3] Welspun Enterprises: Buy above ₹98, target ₹105, stop loss ₹87
4] Tata Power: Buy at ₹132, target ₹141, stop loss ₹127
Kapil Goenka's day trading stock to buy
5] Wardwizard Innovations: Buy at ₹75, target ₹84, stop loss ₹66
Manoj Dalmia's stock of the day
6] Finolex Industries: Buy at ₹185, target ₹197, stop loss ₹178
Rohit Singre's shares to buy today
7] Interglobe Aviation or IndiGo: Buy at ₹1925, target ₹2025 to ₹2125, stop loss ₹1865
8] Bharat Electronics Ltd or BEL: Buy at CMP, target ₹206 to ₹210, stop loss below ₹198.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
