Day trading guide for Wednesday: After swinging between gains and losses throughout the day, Indian stock market finally ended in the negative territory on third successive day on Tuesday. Nifty 50 index ended 42 points lower at 15,732 whereas BSE Sensex lost 153 points and closed at 52,693 levels. Nifty Bank went off 94 points and closed at 33,311 levels.
Global markets slid sharply on Tuesday after Wall Street hit a confirmed bear market milestone on fears aggressive US interest rate hikes would push the world’s largest economy into recession.
According to stock market experts, markets globally could remain nervous till the US Fed meeting today gets out of the way. They said that Nifty made a new swing low of 15,659 levels on Tuesday, which is near to the crucial support of 15,700 to 15,650 levels (multiple swing lows). But, there is no evidence of any sharp upside recovery emerging from near this important supports.
Day trading guide for stock market today
Speaking on in day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market is placed at the crucial support zone of around 15,700 to 15,600 levels. But, the inability of bulls to show any significant upside recovery from the important support indicate chances of one more leg down to 15,600 to 15,500 levels before showing any significant upside bounce from the lows. Immediate resistance for NSE Nifty is placed at 15,850 levels.”
Advising ‘sell on rise’ approach, Ruchit Jain, Lead Research at 5paisa.com said, “The stock specific action does not indicate any bottoming out formation near the previous support zone. So in the near term, the index could probably break this support zone and witness further selling pressure. So traders should avoid aggressive positions and continue with the ‘Sell on Rise’ approach.”
Day trading stocks
Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi, Avinash Gorakshkar, Head of Research at Profitmart Securities and Rohit Singre, AVP — Technical Research at Bonanza Portfolio — recommended 5 stocks to buy today.
Mehul Kothari’s intraday stocks for today
1] Berger Paints: Buy around ₹571, target ₹590, stop loss ₹555
2] Coromandel: Buy around ₹948, target ₹985, stop loss ₹925
Avinash Gorakshkar’s day trading stocks to buy today
3] GAIL: Buy at CMP, target ₹158, stop loss ₹142
4] DLF: Buy at CMP, target ₹334, stop loss ₹305
Rohit Singre’s stock of the day
5] Greenply: Momentum buy at CMP, target ₹190, stop loss ₹176.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.