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Day trading guide for Wednesday: After showing a sharp upside breakout of small range movement on Monday, the similar upside trend continued in the NSE Nifty on Tuesday and the market closed the day higher by 201 points at 176,132 levels. On Tuesday, NSE Nifty scaled from 16,000 to 17,000 in just 19 trade sessions (it had hit 16,000 on 3rd August 2021) and touched new all-time high of 17153 levels. BSE Sensex also shot up 662 points and closed at 57,552 after making new lifetime high of 57,625.
Though, Nifty moved up by 1.18 pe3r cent on Tuesday, the overall market breadth was not conducive, as the broad market indices like mid and small cap segments of NSE have managed to close higher by 0.62 per cent and 0.68 per cent respectively. According to market experts, current trade pattern indicate a sharp upside breakout in the market after a small range movement.
Trade view on Nifty
Speaking on the day trading guide for Wednesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty is sharply up and still there is no indication of any tiredness at the higher levels. Having moved up by around 450 points in the last two sessions, there is a higher possibility of consolidation or minor profit booking from the highs in the short term. Hence, one may expect 17,200 to 17,300 to be a crucial overhead resistance band for this week. Immediate support for NSE Nifty is placed at 17,010 levels.”
Day trading stocks to buy today
Unveiling day trading strategy for intraday traders, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors; Kapil Goenka, Founder, Eternity Financial Services and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 7 shares to buy today.
Sumeet Bagadia’s day trading stocks for Wednesday
1] Hero Motocorp: Momentum buy at CMP, target ₹2900 to ₹3000, stop loss ₹2600
2] CIPLA: Buy at CMP, target ₹980 to ₹1000, stop loss ₹920
Sandeep Matta’s intraday trading tips
3] RBL Bank: Buy at ₹165, target ₹180 to ₹190, stop loss ₹152
4] Shyam Metalics: Buy at ₹391, target ₹425, stop loss ₹370
Kapil Goenka’s stock of the day
5] Sun Pharma: Buy at ₹790, target ₹812, stop loss ₹776
Rohit Singre’s shares to buy today
6] ICICI Lombard General Insurance: Momentum buy at CMP, target ₹1700, stop loss ₹1550
7] Nippon Life India Asset Management or NAM-India: Buy at CMP, target ₹435, stop loss ₹415.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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