Day trading stocks: After heavy selloff on three successive sessions, Indian stock market finally ended in green zone on Tuesday. NSE Nifty ended 53 points higher at 17,266 whereas BSE Sensex gained 187 points and closed at 57,808 levels. Bank Nifty index nudged 33 points up and closed at 38,028 levels.
On Tuesday, after opening with a positive note, Nifty made an attempt to move up soon after the opening. It failed to sustain the highs and later displayed high volatility of intraday up and down swing moves in the mid part of the session. According to stock market experts, a sustainable intraday upside recovery was seen towards the end. Technically, a formation of such patterns after a reasonable weakness signal an upside bounce in the market post confirmation of reversal pattern.
Stock market today: What global cues signal?
Expecting trend reversal in Indian stock market; Anuj Gupta, Vice President at IIFL Securities said, “Wall Street ended sharply higher on Tuesday, lifted by Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT), while a jump in Treasury yields elevated bank stocks ahead of a key inflation reading this week. This has been taken positively by global markets as SGX Nifty today has opened on the higher. So, we can expect trend reversal in the Indian stock market today.”
Anuj Gupta said that immediate support for Dow Jones Futures is placed at 35,180 whereas strong support is at 34,900 while immediate hurdle is at 35,550 while strong hurdle for Dow Futures is placed at 35,850. Similarly, he advised day traders to keep an eye on SGX Nifty as it has strong support at 16,800 while its immediate support is placed at 17,100. Similarly, SGX Nifty is facing immediate hurdle at 17,480 while 17,650 is strong hurdle for SGX Nifty. Breakage of any side should be taken as cue for the Indian markets in upcoming sessions.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “Three sessions of sharp decline seems to have halted and the overall chart indicate another minor upside bounce from here or from the lows of around 17,000 mark. The expected upside bounce could be short lived and one may expect another lower top formation below 17,800 levels.”
Echoing with Nagraj Shetti’s views; Sumeet Bagadia, Executive Director at Choice Broking said, “Immediate support for Nifty is placed at 17,100 whereas 17,000 can be taken as strong support for the 50-stock index. Similarly, immediate hurdle for Nifty 50 is 17,350 while strong hurdle for Nifty today is placed at 17,450 levels. In Bank Nifty index, immediate support is placed at 37,500 while 37,300 is working as strong support while 38,300 and 38,700 are respective hurdles for Bank Nifty index.”
Day trading strategy for Wednesday
Unveiling day trading strategy for Indian stock market today; Ruchit Jain, Lead Research at 5paisa.com said, “Traders are advised to look for buying opportunities if the Nifty surpasses Tuesday’s high of 17,306 in the coming session. The low 17040 would not become a sacrosanct and will be considered a major support if prices reverses from current levels.”
Day trading stocks to buy today
Sharing day trading stocks for today, Sumeet Bagadia of Choice Broking and Anuj Gupta of IIFL Securities recommended 4 stocks to buy or sell today.
Sumeet Bagadia’s day trading stocks
1] Reliance Industries Ltd or RIL: Buy at CMP, target ₹2425, stop loss ₹2305
2] Voltas: Sell at CMP, target ₹1170 to ₹1150, stop loss ₹1230
Anuj Gupta’s day trading stocks for Wednesday
3] JSW Steel: Momentum buy at CMP, target ₹710, stop loss ₹620
4] Steel Authority of India Limited or SAIL: Buy at CMP, target ₹122, stop loss ₹95.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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