The Indian stock market saw sell-on-rise behaviour on Wednesday, following a sustained higher rebound on Tuesday. The NSE Nifty fell 88 points to settle at 17,415, while the BSE Sensex fell 323 points to close at 58,340. This pattern, according to stock market gurus, indicates a market with a weak upside bounce. This market behaviour also suggests that Nifty may return its recent low of 17,216.
Oil & gas and bank indices gained the most on a day when volumes on the NSE were in line with previous averages, while auto, IT, and FMCG indexes lost the most. The mid-cap index fell 0.57 percent, while the small-cap index rose 0.44 percent.
Day trading guide on NSE Nifty
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, revealed intraday trading advice for the Thursday session “The Nifty’s short-term trend remains down, and there is no evidence of a substantial bottom reversal at the lows. In the medium term, there is a chance that the NSE Nifty may continue to fall around 17,200 levels before showing another round of tiny upside recovery from the lows.”
Day trading stocks to buy today
Stock market experts Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities; Ravi Singh, Head of Research & Vice President at ShareIndia; and Rohit Singre, Senior Technical Analyst at LKP Securities — have shared their picks for today’s day trading stocks.
Sumeet Bagadia’s intraday stocks for today
- Buy at the current market price (CMP), with a target of 2950 to 3000 and a stop loss of 2851. Housing Development Finance Corp Ltd (HDFC): Buy at the current market price (CMP), with a target of 2950 to 3000 and a stop loss of 2851.
- NTPC: Buy at CMP, target ₹140 to ₹142, stop loss ₹130
Ravi Singhal’s stock of the day
- IndusInd Bank: Sell at around ₹970, target ₹940, stop loss ₹982
Ravi Singh’s stocks to buy today
- Apollo Tyres: Buy at ₹222, target ₹235, stop loss ₹218
- BPCL: Buy at ₹402, target ₹416, stop loss ₹398
Rohit Singre’s stock pick for Thursday
- Sobha: Buy at ₹850, target ₹865 to ₹880, stop loss below ₹840.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of The Shining Media.
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