December 8, 2022

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Day trading Guide for Wednesday

Image Courtesy: Mint

The Indian stock market failed to sustain the highs on Tuesday after a sustained positive comeback from the lows on Monday, as it saw high volatility and ended the day in negative territory.

The Indian stock market failed to sustain the highs on Tuesday after a sustained positive comeback from the lows on Monday, as it saw high volatility and ended the day in negative territory. The NSE Nifty fell 70 points to 16,983 points, while the BSE Sensex fell 195 points to 57,064 points. According to stock market specialists, the current market pattern technically indicates a sell on rise move.

Consumer durable and IT indices gained the most on a day when the NSE’s volumes were extremely high (due to significant FPI participation), while metals, car, and bank indices lost the most. The small-cap index increased by 1.45%, while the mid-cap index increased by 0.29 percent.

Day trading guide for Nifty today

“The near term trend of Nifty continues to be bearish,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated in announcing his intraday trading plan for today’s session. The lack of strength displayed during the upside bounce could point to additional weakening down below 16,700 levels in the coming sessions. The NSE Nifty’s immediate downward goal might be around 16,500 to 16,300, which is expected to be reached in the next 1-2 weeks. The level of immediate resistance for the NSE Nifty is set at 17,300.

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 Manoj Dalmia, Founder & Director at Proficient Equities Limited — shared names of day trading stocks to buy for today’s trade session.

Sumeet Bagadia’s day trading stocks

  • Tata Consumer Products: Buy at CMP, target 800 to 810, stop loss 760
  • Infosys: Buy at CMP, target 1775, stop loss 1690

Ravi Singhal’s stock of the day

  • Indusind Bank: Sell at 880, target 850, stop loss 890

Ravi Singh’s stocks to buy today

  • HCL Technologies: Buy at 1135, target 1180, stop loss 1110
  • Havells India: Buy at 1350, target 1390, stop loss 1330

Manoj Dalmia’s stock pick for today

  • Power Grid Corporation of India: Buy at 203.50, target 213, stop loss 199.

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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