Following a day of significant volatility on Tuesday, the Indian stock market (Shares) saw a sustained upward trend on Wednesday. The NSE Nifty ended the day 183 points higher at 17,166, while the BSE Sensex ended the day 619 points higher at 57,684. The Bank Nifty index rose 669 points to 36,364 points.
Technically, this trading pattern implies the creation of a pullback rally in a downtrend, according to stock market specialists. As a result, this pullback is likely to be brief, and the weakness might resurface from higher levels.
Metals and bank indexes rose the most on a day when trading on the NSE was much below previous norms, while the healthcare index declined. The mid-cap index increased by 1%, while the small-cap index increased by 0.27 percent.
Day trading guide for Nifty today
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, revealed the intraday trading plan (Intraday shares) for Thursday “The bulls’ chances of making a return appear to have improved following Wednesday’s sustained higher surge. However, the overall bearish chart set up remains in place, and additional higher at the NSE Nifty from here might run into significant overhead resistance around 17,300 to 17,400 levels in the next 1-2 sessions, before reverting to the highs. The NSE Nifty has immediate support at 17,080 levels.”
Day trading stocks for today
Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singh, Head of Research & Vice President at ShareIndia; Manoj Dalmia, Founder & Director at Proficient Equities Limited; and Parth Nyati, Founder at Tradingo — advised seven day trading stocks to purchase today.
Sumeet Bagadia’s day trading stocks
- JSW Steel: Buy at CMP, target ₹6660 to ₹675, stop loss ₹610
- HDFC Life: Buy at CMP, target ₹710 to ₹725, stop loss ₹670
Ravi Singh’s stocks (Shares) to buy today
- Deepak Nitrite: Buy at ₹2100, target ₹2250, stop loss ₹2080
- Canara Bank: Buy at ₹203, target ₹220, stop loss ₹200
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of The Shining Media.