Day trading guide for today: 6 stocks to buy or sell on Wednesday — 19th October – Mint

Day trading guide for today: Following overnight positive cues from Wall Street and consolidation in dollar index, Indian stock market ended in green territory on third day in a row on Tuesday. Nifty 50 index gained 175 points and closed at 17,486 while BSE Sensex shot up 549 points and closed at 58,960 levels. Nifty Bank index finished 398 points higher at 70,318 mark. Advance decline ratio ended in positive zone at 1.84:1.

According to stock market experts, the positive sequence of higher tops and bottoms is confirmed and the market is currently moving upside towards the formation of new higher top of the sequence. Still there is no indication of any higher top reversal as of now.

Day trading guide for Wednesday

Sharing intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be positive. A decisive move above 17,450 to 17,500 levels is likely to bring bulls back into drivers seat and that could pull Nifty towards the upside target of 18000 levels in the near term. Immediate support for Nifty is placed at 17,425.”

Speaking on outlook for stock market today, Ruchit Jain, Lead Research at said, “The markets have recently seen an upside move from its support base of ‘200 DEMA’. Both Nifty as well as the Bank Nifty index have surpassed their swing highs indicating a positive momentum. The short term upside move is expected to continue going ahead as the global markets (especially US markets) seems to be poised for a pullback move which could have an impact on the other equity markets.”

Unveiling day trading strategies for Wednesday, Ruchit Jain of said, “The Dollar Index also has entered a consolidation phase and will be supportive for equities until we see any sharp upside move. However, post the upside move in last few sessions, we are hovering near the 17500 mark where call writers in the options segment have built positions. So unwinding by these option writers is required for sharp upside move, else the move could be a gradual one with in between intraday pullbacks. In such a case, traders should keep a ‘Buy on dip’ approach for short term trading and look for buying opportunities on declines.”

Day trading stocks to buy today

Asked about intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, Anuj Gupta, Vice President — Research at IIFL Securities and Ravi Singh, Vice President & Head of Research at Share India — recommended 6 stocks to buy today.

Sumeet Bagadia’s stocks to buy today

1] Cipla: Buy at CMP, target 1150 to 1160, stop loss 1100

2] Power Finance Corporation or PFC: Buy at CMP, target 108 to 110, stop loss 100

Anuj Gupta’s shares to buy today

3] BEL: Buy at CMP, target 115, stop loss 99

4] Coal India Ltd: Buy at CMP, target 250, stop loss 229

Ravi Singh’s intraday stocks for today

5] IRCTC: Buy at 725, target 740, stop loss 718

6] Apollo Tyres: Buy at 280, target 295, stop loss 275.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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