Day trading guide for Wednesday: 4 stocks to buy or sell today — 29th June | Mint – Mint

Day trading guide for Wednesday: Following positive global cues, Indian stock market pared early morning losses and ended in green territory. Nifty 50 index ended 18 points higher at 15,850 whereas BSE Sensex added 16 points and closed at 53,177 mark. However, Nifty ank index shed 168 points and closed at 33,642 levels. Global stocks rose on Tuesday inspite of higher crude prices as China softened its strict Covid protocols, easing investor concerns about global growth.

After the display of lack of strength during upside breakout of significant resistance at 15800 levels (resistance as per change in polarity), the market showed minor upside bounce from the dips and closed at the highs. According to stock market experts, current trade pattern indicates emergence of buying interest from the lows.

Day trading guide for stock market today

Speaking on day trading in regard to Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Having sustained above the important area of 15,750 to 15,800 levels, NSE Nifty has a possibility of further upside from here towards the next important resistance of 16,180 levels (opening downside gap of 13th June). On the other side, the level of 15,800 has been a significant value area and has resulted in a formation of long range bear candle during its recent downside breakout (16th June). Hence, further choppy or range bound movement above 15,800 levels (absence of strong upside momentum) could signal chances of false upside breakout and that could possibly bring bears into action. Immediate resistance for NSE Nifty is placed at 15,950 levels.”

Asked about Nifty Bank index, Ruchit Jain, Lead Research at 5paisa.com said, “The Banking index showed relative underperformance to Nifty as the recovery was led by sectors such as IT, Metals and Auto. A recovery from these non-banking heavyweights could continue, however the near term momentum in the Bank Nifty too could turn positive once it surpasses the 34,000 mark.”

Day trading stocks

Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 4 stocks to buy or sell today.

Mehul Kothari’s day trading stocks to buy

1] CCL Products: Buy around 384, target 420, stop loss 365

2] Strides Pharma or STAR: Buy around 352, target 385, stop loss 335

Avinash Gorakshkar’s intraday stocks for today

3] TVS Motor: Buy at CMP, target 860, stop loss 795

4] Jindal Steel: Buy at CMP, target 365, stop loss 318.

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

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