Day trading guide for Wednesday: 4 stocks to buy today — 8th June | Mint – Mint

Extending its sell-off to the third straight session, equity benchmark Sensex slumped 568 points on Tuesday as investors scrambled to offload riskier assets ahead of the RBI’s policy decision. The 30-share BSE Sensex closed 1% lower at 55,107. The NSE Nifty slumped 153 points to end at 16,416.

Wobbly global markets, continuous foreign fund outflows and the rupee crashing to a record low against the US dollar further queered the pitch for Dalal Street. In the broader market, the BSE midcap gauge declined 0.77% and the smallcap index shed 0.67%. Meanwhile, the rupee slipped 7 paise to close at an all-time low of 77.73 against the US dollar on Tuesday.

The Reserve Bank of India (RBI) will announce its monetary policy decision on Wednesday amid expectations of another hike in benchmark interest rate to contain inflation that continues to remain above the central bank’s upper tolerance level.

Day trading guide for stock market today

The short term trend of Nifty continues to be negative. Formation of small negative candles with lower shadows on the downside and placement of crucial supports, one may expect Nifty to witness sustainable upside bounce from the lows of 16,300-16,250 levels in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stocks to buy today as recommended by analysts –

Mehul Kothari, AVP -Technical Research at Anand Rathi

Hero Moto: Buy Heromotoco, stop loss 2,450, target 2,800

HAL: Buy HAL, stop loss 1,860, target 1,950

Sumeet Bagadia, Executive Director at Choice Broking

TVS Motor: Buy TVS motor, stop loss 715, target 770-780

GAIL: Buy GAIL, stop loss 146, target 156-160

Avinash Gorakshkar, Head of Research at Profitmart

TVS Motor: Buy TVS Motor, stop loss 720, target 790

GAIL: Buy GAIL, stop loss 147, target 160

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

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