Day trading guide for Wednesday: After showing heavy sell off on Monday, Indian stock market witnessed an excellent bounce back on Tuesday and closed the day with hefty gains. Nifty 50 index logged 509 points gain and closed at 17,352 whereas BSE Sensex skyrocketed 1736 points and ended at 58,142 levels. Bank Nifty index surged 1261 points and closed at 38,170 levels. According to market experts, current pattern indicates counter attack of bulls from the lower levels. The entire loss of Monday has been regained on Tuesday and Nifty closed higher. The huge opening downside gap of Monday has been filled completely at 17,375 levels.
Day trading guide for Wednesday: What global cues signal?
Speaking on what global cues signal; Anuj Gupta, Vice President at IIFL Securities said, “After ease in Russia Ukraine war like situation, Dow Jones Futures ended in green territory and SGX Nifty today has opened in the positive zone. These global cues indicate positive start for Indian stock market today and one can expect counter attack of bulls in the intraday session with ‘V’ shape recovery expectations.”
Anuj Gupta of IIFL Securities advised intraday traders to keep an eye on SGX Nifty Live index as it is trading in short range of 17,180 to 17,650 whereas its broader range is 16,800 to 17,900. He said that breakage of either side of the range should be taken as an indicator for bullish or bearish trend in Indian stock market.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The strong comeback of Nifty on Tuesday could be a cheering factor for bulls to make a comeback. But, the sustainability is going to be important at the higher levels. Any weakness below the last lower top of 17,640 could bring bears into action. Immediate support for NSE Nifty is placed at 17,200 levels.”
Asking intraday traders to keep major levels in mind; Sumeet Bagadia, Executive Director at Choice Broking said, “High risk traders can keep NSE Nifty range of 17,200 to 17,450 whereas broader range of Nifty is 17,100 to 17,500. Similarly, shorter range of Bank Nifty is 37,700 to 38,300 while broader range of the banking index is 37,500 to 38,500.”
Unveiling day trading strategy for stock market today; Ruchit Jain, Lead Research at 5paisa.com said, “Traders are advised to look for stock specific opportunities and trade with proper risk management.”
Day trading stocks to buy today
Sharing day trading stocks for today’s session, stock market experts — Sumeet Bagadia of Choice Broking, Anuj Gupta of IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] DLF: Buy at CMP, target ₹390 to ₹400, stop loss ₹355
Read More: 6 stocks to buy or sell today — 16th February