Day trading guide for today: 6 stocks to buy or sell on Wednesday — 5th April
Day trading guide for today: On account of softer-than-expected US inflation readings from the prior week, Indian stock market ended marginally higher on first session of the financial year 2023-24. NSE Nifty ended 38 points higher at 17,398 levels whereas BSE Sensex surged 114 points and closed at 59,106 mark. Nifty Bank index finished 204 points upward at 40,813 levels. Broad market indices rose more than the Nifty as fund activity remained low. Advance decline ratio was sharply positive at 3.28:1.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be positive. The next upside levels to be watched around 17,800 in the next 1-2 weeks. Immediate support for NSE Nifty is placed at 17,300 levels.”
Expecting bull trend to continue further, Rohan Patil, Technical Analyst at SAMCO Securities said, “The momentum oscillator RSI (14) on the daily chart has shown a strong reversal from the lower levels with a bullish crossover on the cards. Technically, Friday’s bullish candle has shown optimism amongst the traders but the index needs to cross 17,500 levels on the higher side for a shift in the momentum.”
Intraday trading strategy
Advising intraday traders to maintain ‘buy on dips’ strategy at stock market today, Rahul Ghose, Founder & CEO at Hedged said, “The Nifty trend with last Friday’s move has switched to a buy on dips approach and has become sideways-to-up from a sideways-to-down trend. The reason for the trend being sideways-to-up and not completely up is because the Nifty is still in a broad-based sideways range between 16750 and 18220. This is an intermediate up-move in an otherwise broad sideways trend on the higher time frames.”
On Nifty Bank outlook, Rahul Ghose said, ” Bank Nifty is currently looking strong on the charts and a dip below 40,500 should be used as an opportunity to go long on it. The next resistance on the Bank Nifty Index is at 40,800 and the 42,000 level beyond, which the rally can further intensify.”
Day trading stocks to buy today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, Anuj Gupta, Vice President — Research at IIFL Securities and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 day trading stocks for today.
Sumeet Bagadia’s intraday stocks for today
1] Bajaj Auto: Buy at CMP, target ₹4100 to ₹4150, stop loss ₹3920
2] Tata Consumer: Buy at CMP, target ₹730 to ₹740, stop loss ₹708
Ganesh Dongre’s stock picks for Wednesday
3] State Bank of India or SBI: Buy at ₹526, target ₹536, stop loss ₹515
4] Tata Power: Buy at ₹194, target ₹204, stop loss ₹287
Rajesh Bhosale’s stock of the day
5] UPL: Buy at ₹729, target ₹759, stop loss ₹714
Anuj Gupta’s intraday stock for Wednesday
6] Reliance Industries Ltd or RIL: Buy at CMP, target ₹2410, stop loss ₹2285.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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