6 stocks to buy or sell today — April 6
Today’s trading guide for Wednesday: After showing excellent upward movement on Monday, the Indian stock market went into profit-booking mode on Tuesday and closed the day in red territory. The Nifty 50 index failed to hold above the 18,000 levels and closed at 17,957, 96 points lower than its Friday close. BSE Sensex lost 435 points and closed at 60,176 while the Nifty Bank index fell 567 points and closed at 38,067 levels.
According to stock market experts, this weakness in Nifty, Sensex and other key indexes, indicates minor profit booking from the highs. Tuesday’s weakness has so far not damaged the market’s recent uptrend. They added that the positive chart pattern like the highs and lows are intact as per the daily chart and the current consolidation move could form a new near-term low.
Daily trading guide for the stock market today
Nifty Intraday Trading Strategy Unveiled Today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “The market’s strong bullish momentum appears to have come to a halt and the Nifty has moved into a minor profit booking mode. Any marked weakness from current levels could be ruled out, but we can expect a range movement around the 18,200 to 17,800 levels for the next few sessions.The important resistance of the 18,200 levels at NSE Nifty could possibly be broken on the upside.
Expect volatility on both sides; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers, said: “For Wednesday’s intraday trading session, Nifty’s wider range is placed between 17,800 and 18,150, while Nifty’s short range is between 17,900 and 15,050 levels.Similarly for Nifty bank index, the wider range is between 37,700 and 38,800 levels while the short range is between 38,000 and 38,500 levels.
Day Trading Guide
Share Intraday Stocks for Today, Stock Market Experts – Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, VP – Research at IIFL Securities and Anand Rathhi’s Mehul Kothari – recommended 6 stocks to buy today.
Sumeet Bagadia Day Trading Stocks to Buy Today
1]Grasim Industries: Buy from CMP, objective ₹1730 to ₹1750 stop-loss ₹1670
2]Asian paintings: Shop at CMP, target ₹3200 to ₹3250, stop-loss ₹3080
Mehul Kothari Intraday Stocks for Today
3]Chalet Hotels: Buying from CMP, objective ₹325, stop loss ₹295
4]Bajaj Consumer Care: Buy from CMP, target ₹190, stop loss ₹170
Anuj Gupta’s stock picks for Wednesday
5]State Bank of India or SBI: Momentum buy at CMP, target ₹550, stop loss ₹480
6]Ashok Leyland: Buy from CMP, target ₹134, stop loss ₹114.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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