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Day trading guide for Wednesday: 6 stocks to buy or sell today — 17th August

Day trading guide for Wednesday: Following bulls’ interest in broader markets, Indian stocks ended their sixth straight session on Tuesday. The Nifty 50 index closed 127 points north at 17,825 levels, while BSE Sensex rose 379 points and closed at 59,842 points. The Nifty Bank index finished 197 points higher at 39,239 levels. Volumes on the NSE were on the higher side compared to recent averages.

According to stock market experts, a small positive candle has formed with an open upwards on the daily chart. Many upside holes remain unfilled during the upside journey of the recent past and this is a signal of continued upward movement in the market. The Nifty is now on the brink of significant overhead resistance from a bearish trendline (downward trendline connected to the key lower highs) around 17,850 to 17,900 levels. This is a positive indication and suggests that the hurdle may soon be taken positively.

Day Trading Guide for the Stock Market Today

“Nifty is now on the brink of the crucial resistance at 17,900 to 18,000 levels and a sustainable top above this hurdle could open the next upward target of about 18,500 to 18,600 levels in the near term. Immediate support is placed at 17,650 levels.” said Nagaraj Shetti, technical research analyst at HDFC Securities.

Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher, said of Nifty Call Put data: “The fact that NIFTY FUT makes daily highs and lows is a clear indication that the BULL run will continue for the time being. Options chain for the weekly magazine suggests expiration that 17800 straddle plays the most critical role with very aggressive additions on PE side – fresh contracts over 89 thousand contracts and CE writers posting their maximum exposure with 1.88 lakh contracts in total.”

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“BANKNIFTY FUT Option chain reflects on PE writers operating at 39000PE with over 88 thousand contracts in total and 39200 the most aggressive strike – newly added 45,000 contracts. CE writers adding aggressive positions at 39500CE/40000CE over a lakh contracts on each, with a very messy resistance built up in 39300/39400 zones,” said Shilpa Rout.

Day trading stocks

Intraday Shares Reveal for Today, Stock Market Experts – Anuj Gupta, Vice President – Research at IIFL Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher — recommended 6 stocks to buy today.

Anuj Gupta’s intraday stocks for today

1]PC Jeweler: Buy from CMP, target 72, stop loss 57

2]ITC: Buy from CMP, target 325, stop loss 298

Mehul Kothari’s Shares to Buy Today

3]Whirlpool: buy around 1790, target 1850, stop loss 1755

4]Canara Bank: buy around 232, target 244, stop loss 225

Vaishali Parekh’s Stocks To Buy Today

5]TVS engine: buy around 979, target 1010, stop loss 962

6]Godrej Industries: Buy around 483, target 503, stop loss 474.

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

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