After an initial turbulent performance, however, the Indian stock market took off in such a fashion that it more than doubled on Wednesday. The five lucrative alternatives for day traders include the tech giant Infosys, Apar Industries – a construction firm and other four major companies.
Stock Market in India Today
After a rather lacklustre opening, the Indian stock market started an exhilarating rollercoaster ride this Wednesday. The early nervousness was quickly dispelled by a robust recovery in the second half of the day, leading all the benchmarks to post a bullish end. This whirlwind adventure created a wake of exhilaration and many possibilities, especially for the day traders looking to pocket some quick profits.
Market Recap:
- The Nifty 50 jumped up by no less than 215 points to settle at the value of 21,469, although BSE Sensex rose zestfully all over 689 points to reach to stand right in front at 71,060.
- Bank Nifty followed suit, ending the day 67 points up at 45,082.
- The mid-cap and small-cap indices kept the trend, posting gains of 1.80 per cent and also 1.70 per cent respectively.
- The number of advancing stocks significantly outnumbered those which declined during the session with an advance-decline ratio of 1.83 in the case of BSE
Day Trading Picks: 5 stocks to buy today
Bullish Barges:
- Infosys (₹1675):
After overcoming the resistance at ₹1665, Infosys shows a very powerful bullish momentum with an immediate support level of around ₹1635. If they buy, the traders can aim for ₹1745 but also place a stop loss of ₹1635.
- Mishra Dhatu Nigam (₹494):
This stock is trending over the significant resistance area of ₹450-Rs. Buy at ₹494, aiming for 520 with a stop loss of ₹481. Take the holding period for at least a week.
Technical Turnarounds:
3. LT (₹3590):
LT forms a short-term bullish reversal pattern. The support level of ₹3590 provides a great buying opportunity on the path to climb upwards towards ₹3650. Set your one-week targets at ₹3650 with a stop loss of ₹3545.
4. NCC (₹198):
Like the LT, NCC also has a bullish reversal formation and can bounce up at ₹204 if it holds the support level of ₹192. Position long at ₹198 with the stop loss set to ₹192 and a target of ₹204. Keep in mind for at least a week’s holding period.
Channel Champions:
5. Apar Industries (₹5625):
Following its ascending channel pattern, Apar Industries shows support at ₹5330 near the lower band. A bullish candle breaking above its 50EMA at the level of 5,500 and an RSI that is reversing would prompt experts to believe in a further rise. Buy this share at ₹5625 with a stop loss ₹5445, targeting ₹5850.
Cautious Optimism:
Although the market recovery is promising, analysts remain cautious in advising traders concerning reasonableness and risk management. However, the possibility of more fluctuations implies that the market changes should be monitored very closely and adjustments to trading strategies should be implemented accordingly.
Always keep in mind that day trading entails a lot of set of risks. These suggestions are purely informational and should not be considered as financial advice. Therefore, you always conduct independent research and seek the advice of a professional financial consultant before making any investment decision
