Today’s day trading tips: The Indian stock market closed higher for the sixth consecutive session on Tuesday, thanks to purchasing in frontline stocks at the end of the rate rise cycle talk. The participation surge continued on Tuesday, assisting major benchmark indexes and broad market indices to set fresh all-time highs in the previous session.Â
The Nifty 50 index reached a new high of 20,864 points, the BSE Sensex reached a new high of 69,381 points, and the Bank Nifty index reached a record high of 47,230 points. The broad market indices have also continued to participate in the current surge. The small-cap index reached a new high of 41,317, while the mid-cap index reached a new high of 35,216.
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Wednesday intraday trading recommendations
The overall market trend, according to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, is optimistic. According to Prabhudas Lilladher, if purchasing in frontline stocks like as ICICI Bank, M&M, HDFC Bank, and RIL continues on Wednesday, the Nifty 50 index may reach a new high. Vaishali Parekh suggested three intraday stocks to purchase today: Coromandel International, Sona Blw Precision Forgings or SONACOMS, and ABFRL.
Stocks to Purchase Today
As previously said, Vaishali Parekh has suggested three intraday stocks for today; below we provide comprehensive details on those day trading equities:
1] Coromandel International: Buy at 1205 with a target of 1265 and a stop loss of 1185.
The share price of Coromandel is presently trading at 1205.5, displaying a noteworthy price breakout of a rounded bottom pattern, coupled by substantial volume, showing a positive momentum in the company. Furthermore, the stock is trading above key Exponential Moving Averages (EMAs), such as the 20-day, 50-day, 100-day, and 200-day EMAs, strengthening its bullish attitude and indicating the possibility of further upward price movement.
2] SONACOMS: Buy at 578.75 with a goal of 600 and a stop loss of 570; and
3] ABFRL: Buy at 240.40 with a target of 252 and a stop loss of 236.
4] Dabur India: Buy at 552 with a target of 576 and a stop loss of 540.
Dabur’s share price has numerous strong supports around the 548 to 540 region, which also happens to be its 50 200 and 50 Day EMA levels. The stock is now trading about $552 per share. A modest barrier is apparent on the charts at 565 levels. Dabur’s share price is also trading above all major moving averages, suggesting that the target price of 576 is within reach.
5] SBI (State Bank of India): Buy at 610, objective 625, stop loss 600.
SBI share price has a positive reversal pattern in the short term; technically, retrenchment is probable till 625. So, while holding the support level of 600, this stock has the potential to rise to the 625 level in the short term. As a result, the trader might go long with a stop loss of 600 and a target price of 625.
6] AU Small Finance Bank: Buy at 760.95 with a target of 880 and a stop loss of 740.
Asian Paint has broken out of the rounded bottom pattern on the daily time frame, signaling a positive trend in the stock. Buyers must appear more appealing to purchase the security over 760 levels.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not of Axpert Media. Before making any financial choice, we recommend that investors consult with competent specialists.
