29 Sep , 2021 By : Kanchan Joshi
After showing consolidation type movement in the previous couple of sessions, Nifty witnessed high volatility on Tuesday and closed the day lower by 106 points at 17,748 levels. BSE Sensex shed 410 points and closed at 59,667 levels. The minor upside recovery attempts in between were used to go short at the highs and this action continued for better part of the session. According to stock market experts, this trade pattern indicate a broad based profit booking from recent new NSE Nifty highs of 17,947 levels. The sharp upside recovery of later part of Tuesday's session signals absence of any significant trend reversal at the highs.
On a day when the volumes on the NSE were a little above recent average; power, oil & gas and metal indices gained the most while realty, IT and telecom indices fell the most. BSE mid-cap and small-cap indices ended lower with each down over 0.5 per cent.
Trade view on NSE Nifty
Speaking on day trading strategy for Wednesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The market encountered resistance again at the new highs and witnessed sharp intraday profit booking. The near term trend setup of Nifty is still positive and one may expect buying to emerge from the lows in the next 1-2 sessions. Immediate supports to be watched for NSE Nifty are at 17,650 to 17,575 levels."
Day trading stocks today
Unveiling day trading stocks to buy, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities; Sandeep Matta, Founder at TRADEIT Investment Advisors; Dr Ravi Singh, Founder & Director at DRS Advisory; Manoj Dalmia, Director & Founder, Proficient Equities Private Limited and Kapil Goenka, Founder at Eternity Financial Services — recommended 7 intraday stocks for today.
Sumeet Bagadia's day trading stocks to buy
1] Dr Reddy's Laboratories: Momentum buy at CMP, target Rs4950 to Rs5000, stop loss Rs4725
2] Indian Oil Corporation or IOC: Buy at CMP, target Rs126 to Rs130, stop loss Rs118
Ravi Singhal's stock of the day
3] Info Edge (India) Ltd or Naukri: Buy at CMP, target Rs7200, stop loss Rs6700
Ravi Singh's stock to buy today
4] Bharat Heavy Electricals Limited or BHEL: Buy at Rs60, target Rs68, stop loss Rs58
Sandeep Matta's share to buy today
5] Gujarat Gas: Buy at Rs618, target Rs640 to Rs670, stop loss Rs590
Manoj Dalmia's intraday stock for today
6] Power Finance Corporation or PFC: Buy at Rs143, target Rs149, stop loss Rs140
Kapil Goenka's day trading stock
7] Tamilnadu Petroproducts or TNPETRO: Buy at Rs130, target Rs140, stop loss Rs123.