After showing an excellent upside move in the last couple of sessions, Nifty slipped into profit booking from the new lifetime high of 17,225 on Wednesday and closed 55 points lower at 17,076 — ending 3 days winning streak. BSE Sensex lost 214 points and closed at 57,338 levels while Nifty Bank added 149 pints and closed at 36,574 levels. On a day when the volumes on the NSE were higher than the recent average; realty, power, capital goods and consumer durable indices did well while metals and IT indices lost the most. BSE mid-cap and small-cap indices ended in the green. According to market experts, the present consolidation or weakness could be considered as a buying opportunity in the market. There is a higher possibility of upside recovery attempt from the lows in the short-term.

Asian stock markets were mixed on Wednesday as investors weighed the economic impact of the spread of the coronavirus’s delta variant. European stocks edged closer to record highs on Wednesday as manufacturing PMI surveys improve in Europe and as fresh signs of weakness in Asian economies were offset by hopes for more stimulus, while investors shook off concerns about rising inflation. Factory activity across the Asian region lost momentum in August, spurring hopes of more stimulus from central banks. European markets appear to have digested hawkish comments from European Central Bank officials signaling they’re laying the groundwork to cut back pandemic-era bond buying programs.

Trade view on Nifty

On intraday trading tips Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term upside trend in the market remains intact. Though, Nifty declined from the highs, still there is no formation of any significant reversal of present uptrend in the market. The consolidation/minor weakness could continue in the next 1-2 sessions, before showing upside move from the lows. Immediate support for NSE Nifty is placed at 16,950 levels."

Intraday stocks for today

Speaking on day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors; Kapil Goenka, Founder, Eternity Financial Services; Mudit Goel, Senior Research Analyst at SMC Global Securities and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 7 intraday stocks to buy today.

Sumeet Bagadia's shares to buy today

1] Dr Reddy's Laboratories: Momentum buy at CMP, target Rs4850 to Rs5000, stop loss Rs4650

2] Tata Motors: Buy at CMP, target Rs310 to Rs320, stop loss Rs285

Sandeep Matta's intraday stocks to buy today

3] Star Paper Mills: Buy at Rs151, target Rs165, stop loss Rs138

4] Spandana Sphoorty Financial: Buy above Rs650, target Rs690, stop loss Rs615

Kapil Goenka's stock of the day

5] Mangalore Chemicals & Fertilizers: Buy around Rs76, target Rs84, stop loss Rs69

Mudit Goel's day trading stock to buy today

6] Bharat Forge: Buy at CMP, target Rs800, stop loss Rs770

Rohit Singre's day trading stock for today

7] Godrej Properties: Momentum buy at CMP, target Rs1630, stop loss Rs1500.