Day Trading Guide For Today: Top Intraday Stocks For Wednesday

Tuesday saw gains in global markets and lacklustre economic data, with domestic indices trading in the green for the second straight day. The Nifty was up 36.70 points or 0.19 percent at 19,342.70 at closure, and the Sensex was up 79.22 points or 0.12 percent at 65,075.82. On the Nifty pack, the top gainers were UPL, Hindalco Industries, Adani Ports, Hero MotoCorp, and Tata Steel, while the top losers included Bharti Airtel, HUL, Axis Bank, Dr. Reddy's Laboratories, and Reliance Industries.

Market Outlook

Commenting on the Nifty outlook, Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said "The Nifty opened on a flat note on Tuesday and consolidated within a range. It managed to close in the green up ~37 points. On the daily charts we can observe that Nifty has been hovering around the 40 day moving average (19359) since past couple of trading sessions. As long as the Nifty holds above 19250 we can expect the consolidation to continue. On the downside 19250 - 19230 is the crucial support zone while on the upside 19450 - 19470 shall act as a crucial resistance from short term perspective. Daily and hourly momentum indicators have a positive crossover, which is a buy signal, however, prices are trading at a resistance and hence we shall await for a price confirmation. Overall, we shall continue to maintain our negative outlook on the index for target of 19100."

Commenting on the Bank Nifty outlook, Jatin Gedia said, "Bank Nifty has also witnessed a day of consolidation. It opened on a positive note, however, as the day progressed it witnessed selling pressure and gave up most of the gains and closed absolutely flat. We expect the consolidation to continue. The range of consolidation is likely to be 44000 - 45000."

Best intraday stocks to buy today

Here are the best intraday stocks to buy/sell on Wednesday as recommended by AR Ramachandran from Tips2Trades.

Gokaldas Exports

Gokaldas Exports stock price is bullish but also very overbought on the Daily charts with next resistance at 761. Investors should book profits at current levels as a Daily close below support of 683 could lead to 528 in the near term.

Titagarh Rail Systems

Titagarh Rail Systems is bearish on the Daily charts with strong resistance at 792. A daily close below support of 722 could lead to a target of 610 in the near term.

Union Bank of India

Union Bank stock price is bearish on the Daily charts with strong resistance now at 91.5. A daily close below support of 86 could lead to a target of 80.2 in the near term.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.