Intraday Trading Strategy: Top Stocks To Buy Today Under Rs 500

As Gift Nifty trades higher on Wednesday, Indian markets are set to get off to a good start. At roughly 7.35 am on Wednesday, the Gift Nifty, previously the SGX Nifty, traded at 20,073.5, up 43.5 points or 0.22%. The index began trading at 20,030 and ranged from an intraday high of 20,153.5 to a low of 19,981.0.

Market Outlook Today

Commenting on Nifty outlook today, Rupak De, Senior Technical analyst at LKP Securities said "Nifty witnessed a correction as sellers exerted pressure around the 20,100 level. However, the correction was contained, thanks to put writers at 19,900 who helped shield the market from further declines. In the short term, the headline index Nifty is expected to maintain its strength as long as it stays above the critical short-term support level of 19,780. On the higher end, a decisive move above 20,100-20,150 could propel Nifty toward 20,500 in the short term."

stocks

Commenting on Bank Nifty prediction today, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "After a remarkable upward movement over the past week, the market experienced selling pressure from higher levels. Call writers have significantly increased open interest at the 46,000CE strike, which is now acting as a strong resistance level. On the downside, key support is seen at 45,200, and if it manages to hold this support, we could witness some recovery towards 45,600 or 45,800 levels."

Stocks To Buy Today

Here are the best shares to buy today below Rs 500 as recommended by AR Ramachandran from Tips2Trades.

Texmaco Rail

Texmaco Rail has turned bearish on the Daily charts with strong resistance at 158.6. Investors should be booking profits at current levels as a daily close below support of 134 could lead to a sharp fall till 115 in the near term.

Railtel Corp

Railtel Corp has turned bearish on the Daily charts with strong resistance at 253. Investors should be booking profits at current levels as a daily close below support of 224 could lead to a sharp fall till 189 in the near term.

Adani Power

Adani power stock price is bullish but also extremely overbought on the Daily charts with next resistance at 415. Investors should book profits at current levels as a close below support of 393 could lead to 358 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.