Stocks To Buy Today: 3 Best Intraday Stocks To Trade On Wednesday

For the third day in a row, domestic equity ended favourably, driven by upbeat domestic cues. Despite weak global markets, the Nifty closed Tuesday's trading session up 46 points (+0.2%) at 19,575 levels. In contrast, the Sensex rose 152.12 points, or 0.23%, to finish at 65,780.26. All industries saw positive returns, with the exception of auto and finance, with media surging more than 3% and healthcare rising 1.6%.

Nifty Outlook

Anand James, Chief Market Strategist at Geojit Financial Services said, "The 19540 target that we had set out with last week having achieved, the prospects of a pull back need to be weighed, even as we remain optimistic about the extended target of 19790. Expect buying interest to surface initially on dips to 19496, but repeated inability to scale 19536/45 region on the bounce could be taken as a signal towards liquidation pressure. A complete reversal however, need not be expected as long as above 19367."

On the derivative segment, Anand James said, "Nifty weekly contract has highest open interest at 19700 for Calls and 19400 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19700 for Calls and 19500 for Puts in weekly and at 20000 for Calls and 19500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 2.37%, decreased future index shorts by 5.44% and in index options was increased by 23.11% in Call longs, 4.33% in Call short, 22.28% in Put longs and 7.66% in Put shorts."

Market Outlook

"Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood. India's service PMI remains robust at 60.2, indicating sustained demand even in the face of inflationary pressures. Notably, small and mid-cap stocks have been standout performers, with both indices reaching all-time highs. Conversely, the weak Chinese service PMI has cast a shadow on hopes of an economic rebound in China, impacting global market sentiments," said Vinod Nair, Head of Research at Geojit Financial Services.

"A significant trend in the market is the strength in IT index which is up 4.2% in a week. Mid-cap IT has been doing well and now large-caps like HCL Tech, Infosys and Wipro have joined the rally. The order pipeline of IT companies is expected to improve on the back of the expected soft landing of the US economy. Metal stocks also are firming up on expectations of rebound in China following the stimulus measures announced to revive the Chinese property market. But there is no room for too much optimism here since the Chinese property market is in deep trouble and recovery would be difficult," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Stocks To Buy Today

Below are the best intraday stocks to trade on Wednesday as recommended by AR Ramachandran from Tips2Trades for Wednesday, 6th September.

BHEL

BHEL is bullish but also overbought on the Daily charts with next resistance at 143. Investors should book profits at current levels as a Daily close below support of 129 could lead to a target of 103 as well in the near term.

GAIL

GAIL is bullish on the Daily charts with next resistance at 129. Investors should book profits at current levels as a Daily close below support of 122 could lead to a target of 112 in the near term.

Zee Entertainment

Zee Entertainment is bullish on the Daily charts & a daily close above resistance of 294 could lead to a target of 323. Strong support will be at 260.

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.