Wednesday’s Daily Trading Guide: 5 Stocks to Buy or Sell Today – July 20

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Today’s trading guide for Wednesday: Major benchmarks Sensex and Nifty ended in positive territory for the third consecutive session after strong buying in real estate, banking, auto and metal stocks on Tuesday. The major markets also performed well on Tuesday, with the expected decline ratio coming in at 1.61:1 and the small and mid cap indices rising 0.88% and 0.68% respectively. The Indian Volatility Index or VIX ended slightly higher at 17.20 on Tuesday.

According to stock market experts, a long bullish candle formed on the daily chart, which came next to the similar long bullish candle from Monday. Technically, this pattern signals a range-bound action or a consolidation move at the hurdle. Crucial overhead resistance like the 16,250 to 16,300 levels has been broken gradually. Technically, such a choppy move/range-bound action on an upside break of significant resistance is not a good sign for the bulls to hold the highs.

The greater degree of lower highs and lower lows are intact according to the weekly chart. The current bullish move could be consistent with the formation of a new lower sequence high. But, there is still no confirmation of an upper formation below the highs.

SGX Nifty Outlook for Wednesday

Expecting a positive open for the Indian stock market today, Anuj Gupta, VP – Research at IIFL Securities, said: “Following strong global signals, SGX Nifty is trading higher in early trades. the morning. The immediate hurdle placed for SGX Nifty today is at 16,580 as it faces a significant hurdle at 16,710 levels on the chart setup. On the other hand, in case of profit booking, SGX Nifty has immediate support at 16,280 while strong index support is placed at 16,120 levels.”

Daily trading guide for the stock market today

“Nifty’s short-term uptrend status remains intact. But, the lack of strength in the upside momentum could cause the bears to act from the higher levels. A decisive move above 16,300 levels will likely drag Nifty towards another hurdle of 16,500-16,600 levels in the near term Immediate support is placed at 16,200 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Expecting a strong rally in the Indian stock market, Chinmay Barve, Head of Technical and Derivatives Research at Profitmart Securities, said: “The Nifty 50 index broke through and held decisively above its resistance at the trend line, which clearly indicates the strong underlying of the index.”

Advising stock investors and traders to avoid taking a short position, Ruchit Jain, Lead Research at 5paisa.com, said, “The Nifty 50 index continues its short-term uptrend as the Nifty continues its structure” Higher Top Higher Bottom” on lower timeframe charts. The banking space took the lead today and it continued its relative outperformance to end above its 200-day EMA. Momentum setups remain in buy mode on the daily chart, but they have reached the overbought zone on the hourly chart, so in case if we see a negative crossover from the overbought zone on the hourly chart, then we could see between the dips in the index for relieve overbought setups, therefore traders should look for stock-specific buying opportunities and trade with a positive bias.

Day trading stocks

Share Intraday Stocks for Today, Stock Market Experts – Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Avinsh Gorakshkar, Head of Research at Profitmart Securities – recommended 6 stocks to buy today.

Sumeet Bagadia Intraday Stocks for Today

1]DLF: Buy from CMP, objective 370 to 380, stop loss 350

2]Bandhan Bank: Buy from CMP, objective 300, stop loss 275

Anuj Gupta’s day trading stocks to buy today

3]Axis Bank: Momentum buy at CMP, objective 745, stop loss 674

4]State Bank of India or SBI: Buy from CMP, objective 540, stop loss 474

Avinash Gorakshkar shares to buy today

5]Bharat Forge: Buy from CMP, target 710, stop loss 648.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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