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Day trading guide for Wednesday: ICICI Bank, Indian Hotels among 9 stocks to buy today

Tuesday’s extremely turbulent trading session resulted in a little decline for benchmark equity indexes as a result of contradictory global trends and a strong decline in Adani Group equities. The BSE Sensex dropped 40 points to 57,613.7, while the Nifty fell 34 points to 16,951.7. On the wider market, the BSE smallcap index fell 0.79 percent and the midcap index fell 0.49 percent.

Today’s day trading advice for the stock market:

“If the Nifty fails to recover the power to rise above the support in the short term, this might result in a significant breakout to the downside of the support band between 16,900 and 16,800 levels in the near term. The level of 17,100 might provide a formidable barrier to any further gains, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“The support level for the benchmark index is probably around 16,800. Below that level, selling pressure may pick up.”Unless Nifty overcomes the 17,200-level of resistance, the index’s short-term trend is anticipated to be bearish. Only a prolonged close above 17,200 is anticipated to generate positive momentum into 17,350–17,400 levels, according to Rohit Patil, technical analyst at SAMCO Securities.

Analysts’ recommendations for stocks to purchase today:

Vice President of Research at IIFL Securities, Anuj Gupta
Buy NTPC with a stop loss at Rs. 163 and a target price of Rs. 182.
Buy ICICI Bank with a stop loss of Rs. 830 and a target of Rs. 870.

Ganesh Dongre, senior manager of technological research at Anand Rathi
BUY HDFC at Rs. 2,580 with a stop loss of Rs. 2,550 and a target price of Rs. 2,630.
Buy Cipla at Rs. 890 with a stop loss at Rs. 860 and a target price of Rs. 930.

Sumeet Bagadia, Director of Operations at Choice Broking

Buy MGL at Rs. 979 with a stop loss of $960 and a target price of Rs. 1020.
Buy Chola Fin at Rs. 732.1 with a stop loss at Rs. 715 and a target price of Rs. 760.

Prabhudas Lilladher’s Vice President of Technological Research is Vaishali Parekh

BUY INDIAN HOTEL at 312, stop loss 307, target 322
BUY MGL at 979, stop loss 966, target 1,012
BUY CUMMINS at 1,612, stop loss 1,594, Target 1654

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Business Headline.

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