After a strong recovery from the key support level of 17000, Nifty did not manage to maintain its momentum on Wednesday and closed at 17,245 with a fall of 69 points at the end of trading. On the other hand, BSE Sensex closed 304 points down at 57,684 while Bank Nifty lost 201 points to close at 36,147 level.
Market experts say that after opening sharply, we saw a long negative candle forming on the daily chart yesterday. Technically speaking, it is indicating a major hurdle near 17,500 although the pattern of the last 4 trading sessions is indicating an alternate candle pattern of positive and negative. Due to which it is felt that in Nifty we will see trading in a wide range of 17,400 – 17000.
Talking about what is the intraday trading strategy in the market today, Devarsh Vakil of HDFC Security says that Nifty and Bank Nifty are still above their 5 days EMA which is located at 17,138 and 35,971. Traders should maintain their long position in Nifty with a stop loss of 17100.
Today’s intraday calls, in which there can be strong earnings
Intraday calls by Sumeet Bagadiya of Choice Broking
Jindal Steel: Buy current level, target Rs 525-530, stop loss Rs 495
Colgate Palmolive or COLPAL: Buy current level, target Rs 1560- Rs 1575, stop loss Rs 1500
Also read- Hot Stocks | Strong support for Nifty at 17000, today’s 3 short term picks, which can make huge profits
Mehul Kothari of Anand Rathi Shares Intraday Calls
Tata Steel: Buy Current Levels, Target Rs 1381, Stop Loss Rs 1300
Intraday Calls by Mudit Goyal of SMC Global Securities
Tata Chemicals or TATACHEM: Buy current level, target Rs 980, stop loss Rs 952
Intraday Calls by Rohit Singhre of Bonanza Portfoli
Mahindra Lifespace: Buy Current Level, Target Rs 350, Stop Loss Rs 320
Indian Hotels: Buy current level, target Rs 230, stop loss Rs 210
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