Stocks to Buy for Wednesday: Best Stocks to Buy Today
Intraday Trading Strategy for Wednesday: 3 Stocks to Buy Today
The Indian stock market witnessed a positive trend on Tuesday as Dalal Street rose following strong global sentiments and overnight gains in US stock markets. The 50-stock Nifty index closed 119 points higher at 17,107 levels, while the 30-stock Sensex ended 445 points up at 58,074 mark. The Bank Nifty index surged 532 points and closed at 39,894 levels. The small-cap index gained 0.50 per cent, and the mid-cap index finished 0.66 per cent higher during the Tuesday session.
According to Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher, Tuesday's gains have further improved stock market sentiments in India. Parekh added that Bank Nifty has also improved its bias by breaching above the 39,800 zone, with most of the frontline bank stocks picking up momentum.
Intraday Trading Strategy for Wednesday
For those who are interested in day trading, Parekh has recommended three stocks to buy for Wednesday:
1. GNFC: Buy at ₹534, target ₹552, stop loss ₹525
2. Axis Bank: Buy at ₹855, target ₹880, stop loss ₹842
3. REC: Buy at ₹118, target ₹124, stop loss ₹116
Intraday traders should note that the support for the day is seen at 17,000, while the resistance is seen at 17,300 levels. Parekh advises that Bank Nifty would have the daily range of 39,500-40,500 levels.
Day Trading Stocks
Here are the full details regarding the three intraday stocks recommended by Parekh:
GNFC: Gujarat Narmada Valley Fertilizers & Chemicals Limited is a leading manufacturer of fertilizers, chemicals, and petrochemicals. The stock has shown strong positive momentum and is currently trading at ₹534. Parekh recommends buying the stock with a target of ₹552 and a stop loss of ₹525.
Axis Bank: Axis Bank is one of the leading private sector banks in India, offering a wide range of financial services. The stock has been trending upwards and is currently trading at ₹855. Parekh suggests buying the stock with a target of ₹880 and a stop loss of ₹842.
REC: Rural Electrification Corporation Limited is a leading provider of financing and development assistance to the power sector in India. The stock has been performing well and is currently trading at ₹118. Parekh recommends buying the stock with a target of ₹124 and a stop loss of ₹116.
Disclaimer: It is important to note that the views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decisions.