Day trading guide: Two stock recommendations for Wednesday

Amit Trivedi, YES Securities


Recovering from early losses, the Nifty surpassed the 14,500-mark and made a excessive of 14,591. The benchmark index is up by ~4% this month to date, after recovering 87% within the 12 months 2020 from its yearly low. Sustained transfer above short-term averages and renewed shopping for curiosity on intraday decline stored the outlook optimistic. Put up Monday’s gaping motion, ranges of 14,350 might prove as rapid ground.

After latest underperformance, bulls regained momentum within the Financial institution Nifty. Look of bullish candle ensures assist close to 31,500. Constructive follow-up motion is crucial for gaining additional momentum on the upside. Inside banking area, PSU Financial institution index stood out strongly posting positive factors of ~6%.

IT and Pharma index bucked the latest uptrend, whereas latest worth construction of FMCG index exhibits consolidation at higher band.

On the choices entrance, large open curiosity additions are seen at 14,500 put strike for the present weekly expiry. India Vix rallied for the straight third session to settle close to ranges of 23.

Fairness suggestion

Purchase ITC close to Rs 206-205

  • Cease loss: Rs 196
  • Goal: Rs 226
  • Put up multi-month breakout on the upside, the stock has defended ranges of Rs 200 in the course of the latest decline. Look of a bullish candle at present juncture ensures renewed shopping for curiosity at assist ranges. Therefore, optimistic observe by might raise the stock until Rs 226 zone.

Purchase JSL close to Rs 94-93

  • Cease loss: Rs 87
  • Goal: Rs 106
  • Sustained transfer above necessary averages and consolidation breakout suggests extra room on the upside.

(
Amit Trivedi is CMT, Technical Analyst – Institutional Equities, YES Securities. Views are his personal.)

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