Trade Setup | Things To Know Before Market Opening - 22 Mar 2023 Wednesday

Day trading guide for today: Aided by overnight gains in the US stock market, Dalal Street ended in green territory on Tuesday session. However, the gains were limited due to continuation of underperformance from IT stocks. NSE Nifty gained 119 points and closed at 17,107 levels, BSE Sensex shot up 445 points and ended at 58,074 mark while Nifty Bank index finished 532 points higher at 39,894 levels. Broad market indices rose less than the Nifty even as the advance decline ratio rose to 1.37:1.

Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The lower bottom reversal seems to have confirmed at Monday's low of 16,828 levels and one may expect further upside in the short term towards the lower top formation. A decisive move above the hurdle of 17,200 levels is likely to bring sharp upside momentum for the Nifty in the near term. Immediate support for NSE Nifty is placed at 16,950 levels."

Expecting the bull trend to continue on Dalal Street, Rohan Patil, Technical Analyst at SAMCO Securities said, "Looking at the global markets and the technical structure, we are expecting the markets to remain in a bullish tone for the next couple of trading sessions."

"FII’s have record short positions with ‘Long Short Ratio in single digits indicating their bearish stance. However, their positions are short heavy and it will be crucial to see if they start covering shorts anytime soon. All eyes would be on the outcome of the Fed meeting on Wednesday which could be the trigger for the next directional move," said Ruchit Jain, Lead Research at 5paisa.com.

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 4 stocks to buy today.

1] IDFC First Bank: Buy at CMP, target ₹60, stop loss ₹52

2] Ambuja Cements: Buy at CMP, target ₹380 to ₹390, stop loss ₹360

3] Bajaj Finance: Buy at ₹5710, target ₹5800, stop loss ₹5650

4] Axis Bank: Buy at ₹855, target ₹870, stop loss ₹840.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock. We advise investors to check with certified experts before taking any investment decisions.