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Day trading guide for today: Six stocks to buy or sell on Wednesday —December 27
Day trading stocks: Market experts have recommended six stocks to buy today —GMDC, Tata Chemicals, Exide Industries, Kotak Mahindra Bank, Deepak Nitrite, and Laurus Labs Frontline indices Nifty 50 and Sensex closed in the positive territory for the third session yesterday as the risk appetite of investors remained high after the US inflation data registered a decline for the first time in over three years. The Nifty 50 closed with a gain of 92 points, or 0.43 per cent, at 21,441.35, while the Sensex ended 230 points, or 0.32 per cent, higher at 71,336.80. Mid and smallcaps outperformed the benchmarks. The BSE Midcap index ended 0.72 per cent higher while the Smallcap index rose 0.48 per cent. In the three sessions to Tuesday, Nifty gained 291 points or 1.37 per cent while Sensex rose by 1.17 per cent or 830 points. Power, utilities, banking, oil and gas and commodities shares attracted buying while IT and tech shares were down on selling. Day trading guide for the stock market today On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, ‘’We have reached closer to the hurdle of 21,500 in Nifty and need support from the banking index to make a serious attempt for trend resumption else profit taking would resume.'' ‘’Amid all, traders should avoid aggressive trades in the index and stay focused on identifying opportunities on stock-specific front. We reiterate our preference for defensive viz. pharma and FMCG for long trades and suggest picking selectively from others,'' added Mishra. Technically, the sentiment remains optimistic as the index stays above critical moving averages. ‘’At 21,500, there could be significant immediate resistance. A decisive breakout beyond this level could potentially propel the index into a substantial rally. Until then, the index is expected to remain within the range of 21,300 and 21,500,'' said Rupak De, Senior Technical Analyst at LKP Securities. Source - MInt
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