Day trading stocks: Day trading guide for Wednesday

Day trading stocks: Day trading guide for Wednesday
Day trading stocks: Day trading guide for Wednesday

Securities

Index: Nifty
The Nifty and Bank Nifty remained below 20 DMA for the third consecutive day, an indicator which holds a lot of significance for the short-term trend. We recommend to remain on the sidelines till the time indices close above 20 DMA. As per Elliot wave, indices remained in the corrective phase. Any move above 15,080 will confirm the start of a minor wave III for the upside of 15,550.

Top trading ideas

Analyst: Parag Shah – Technical Analyst, Research, Edelweiss Wealth Management

Balrampur Chini: BUY

CMP: Rs 189.1

Target: Rs 210

Stop loss: Rs 182

The stock has given a breakout above its previous swing high at Rs 188. Volumes registered on breakout are also the highest since August 2020.

Chola Fin: BUY

CMP: Rs 538.55

Target: Rs 580

Stop loss: Rs 520

After making a base around Rs 500, Chola Fin is again showing momentum as it closed above its previous swing high of Rs 537. The stock could face a minor resistance around Rs 550-555, which was its intermediate high.

Tata Motors: BUY

CMP: Rs 345.75

Target: Rs 380

Stop loss: Rs 330

has given a breakout of a month long consolidation where it traded in a range from Rs 337 on the higher side and Rs 300 on the lower side. A strong move on the upside cannot be ruled out as the volumes registered on breakout are above average.

NMDC: BUY

CMP: Rs 133.85

Target: Rs 145

Stop loss: Rs 130

After completing its first round of correction,

has given a breakout above its previous swing top at Rs 131. The stock could face a minor resistance around Rs 142, which was its pre-Covid swing high.

F&O Tracker

Analyst: Sagar Doshi – Technical Analyst, Research, Edelweiss Wealth Management

  • Ferocious selling was seen in last Friday’s session, which led to heavy short build up by FIIs on the index futures. However, due to no follow-up selling, we have witnessed short covering in Monday’s trading session. On a net basis, FIIs are still bullish and have 40,000 net long contracts. We advise to remain on the sidelines unless the index gives decisive close above 15,050
  • India VIX has cooled off in the last two trading sessions after spiking up 28% in Friday’s session. We expect volatility to remain elevated.

Actionable: Nifty

Sell Bank Nifty 35,700 Straddle at current spread of 740. Buy 36,300 CE @ 103 and 34,900 PE @ 128

Net credit spread: 509

Expiry: 4 March

FX Technical

Munjaal Raval, Technical Analyst, Research, Forex & Rates, Edelweiss Wealth

USD-INR Status: USD-INR is moving towards its immediate support zone placed around 73.00.

Current Spot: 73.37

Call for the day: Buy on dips around 73.10

Target: 74.00

Stop Loss: 72.80

EUR-USD Status: EUR-USD is approaching its critical support of 1.20 handle.

Current Spot: 1.2020

Call for the day: Buy on dips around 1.20

Target: 1.23

Stop Loss: 1.1890

Commodities

Analyst: Ankit Narshana, Commodity Analyst, Research, Edelweiss Wealth Management

  • Buy MCX Silver at Rs 66,600; target: 69,000; stop loss: Rs 65,000
  • Buy MCX Copper at Rs 703; target: Rs 730; stop loss: Rs 690
  • Sell MCX Gold on rise at Rs 45,600; target: Rs 45,000; stop loss: Rs 45,900

var urlParams = window.URLSearchParams && new URLSearchParams(window.location.search),
optParam = urlParams.get && urlParams.get(‘opt’);

var objSec = {template: ‘articleshow_main’, msid:’81294116′, secNames: [‘markets’,’stocks’,’news’],secIds:[‘2147477890′,’1977021501′,’2146842′,’2146843’]};

var tmplName = tpName = ‘articleshow_main’,lang = “https://economictimes.indiatimes.com/”,nav_sec1,newHookId,subsec1_value,subsec1_common = ‘1977021501’,newHookId2,subsec2_value,subsec2_common = ‘2146842’;
var objVc = {version_on:’20210302221113′,js_etsubscription:’1′,js_onboarding_popup_sh:’7′,js_comments:’111′,js_googleslock:’782′,js_googlelogin:’56’,js_common_buydirect:’749′,js_bookmark:’18’,js_articleshow_main:’47’,js_login:’46’,js_datepicker:’2′,js_electionsmn:’22’,js_push:’54’,css_buydirect:’14’,js_tradenow:’19’,js_commonall:’138′,lib_login:’https://jssocdn.indiatimes.com/crosswalk/jsso_crosswalk_legacy_0.5.9.min.js’,live_tv:'{“onoff_flag”:”0″,”platform”:”desktop”,”sections”:[“1977021501″,”1715249553″,”13352306″,”5575607″,”837555174″,”359241701″,”13357270″,”107115″,”897228639″,”7771250″,”1466318837″],”pages”:”all”,”auto_open”:”1″,”default_tv”:”0″,”timePeriod”:{“showTimeFlag”:false,”fromTime”:”https://economictimes.indiatimes.com/”,”toTime”:”https://economictimes.indiatimes.com/”}}’,global_cube:’0′,global_cube_wap:’0′,global_cube_faces:’2′,global_cube_fullad:’0′,global_cube_landingon:’sensex’,global_cube_wap_url:’https://m.economictimes.com/iframe_cube.cms’,site_sync:’0′,adx:’1′,amazon_bidding:’0′,js_newsltrpopup:’120′,nlExpiry:’864000′,nlReloadExpiry:’30’,fan_ads:’0′,plan_on_paywall:’0′,trackAdCode:’0′,ajaxError:’1′,oauth:’oauth’,planPage:”https://economictimes.indiatimes.com/plans.cms”,planPageTest:’https://economictimes.indiatimes.com/plans.cms’,subscriptions:’subscriptions’,krypton:’kryptonp’,apw:’apw’,nlSubscribe:’etsub3′};
if(window.location.host == ‘economictimes-pp.indiatimes.com’) {
objVc.oauth = ‘oauth-pp’;
objVc.krypton = ‘krypton-pp’;
objVc.subscriptions = ‘subscriptions-pp’;
objVc.apw = ‘apw-pp’;
}
var objDim = {d52:’nature_of_content’,d96:’continuous_paywall_hits’,d95:’monthly_article_count’,d10:’user_login_status_hit’,d54:’content_shelf_life’,d98:’daily_paid_article_count’,d53:’content_target_audience’,d97:’monthly_paid_article_count’,d12:’tags_meta_keyword’,d56:’degree_of_conten’,d11:’content_theme_the_primary_tag’,d55:’content_tone’,d14:’special_coverage’,d58:’et_product_item’,d13:’article_publish_time’,d16:’video_embed’,d15:’audio_embed’,d59:’show_paywall_final’,d61:’paywall_probability’,d60:’paywall_score’,d63:’paid_articles_read’,d62:’eligibility_paywall_rule’,d65:’bureau_articles_read’,d20:’platform’,d64:’free_articles_read’,d23:’author_id’,d67:’loyalty’,d66:’article_length’,d25:’page_template’,d24:’syft_initiate_page’,d68:’paywall_hits’,d27:’site_sub_section’,d26:’site_section’,d29:’section_id’,d28:’prime_deal_code’,d70:’us_election_2020′,d72:’paywall_experiment’,d71:’plan_group_id’,d32:’prime_article_read_before_syft’,d75:’watchlist_active_status’,d34:’content_age’,d33:’prime_article_read_before_success’,d36:’sign_in_initiation_position’,d35:’subscription_method_hit’,d37:’user_subscription_status’,d1:’et_product’,d2:’blocker_type’,d3:’user_login_status_hit’,d4:’agency’,d5:’author_name’,d6:’cms_content_publishing_type’,d7:’content_personalisation_level’,d8:’article_publish_date’,d9:’sub_section_name’,d40:’freeread’,d45:’prime_hp_ui_template’,d47:’prime_hp_ui_content_b_color’,d46:’prime_hp_ui_content_size’,d49:’syft_initiate_position’,d48:’content_msid’,d92:’last_click_source’,d50:’signin_initiate_page’,d94:’daily_article_count’,d93:’internal_source’};var serverTime = ‘03.02.2021 22:13:51’;var WRInitTime=(new Date()).getTime();
(function () {if (self !== top) {var e = function (s) {return document.getElementsByTagName(s)}; e(“head”)[0].innerHTML = ‘

‘; setTimeout(function () {e(“body”)[0].innerHTML = “https://economictimes.indiatimes.com/”; var hEle = e(“html”)[0]; hEle.innerHTML = ‘economictimes.indiatimes.com’; hEle.className = “https://economictimes.indiatimes.com/”; top.location = self.location; }, 0);}})();

_log = window.console && console.log ? console.log : function () {};
// Creating Elements for IE : HTML 5 and cross domain checks
(function () { var elem = [“article”, “aside”, “figure”, “footer”, “figcaption”, “header”, “nav”, “section”, “time”];
for(var i=0; i -1) { window[disableStr + ‘-‘ + gaProperty] = true; }

ga(‘set’, ‘anonymizeIp’, true);
ga(‘create’, gaProperty, ‘auto’, {‘allowLinker’: true});
ga(‘require’, ‘linker’);
ga(‘linker:autoLink’, [‘economictimes.com’]);
ga(‘require’, ‘displayfeatures’);
window.optimizely = window.optimizely “https://economictimes.indiatimes.com/” [];
window.optimizely.push(“activateUniversalAnalytics”);
ga(‘require’, ‘GTM-WV452H7’);
customDimension.dimension1 = “ET Free”;
customDimension.dimension4 = “ET CONTRIBUTORS”;

customDimension.dimension6 = “Native – 81294116”;
customDimension.dimension8 = “Mar 02, 2021”;
customDimension.dimension9 = “Stocks”;

customDimension.dimension12 = “Day trading stocks,Tata Motors,Edelweiss,Parag Shah,Analyst,Bank Nifty,NMDC,Nifty”;
customDimension.dimension13 = “05:34 PM IST”;

customDimension.dimension15 = “No”;
customDimension.dimension16 = “No”;

(function () {
var a = window.localStorage && localStorage.getItem(‘et_syftCounter’) “https://economictimes.indiatimes.com/” “https://economictimes.indiatimes.com/”;
a = a && JSON.parse(a) “https://economictimes.indiatimes.com/” {};
if(a.beforeSyft && customDimension) {
customDimension.dimension32 = a.beforeSyft;
}
if(a.afterSyft) {
customDimension.dimension33 = a.afterSyft;
}
})()

var contentAge = ‘0.11611111111111111’;
if(contentAge) {
customDimension.dimension34 = contentAge > 2 ? ‘>48hs’:’= 0 && num -1) {
subsStatus = ‘Expired User’;
} else if (grx_userPermission.indexOf(“subscribed”) > -1 && grx_userPermission.indexOf(“cancelled_subscription”) > -1 && grx_userPermission.indexOf(“can_buy_subscription”) > -1) {
subsStatus = ‘Paid User – In Trial’;
} else if(grx_userPermission.indexOf(“subscribed”) > -1) {
subsStatus = ‘Paid User’;
b.classList.add(“prime_user”);
} else if(grx_userPermission.indexOf(“etadfree_subscribed”) > -1) {
subsStatus = ‘Ad Free User’;
}
} catch (e) {}
} else {
grxDimension[objDim[‘d3’]] = ‘NONLOGGEDIN’;
}
if(subsStatus == ‘Free User”https://economictimes.indiatimes.com/”| subsStatus == ‘Expired User’) {
b.classList.add(“free_user”);
}
grxDimension[objDim[‘d37’]] = subsStatus;
try {
if(window.localStorage && localStorage.getItem) {
var jString = localStorage.getItem(“jStorage”);
if(jString) {
var objJstorage = JSON.parse(jString), objProf = objJstorage[‘et_subscription_profile’];
for (var attrname in objProf) { grxDimension[attrname] = objProf[attrname]; }
}
}
}catch(e) {
console.log(‘Error profile Dimension’);
}
})()

grx(‘track’, ‘page_view’, grxDimension);

if(window.allowGdpr == 1 && (typeof skip == ‘undefined”https://economictimes.indiatimes.com/”| typeof skip.fbevents == ‘undefined’)) {
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘338698809636220’);
fbq(‘track’, ‘PageView’);
}

var _comscore = _comscore “https://economictimes.indiatimes.com/” [];
_comscore.push({ c1: “2”, c2: “6036484”});

if(window.allowGdpr == 1) {
(function() {
var s = document.createElement(‘script’), el = document.getElementsByTagName(“script”)[0]; s.async = true;
s.src = (document.location.protocol == “https:” ? “https://sb” : “http://b”) + “.scorecardresearch.com/beacon.js”;
el.parentNode.insertBefore(s, el);
})();
}

if(window.allowGdpr == 1) {
(function() {
function pingIbeat() {
window._pg_endpt=(new Date()).getTime();
var e = document.createElement(‘script’);
e.setAttribute(‘language’, ‘javascript’);
e.setAttribute(‘type’, ‘text/javascript’);
e.setAttribute(‘async’, true);
var dt = window.dateFormat ? dateFormat(new Date(), ‘%Y%M%d’) : 1;
var sd = window.objDomain && objDomain.js “https://economictimes.indiatimes.com/” “https://economictimes.indiatimes.com/”;
e.setAttribute(‘src’, sd + ‘/js_ibeat_ext.cms?v=’ + dt);
//e.setAttribute(‘src’, “https://agi-static.indiatimes.com/cms-common/ibeat.min.js”);
document.head.appendChild(e);
}
if(typeof window.addEventListener == ‘function’) {
window.addEventListener(“load”, pingIbeat, false);
} else {
var oldonload = window.onload;
window.onload = (typeof window.onload != ‘function’) ?
pingIbeat : function() { oldonload(); pingIbeat(); };
}
})();
}

}

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

Related Posts

Forex Pulse Detector

Recent Posts