Day trading guide for today: 6 stocks to buy before Union budget 2023

According to stock market experts, Nifty is expected to remain range-bound till budget 2023 gets presented. Breaching of higher or lower level of the range would ascertain bullish or bearish trend in the market post budget. They advised traders and investors to know the pivot levels of the markets as market is expected to remain volatile in a range on budget 2023 date i.e. on 1st February 2023.

Day trading guide for stock market today

Unveiling intraday trading strategy for Wednesday session, Deepak Jasani, Head of Retail Research at HDFC Securities said, “Nifty recovered well from the lows of the morning. It also made a higher low compared to the previous session. We have the Union Budget today and Nifty could stay in the 17,542 to 17,760 band in the near term. Breaches of this band may be fleeting on the Budget day. Volumes and sustenance below/above these levels will be crucial to watch out for.”

Unveiling broader range for traders, Ruchit Jain, Lead Research at 5paisa.com said, “Today, the entire focus would be on the Union Budget announcements as participants would hope for scores of positive announcements. Technically, the Nifty index is trading in a channel with lower end placed in 17400-17350 range. On the flipside, 17750-17800 would be seen as immediate resistance which was the recent support broken. Above this, 17930-18000 would be the next resistance to watch out for.”

Ruchit Jain said that the volatility could remain high and hence traders should trade with proper risk management.

Day trading stocks to buy today

Unveiling 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 — listed out 6 shares to buy ahead of budget 2023.

Sumeet Bagadia’s stocks to buy today

1] Canara Bank: Buy at CMP, target ₹315 to ₹320, stop loss ₹290

2] Manappuram Finance: Buy at CMP, target ₹120 and ₹124, stop loss ₹110

Anuj Gupta’s stock picks on budget 2023 date

3] Federal Bank: Buy at CMP, target ₹145, stop loss ₹127

4] Ashok Leyland: Buy at CMP, target ₹158, stop loss ₹142

Ganesh Dongre’s intraday stocks for today

5] REC: Buy at ₹122, target ₹127, stop loss ₹117

6] Eicher Motors: Buy at ₹3264, target ₹3400, stop loss ₹3200.

Disclaimer: .he 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.