Expert Recommendations: Top 7 Stocks to Consider for Trading on Wednesday

Rajesh
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As the market gears up for the latest WPI inflation report, benchmark equity indices opened on a positive note on Wednesday. Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher Pvt. Ltd, shares her insights on the market outlook for the day. In this article, we present Parekh's recommendations on seven stocks that traders should consider for buying or selling on Wednesday.

Stocks to Watch

Market Overview:

At the start of the trading session, the Sensex opened flat at 63,115.48 levels, while the Nifty traded around the 18,700 levels. The rupee began the day at 82.28 against the dollar, benefiting from the decline in crude oil prices.

Nifty Outlook:

According to Parekh, the Nifty has shown signs of recovery after a period of sluggishness and mild profit booking. The index closed above the crucial 18,700 zone, indicating a positive bias and a reversal of the downward trend over the past three days. Parekh expects the Nifty to target the initial upside level of 18,900, with several major frontline stocks displaying improved bias and further gains anticipated in the near future. The support level for the day is identified at 18,600, while resistance is expected around 18,850.

Bank Nifty Outlook:

Although Bank Nifty has been underperforming compared to the Nifty index, it managed to close above the 44,000 level. Parekh suggests that for a fresh upward movement, Bank Nifty needs to surpass the 44,500 level. Among the frontline banking stocks, Axis Bank, ICICI Bank, and Indusind Bank maintain a positive bias, indicating potential for further gains in the coming days. The daily range for Bank Nifty is projected between 43,800 and 44,500.

Expert Stock Recommendations for Wednesday:

1. Deepak Fertilisers and Petrochemicals Corporation:

   - Call price: Rs 563

   - Stoploss: Rs 545

   - Target price: Rs 585

2. Tejas Network:

   - Call price: Rs 725

   - Stoploss: Rs 710

   - Target price: Rs 760

3. Havells:

   - Call price: Rs 1353

   - Stoploss: Rs 1335

   - Target price: Rs 1380

4. BEPL:

   - Call price: Rs 132.65

   - Stoploss: Rs 128

   - Target price: Rs 142

5. PNB:

   - Call price: Rs 52

   - Stoploss: Rs 51

   - Target price: Rs 54

6. Tata Consumer:

   - Call price: Rs 819

   - Stoploss: Rs 810

   - Target price: Rs 840

7. Auto Pharma:

   - Call price: Rs 675

   - Stoploss: Rs 663

   - Target price: Rs 690

Conclusion:

These are Vaishali Parekh's recommendations for seven stocks that traders should consider for trading on Wednesday. However, it's crucial to conduct thorough research, analyze market conditions, and consult with financial advisors before making any investment decisions. Keep track of the market's progress throughout the day to adjust your strategy accordingly and manage risk effectively. Happy trading!

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