“Nifty scaled to new highs in today’s session to close with gains of 33 points at 20103 levels after India’s WPI inflation stayed negative for the 5th month at 0.52% in August. Broader market outperformed with Nifty Midcap 100 and Smallcap 100 up 1%. Majority of the sectors ended in green with buying seen in PSU Bank, Realty, Auto, and Metals. Overall, we expect the market to maintain its positive trend on the back of strong domestic macroeconomic data. However, bouts of volatility cannot be ruled out given mixed global cues,” Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “After moving into new all time highs above 19,990 levels, the market seems to have struggled to move decisively into new all time highs over the last few sessions. Hence, any decline from here could drag Nifty towards the immediate support of around 19,950 levels. A decisive upmove above 20,200 levels is expected to pull Nifty towards another hurdle of 20,450 levels.”
On outlook for Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty continued to move in a higher high formation on the daily chart for the sixth consecutive day to close at 46,001, up 91 points. The Index has formed a doji pattern today, which indicates indecision. The level of 46,300 on the upside will be a key level for Bank Nifty, with multiple resistance around those zones. If we see Bank Nifty confidently crossing the 46,300 mark, it could signal the beginning of an exciting new rally.”
Stocks to watch today
Among dividend paying stocks in September 20223, 73 stocks are going to trade ex-dividend today. Those 73 dividend paying sticks include Jyoti Resins, Krsnaa Diagnostics, Star Paper, Phoenix Mills, NALCO, IRFC, Pondy Oxides, NCL Industries, HMA Agro, etc.
Among bonus shares in September 2023, two stocks are going to trade ex-bonus today. Those two bonus shares are Sarveshwar Food and Tinna Rubber. The board of directors of Sarveshwar Foods has approved issuance of bonus shares in 2:1 ratio whereas Tinna Rubber board has declared 1:1 ratio.
Day trading stocks for today
On intraday trading strategy, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] United Spirits or McDowell-N: Buy at ₹1065.25, target ₹1110, stop loss ₹1040.
MCDOWELL_N has bounced back from the support of ₹1040 levels which was prior a resistance and is also close to 20 Day EMA levels. Currently, the stock is trading around ₹1065.25 levels close to all-time high levels. The stock is trading above all important moving averages indicating strength. The RSI indicator is also trading near to 62 levels which will help stock to move upwards. A small resistance is placed at ₹1072 levels. Once stock closes above the mentioned resistance level it can move towards 1110 and above.
2] LUPIN: Buy at ₹1155.60, target ₹1190, stop loss ₹1132.
LUPIN has bounced back from its previous support zone after forming Double bottom pattern. Additionally, the price is moving in Higher High and Higher Low formation which suggests bullish momentum. The stock is also trading above the 20 EMA. The fact that the RSI indicator is trading close to 71 levels indicates that that the stock price may rise further.
Ganesh Dongre’s stocks to buy today
3] Indus Tower: Buy at ₹184, target ₹192, stop loss ₹180.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹192. So, holding the support level of ₹180 this stock can bounce toward the ₹192 level in the short term. Hence, the trader can go long with a stop loss of ₹180 for the target price of ₹192.
4] ZEEL: Buy at ₹272, target ₹282, stop loss ₹267.
On the short-term chart, the stock has shown a bullish reversal pattern. So, holding the support level of ₹267. this stock can bounce toward the ₹282 level in the short term. Hence, the trader can go long with a stop loss of ₹267 for the target price of ₹282.
Mitesh Karwa’s day trading stocks
5] UPL: Buy at ₹629 to ₹632, target ₹666, stop loss ₹615.
UPL share is seen to be bouncing from an important support zone on the daily timeframe and making a bullish candlestick which is why a buy recommendion is initiated for targets upto ₹666. One can initiate buy on dip in the range of ₹629 to ₹632 with stoploss below ₹615 on daily closing basis.
6] PNB Housing Finance: Buy at ₹721 to ₹726, target ₹765, stop loss ₹703.
PNBHOUSING is seen to be breaking out of a resistance zone with a bullish candlestick on the daily timeframe which shows bullish strength which is buying can be done in PNBHOUSING for targets upto ₹765. One can initiate a buy trade in between the range of ₹721 to ₹726 with stoploss of ₹703 on daily closing basis.
Disclaimer: The 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.
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Updated: 15 Sep 2023, 08:33 AM IST