“Nifty closed higher for the sixth straight day with gains of 93 points (+0.5%) at 19820 levels. Despite mixed global cues, index bounced back to seven week high and is just 172 points away from its life highs. Broader market too ended in green with Midcap100/Smallcap100 up 1%/0.6%. Financials, Realty and energy stocks led the gains in the market. Banking stocks saw renewed interest after RBI announced removal of incremental CRR in phased manner by October 7. Niche sectors like power, defence and shipping continue to garner interest. Railway stocks were in momentum following media reports of potential deal to connect Gulf and Arab countries via railways,” said 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, HDFC Securities said, “The short term trend of Nifty continues to be positive. We expect Nifty to move into new all time highs beyond 20K mark in coming week. The potential upside target of larger triangle upside breakout comes around 20,100 to 20,200 levels for the near term. Immediate support is placed at 19,650 levels.”
On outlook for bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty closed 278 points higher at 45,156. It managed to surpass its major hurdle of 45,100 levels on Friday (September 8). A follow up buying from the current levels can take Bank Nifty until 45,700 levels, where its next resistance is placed. The support for Bank Nifty shifts to 44,800 levels on the downside.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Pravesh Gour, Senior Technical Analyst at Swastika Investmart — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Titan Company: Buy at ₹3104, target ₹3172, stop loss ₹3060.
Titan share price currently priced at ₹3104, has recently demonstrated a robust consolidation phase within the range of ₹3080 to ₹3040 and has finally managed to breakout. This consolidation pattern, coupled with the stock’s sustained trading above key exponential moving averages (EMAs) including the 20-day, 50-day, 100-day, and 200-day EMAs, signifies a positive underlying momentum.
Furthermore, the Relative Strength Index (RSI), a pivotal gauge of the stock’s strength and momentum, currently stands at 64. This reading reflects the stock’s potential to uphold its current bullish momentum.
2] ICICI Bank: Buy at ₹970.55, target ₹1010, stop loss ₹945.
ICICI Bank share price has bounced back from the support level of ₹946 levels and crossed the initial resistance of ₹965 levels which is also 20 Day EMA levels. Currently, the stock is trading around ₹970.55 levels which indicates breakout above the mentioned resistance level. The stock is also trading above all important moving averages indicating strength. A smaller resistance is witnessed at the level of 985 and once stock crosses the mentioned level it can move towards the all-time high level of 1010 and above.
Ganesh Dongre’s stocks to buy today
3] Quick Heal: Buy at ₹219, target ₹229, stop loss ₹212.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹229 so, holding the support level of ₹212 this stock can bounce toward the ₹229 level in the short term, so the trader can go long with a stop loss of ₹212 for the target price of ₹229.
4] Sumitomo Chemical: Buy at ₹444, target ₹456, stop loss ₹438.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹438. This stock can bounce toward the ₹456 level in the short term, so the trader can go long with a stop loss of ₹438 for the target price of ₹456.
Pravesh Gour’s buy or sell stocks
5] Tata Power: Buy at ₹270, target ₹280, stop loss ₹263.
Tata Power share has recently experienced a breakout pattern on both the weekly and daily charts, showing significant technical strength. The weekly chart revealed an inverse head and shoulders pattern with notable volume in the shoulders, while the daily chart exhibited a breakout from a cup and handle formation.
6] Landmark Cars: Buy at ₹815, target ₹870, stop loss ₹780.
The counter has recently seen a breakout from a triangle formation, a typically bullish signal that implies the potential for continued upward momentum.
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: 11 Sep 2023, 08:35 AM IST