Day trading guide for today: Despite mixed global cues ahead of US Fed chief Jerome Powell’s speech at Jackson Hole meeting, Indian stock market finished higher on third day in a row. NSE Nifty added 47 points and closed at 19,444 levels, BSE Sensex ended 213 points higher at 65,433 mark whereas Bank Nifty index finished 485 points northward at 44,479 levels. In broad market, small-cap index gained 0.60 per cent whereas mid-cap index went up 0.42 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty is currently placed at the crucial resistance of down sloping trend line around 19,450 to 19,500 levels and is struggling to break decisively above the hurdle. At the same time, the market is not willing to show any reasonable weakness from near the resistance. This market action suggests chances of one more attempt of upside breakout around 19,500 levels in the short term and any failure to sustain the anticipated upside breakout could open selling pressure from the highs. Immediate support for Nifty today is placed at 19,360 levels.”
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty on the other hand, broke out of the 43,700-44,100 range and closed at 44,479, up 486 points. The 50 DEMA and the maximum call OI for Bank Nifty is placed at 44,500 and hence, the option activity at 44,500 Strike tomorrow will set the trend for the next leg of rally in Bank Nifty.”
On triggers that may dictate stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “We expect global uncertainty to keep the market range bound. However, action could continue in Banking and Financial Services ahead of the RBI policy meeting minutes release and bank loan growth data.”
Stocks to watch today
F&O ban list
NSE has put eleven stocks in bank for trade during Thursday session. Those eleven stocks are BHEL, Delta Corp, Escorts, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Metropolis Healthcare, Punjab National Bank (PNB) and Sun TV.
Day trading stocks for today
On intraday stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Pravesh Gour, Senior Technical Analyst, Swastika Investmart and Rajesh Bhosale, Technical Analyst at Angel One — recommended six stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] IndiGo: Buy at ₹2497.40, target ₹2580, stop loss ₹2448.
IndiGo share price has recovered from its prior support level. The stock is also sustaining a 23.6 per cent Fibonacci retreat at these levels. The stock is also trading above the 20-day moving average. The stock’s minor resistance is set around ₹2515. The RSI indicator is trading towards 47 levels, indicating that the stock may steadily rise.
2] ICICI Bank: Buy at ₹966, target ₹1000, 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 ₹966.85 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 target of ₹1000 and above.
Ganesh Dongre’s day trading stocks
3] India Cement: Buy at ₹238, target ₹243, stop loss ₹234.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹243 so, holding the support level of ₹234 this stock can bounce toward the ₹243 level in the short term. Hence, the trader can go long with a stop loss of ₹234 for the target price of ₹243.
4] Bharti Airtel: Buy at ₹868, target ₹880, stop loss ₹860.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹860 this stock can bounce toward the ₹880 level in the short term. Hence, the trader can go long with a stop loss of ₹860 for the target price of ₹880.
Pravesh Gour’s stock of the day
5] Paytm: Buy at ₹905, target ₹940, stop loss ₹883.
Paytm share price has observed a breakout from both a triangle pattern and an inverse head and shoulders formation on the daily chart, accompanied by significant trading volume.
Rajesh Bhosale’s stock pick for today
6] Canara Bank: Buy at ₹333, target ₹345, stop loss ₹326.
Canara Bank share price is looking positive on chart pattern and it may go upside in near term.
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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