Home / Markets / Stock Markets /  Day trading guide for Thursday: 4 stocks to buy or sell today — December 8

The BSE Sensex tumbled for the fourth session on the trot on Wednesday after the Reserve Bank of India (RBI) raised the repo rate by 35 basis points and lowered the country's GDP growth forecast for the current fiscal due to continued geopolitical tensions and tightening of global financial conditions. 

The BSE Sensex ended 215.6 lower at 62,410. Similarly, the Nifty fell 0.44% to 18,560.5. In the broader markets, BSE smallcap and midcap indices lost up to 0.44%. Interest rate-sensitive realty, auto and bank stocks declined on Wednesday after the RBI policy. This was the fifth consecutive rate hike. In all, the central bank has raised the benchmark rate by 2.25 per cent since May this year.

Day trading guide for stock market today -

The positive chart pattern like higher tops and bottoms is still active and we expect Nifty to bounce back from the support 18450 levels. If the lower support gets broken, then the market could test another lower base of around 18150 levels. Immediate resistance is placed at 18650 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Nifty remained under the grip of the bears as investors booked profits post the rate hike by the RBI governor. The index slipped below its recent consolidation on the hourly chart, suggesting a waning bullishness. The momentum oscillator is in a bearish crossover. The trend is likely to remain negative going forward; support on the lower end is pegged at 18,500/18,350. On the higher end, resistance is visible at 18,670/18,750," said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts -

Ravi Singh, Vice President and Head of Research, Share India

REC: Buy REC ltd, target 120, stop loss 110

Dabur: Buy Dabur, target 614, stop loss 601

Manoj Dalmia, Founder and Director, Proficient Equities Pvt Ltd

Tata Motors: Sell, stop loss at 418.8, target 413

Ambuja Cements: Buy, stop loss at 586.4, target 593.2

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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