Day trading guide for today: Five stocks to buy or sell on Friday — August 18
3 min read 18 Aug 2023, 08:05 AM ISTDay trading stocks: Experts have recommend five stocks to buy today — Tata Consumer, Sun Pharma, M&M Finance, Titan Company and Adani Ports
PremiumDay trading guide for today: Following weak global market cues, Indian stock market finished lower on Thursday. NSE Nifty went down 99 points and ended at 19,365 levels, BSE Sensex lost 388 points and closed at 65,151 mark whereas Bank Nifty index went off 55 points and closed at 43,891 levels. In broad market, small-cap index went down 0.19 per cent whereas mid-cap index ended higher with marginal gains.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains choppy with weak bias. There is a possibility of downside breakout of the key lower support around 19,300 to 19,250 levels in the short term and that could possibly drag Nifty down to another supports of 19,100 to 19,000 levels in the near term. Any rise from here could find strong hurdle at 19,600 levels."
On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty has been moving near the 43,700-44,000 zone with a cautious bias with 43,300 levels acting as the major crucial support zone for the index failing which the overall trend would turn weak and can expect for intensified profit booking ahead. At the same time, as mentioned earlier, it would need a decisive move past the 44,400 zone, for the bias to improve and expect for further rise."
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 — have recommended five stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Tata Consumer: Buy at ₹844, target ₹868, stop loss ₹831.
Tata Consumer share is currently trading near ₹844. The Strength is shown by the RSI indicator's current trading range of 48 levels and has scope of improvement. The stock is taking resistance at 20 EMA and and currently trading above all of the key mid and long term moving averages. The Bollinger band continues to expand on the daily chart after a squeeze, with the price trading above the band's centre line, indicating the stock's strength. A small resistance is placed near ₹855 levels; if the stock surpasses this level, it may move towards ₹868.
2] Sun Pharma: Buy at ₹1145, target ₹1175, stop loss ₹1115.
Sun Pharma share price is presently trading at ₹1144.80 levels, having recently broken out from its previous range of ₹1110 to ₹1100 that persisted for a week. This breakout signifies a potential shift in the stock's price dynamics, making it an intriguing investment prospect. In addition, the Relative Strength Index (RSI) is trending upward and appears to be on the verge of a positive crossover, indicating a potential increase in buying pressure. Moreover, Sun Pharma's price is currently positioned above its 20-50-100-200 Exponential Moving Averages (EMA), suggesting underlying strength in the stock.
Ganesh Dongre's stock of the day
3] M&M Finance: Buy at ₹280, target ₹290, stop loss ₹273.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹273 this stock can bounce toward the ₹290 to ₹300 level in the short term. Hence, the trader can go long with a stop loss of ₹273 for the target price of ₹290.
Pravesh Gour's day trading stocks
4] Titan Company: Buy at ₹3072, target ₹3124, stop loss ₹3040.
Titan share price has witnessed a breakout of an inverse head and shoulder formation on the daily chart.
5] Adani Ports: Buy at ₹810, target ₹834, stop loss ₹793.
Adani Ports share price has witnessed a breakout of an inverse head and shoulder formation, retested its neckline support, and started a new leg of the rally towards 830.
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.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
