BackDay trading guide for today: Five stocks to buy or sell on Thursday — September 21
Day trading stocks: market experts have recommended five stocks to buy today — AU Small Finance Bank, Sun Pharma, M&M Finance, Indian Bank and Coal India Ltd
PremiumDay trading guide for today: Following mixed global market sentiments, key benchmark indices of the Indian stock market finished lower for second day in a row on Wednesday. NSE Nifty finished 231 points lower at 19,901 levels, BSE Sensex shed 796 points and closed at 66,800 mark whereas Bank Nifty index dipped 595 points and closed at 45m384 levels. In broad market, small-cap index slipped 0.51 per cent while mid-cap index corrected 0.33 per cent.
"Domestic equities had a subdued start ahead of the US Fed policy outcome and US bond yields at a decadal high. Nifty extended its previous day’s downward trend and closed with a loss of 232 points (-1%) at 19901 levels. All sectors ended in the red. Weak global cues, surge in oil price to nearly 1-year high, and selling by FIIs are major concerns in the market. However, strong domestic economic data continue to support the market at lower levels. We expect the market to remain cautious in the near term amid major events, while profit booking in the broader market is likely to continue," 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 at HDFC Securities said, "The underlying trend of Nifty is weak and the overall chart pattern signal a formation of short term top reversal pattern at the recent new highs. The Nifty is expected to test the crucial lower supports of around 19,750 to 19,600 levels in the near term. Any attempt of upside bounce is expected to find strong resistance around 20,050 to 20,100 levels."
On outlook for ank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty gave a lower close for the second consecutive day and ended at 45,385, down 595 points. The 50-Day Exponential Moving Average (DEMA) for Bank Nifty is placed at 44,826, which is likely to act as strong support on the downside. A move above today’s high of 45,745 is most likely to result in filing of the gap until 45,900 levels."
Day trading stocks for today
On intraday trading strategy, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio — recommended five stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Sun Pharma: Buy at ₹1153, target ₹1200, stop loss ₹1125.
Sun Pharma share is presently trading at ₹1153.15 levels. The stock has surpassed all of its short, medium, and long-term exponential moving averages, including the 20, 50, and 200 EMAs. Additionally, the stock has formed a bullish candle on daily chart indicating strength.
2] AU Small Finance Bank: Buy at ₹755, target ₹795, stop loss ₹725.
AU Small Finance Bank share is presently trading at 755 and has exhibited a noteworthy performance today. Notably, the stock has surpassed all of its short, medium, and long-term exponential moving averages, including the 20, 50, and 200 EMAs. Additionally, it has experienced a breakout above the key level of ₹745, demonstrating the stock's ability to sustain this level for a week or more. Furthermore, the Relative Strength Index (RSI) has remained near to 62 and continues to display an upward slope, indicating a strong market sentiment for PEL. The stock has a strong support at ₹725 levels which is close to its 20- and 50-Day EMA levels.
Kunal Kamble's stock of the day
3] Mahindra & Mahindra Finance (M&M Finance): Buy at ₹306 to ₹306, target ₹326, stop loss ₹295.
M&M Finance share price has given a close above 7 weeks close indicating buyers are keen to buy the security with volume supporting the trend and at the same time, Technical indicator ichimoku cloud suggests a positive trend. Based on the above Technical studies we can come out with a view that the price may move towards higher levels over the short period which shows bullish strength. One can initiate a buy trade in between the range of ₹304 to ₹306 with stoploss of ₹326 on daily closing basis.
Chandan Taparia's stocks to buy today
4] Indian Bank: Buy at CMP, target ₹440, stop los ₹400.
Indian Bank shares are looking strong on chart pattern and it may give upside movement in near term.
5] Coal India: Buy at ₹CMP, target ₹305, stop loss ₹275.
On chart pattern, Coal India share price is looking set for an upside movement in short 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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