BackDay trading guide for today: Five stocks to buy or sell on Tuesday — August 8
Day trading stocks: Market experts have recommended five stocks to buy today — JSW Steel, IndusInd Bank, ICICI Bank, Adani Ports and Godrej Consumer Products
PremiumDay trading guide for today: Amid mixed global market cues, Indian stock market ended higher for second straight session on Monday. NSE Nifty added 80 points and closed at 19,597 levels while BSE Sensex shot up 232 points and ended at 65,953 mark. However, Bank Nifty shed 42 points and closed at 44,837 levels. In broad market, small-cap index added 0.26 per cent whereas mid-cap index gained to the tune of 0.56 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The negative chart pattern like lower tops and bottoms is intact as per daily timeframe chart. Presently, the market is in line with another lower top formation, which needs to be confirmed with decline from the highs. Immediate support for Nifty today is placed at 19,450 and any upside from here could encounter strong resistance around 19,700 levels."
On stock market triggers that may dictate Dalal Street today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Markets are likely to trade in a range ahead of RBI policy this week. FIIs continued their selling streak for the last few days, thus keeping the upside limited. We expect sector- and stock-specific actions to continue."
Stocks to watch today
Market is expected to remain vigilant about the outcome of board meeting of Vascon Engineers and Talbros Automotive Components. The board of directors of Vascon Engineers are going to consider and approve interim dividend for the financial year 2023-24 whereas Talbros Automotive Components board is going to consider the proposal for stock split.
Dividend stocks today
Seven stocks are going to trade ex-dividend today and those seven dividend paying stocks include Taneja Aerospace, Power Grid Corporation, Sterlite Technologies, etc.
Stocks in focus
Rekha Jhunjhunwala, Ashish Kacholia and Mukul Mahavir Agrawal-backed BSE stock Raghav Productivity Enhancers will be in focus today as the stock is trading ex-bonus today. The board of directors of this BSE-listed company has declared issuance of bonus shares in 1:1 ratio.
Q1 results today
A total of 87 Dalal Street listed companies are going to declare their respective Q1 results 2023 on Tuesday. Those 87 companies include Coal India Ltd, Adani Ports, Oil India, Aarti Industries, Happiest Minds Technologies, Brigade Enterprises, Mishra Dhatu Nigam, Borosil Renewables, Utkarsh Small Finance Bank, IdeaForge Technology, Sudarshan Chemical Industries, Hikal, Ashiana Housing, Talbros Automotive Components, Windlas Biotech, etc.
F&O ban list
Six stocks have been out in the list of ban for trade date 8th August 2023. Those six stocks are Balrampur Chini Mills, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements and Piramal Enterprises Ltd or PEL.
Day trading stocks for today
Stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — have recommended five intraday stocks that intraday trading members can look at.
Sumeet Bagadia's intraday stocks for today
1] JSW Steel: Buy at ₹813.05, target ₹850, stop loss ₹795.
JSW Steel share price has corrected from the all-time high levels of ₹825 levels but has bounced from the initial support of ₹795 levels which was also close to 50 Day EMA levels. Currently, the stock is trading around ₹813.05 levels. The stock is trading above all important moving averages indicating strength. The correction was from the upper band of the Bollinger band and also the bounce back is from the middle band which indicates strength.
2] IndusInd Bank: Buy at ₹1415, target ₹1490, stop loss ₹1385.
IndusInd Bank share is trading around ₹1415 levels. The stock has a strong support near ₹1405 levels. Currently stock is trading above all important moving averages. The important support of ₹1405 was prior a resistance and stock sustaining above these levels indicates strength. The momentum indicator RSI is around 57 levels and slopping upwards indicating strength.
A small resistance is placed around ₹1444 levels which is also a recent high, once stock surpasses the above-mentioned level it can lead towards the target of ₹1490 and above.
Ganesh Dongre's stock of the day
3] ICICI Bank: Buy at ₹976, target ₹990, stop loss ₹967.
On the short-term chart, ICICI Bank share price has shown a bullish reversal pattern, so holding the support level of ₹976 this stock can bounce toward the ₹990 level in the short term. Hence, the trader can go long with a stop loss of ₹976 for the target price of ₹990.
Rajesh Bhosale's day trading stocks
4] Adani Ports: Buy at ₹791, target ₹825, stop loss ₹770.
Adani Ports share price is looking positive on chart pattern and it may go up to ₹825 apiece levels in near term.
5] Godrej Consumer Products: Buy at ₹1031, target ₹1075, stop loss ₹1010.
Stock looking positive and bull trend in the scrip may lead its prices around ₹1075 apiece levels.
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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