Day trading guide for today: Five stocks to buy or sell today — August 17
- Day trading stocks: Market experts have recommended five stocks to buy today — Grasim Industries, Tata Motors, Dawat, Polycab and HBL Power
Day trading guide for today: For second day in a row, Indian stock market opened lower but witnessed sharp recovery ahead of the market close. Key benchmark indices Nifty and Sensex ended higher whereas Bank Nifty continue to bleed on fifth day in a row. NSE Nifty added 30 points and closed at 19,465 levels, BSE Sensex went up 137 points and ended at 65,539 mark. However, Bank Nifty dipped 144 points and finished at 43,946 — below psychological 44,000 mark. In broad market, small-cap index surged 0.52 per cent whereas mid-cap index added 0.25 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The negative chart pattern like lower tops and bottoms is intact. Having formed a new lower bottom at 19,257 on Monday, the odds of Nifty forming another lower top could be high in the short term. Currently, the strong cluster resistance is placed around 19,550 to 19,600 levels (down sloping trend line, daily 10/20 day EMA) and one may possibly expect weakness from the highs for this week. Immediate support for NSE Nifty is placed around 19,250 to 19,300 levels."
Expecting weakness in Indian stock market to further persist, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "The market has been witnessing pressure on account of weak global cues especially because of the faltering of the Chinese economy and Fitch's warning to downgrade US midsized banks. Even on the domestic front sharp surge in inflation data and weak monsoon progress in the month of August’23 seems to have dented the investor's sentiments. We expect this weakness to persist in the market in the near term in the absence of any positive trigger."
Stocks to watch
Among dividend stocks in August 2023, 17 stocks are going to trade ex-dividend today. Those 17 dividend paying stocks include Tata group company Benares Hotels, Relaxo Footwear, V-Guard Industries, Bharat Electronics Ltd or BEL, Vedant Fashions, etc.
Two stocks are going to trade ex-split today and those two shares are Shreeoswal Seed and EFC. the board of directors of the respective companies have declared stock split in 1:5 ratio.
Shares of Lancor Holdings Ltd will be trading ex-bonus today. The board of directors of the company has declared bonus shares in 1:2 ratio means one bonus shares for two stocks held by the shareholder on bonus shares record date.
F&O ban list
Eleven stocks have been put in F&O ban list for Thursday trade session and those 11 stocks are Balrampur Chini Mills, Chambal Fertilizers, Delta Corp, GNFC, Granules India, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, SAIL and ZEEL.
Day trading stocks to buy 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 today.
Sumeet Bagadia's intraday trading stocks
1] Grasim Industries: Buy at ₹1916.9, target ₹1980, stop loss ₹1885.
Grasim Industries share shows a gradual upward trend following consolidation, supported by an ADX level of 26 indicating moderate bullishness. Positive RSI skew implies investor confidence in the upward trajectory. Increasing delivery volume underscores growing market participation and interest, reinforcing the favorable outlook. Price is trading above 20 EMA as well
2] Tata Motors: Buy at ₹619, target ₹650, stop loss ₹605.
Tata Motors share is currently trading at ₹618.75 levels. We have witness a bounce back of Tata Motors from the strong support of ₹595 levels which is also 50 Day EMA levels. Currently stock is moving above 200 and 50 Day EMA levels and price is now close to the 20 Day EMA levels. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 52 levels which indicate bullishness in the stock. A small resistance is placed close to ₹634 levels. Once stock crosses the above mentioned resistance it can move towards the target of ₹650 levels and above.
Ganesh Dongre's stock of the day
3] Dawat: Buy at ₹177, target ₹182, stop loss ₹172.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹182 so, holding the support level of ₹172 this stock can bounce toward the ₹182 level in the short term. Hence, the trader can go long with a stop loss of ₹172 for the target price of ₹182.
Pravesh Gour's stocks to buy today
4] Polycab: Buy at ₹4853, target ₹4964, stop los ₹4785.
Polycab share is continuing its higher high and higher low formation and also witnessed a breakout of the Triangle pattern.
5] HBL Power: Buy at ₹245, target ₹262, stop loss ₹233.
It has witnessed the breakout of a flag formation with huge Volume.
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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