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Business News/ Markets / Stock Markets/  Day trading guide for today: Six buy or sell stocks for Thursday — June 8

Day trading guide for today: Six buy or sell stocks for Thursday — June 8

Day trading stocks: Market experts have recommended six stocks to buy today — SBI, BPCL, TTML, Suzlon, Dixon Technologies and Wipro

Stock market today: Nifty today has immediate support placed at 18,650 whereas it is facing hurdle at 18,900 levels, say experts.Premium
Stock market today: Nifty today has immediate support placed at 18,650 whereas it is facing hurdle at 18,900 levels, say experts.

Day trading guide for today: Following strong global market sentiments on US stock market rally, Indian stock market finished on higher note for fourth straight session on Wednesday. 50-stock index Nifty ended 127 points higher at 18,726 levels, 30-stock index BSE Sensex shot up 350 points and closed at 63,142 mark whereas Bank Nifty index finished 110 points higher at 44,275 levels. In broad market, small-cap index rallied 1.15 per cent while mid-cap index shot up to the tune of 1.09 per cent. Both DIIs and FIIs remained net buyers on Wednesday session where DIIs bought shares worth 392.30 crore whereas FIIs bought shares worth 1,382.57 crore in cash.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The Nifty is all set to move into all time highs (above the high of 18,887-1st Dec 22) in the short term and that could possibly open sharp upside momentum for the market ahead. Positive chart pattern like higher tops and bottoms continued as per daily chart and present upside move is in line with the new higher top of the sequence. There is no confirmation of any higher top reversal as of now. Immediate supports for NSE Nifty is placed at 18,650 levels and the immediate resistance is around 18,900 levels for the short term."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty consolidated around the 44,150 to 44,270 zones for the second consecutive day. It can face a stiff resistance around 44,350 zones and a strong close above 44,350 can take Bank Nifty to 44,500 zones. Bank Nifty will be volatile ahead of the RBI interest rate announcement tomorrow."

Stocks to watch today

Among dividend stocks, Sanmit Infra stock will be in focus today as the company is expected to announce dividend for its eligible shareholders in its board meeting scheduled today. Shares of QGO Finance and Ponni Sugars(E) is also expected to remain under the radar of intraday traders as these stocks are going to trade ex-dividend today.

Shares of Radhagobind Commercial is also a newsmaker stock today as its record date for stock split falls today. The stock is going to split in 1:10 ratio.

Intraday trading strategy

Expecting uptrend to continue after the RBI monetary policy meeting, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "We expect the northbound journey to continue in the index on back better than expected macro data and supportive global cues. Rural and agri-related stocks are likely to be in focus with the arrival of monsoon in India, which is expected to be normal this year."

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] State Bank of India or SBI: State Bank of India (SBIN) is experiencing a robust uptrend and is currently priced at 589. SBI share price is currently higher than both the 20-day and 50-day moving averages, indicating positive momentum.

It is also above the middle Bollinger band, and there have been optimistic signals in both the RSI and MACD, suggesting that the upward trend is likely to continue in the near future.

Considering these technical indicators, it may be worth considering a purchase of SBI shares at the current market price of 589. There is a potential target level of 615 in the upcoming days. To manage risk, it is recommended to set a stop loss at 575.

2] BPCL: Buy BPCL in Cash @ 368.10 SL 355 TGT 385.

BPCL is currently trading at 368.10 levels. BPCL share price is currently trading above all important moving averages. The stock has been consolidating since last 5 days in a range of 355.5 to 370 levels. The stock has formed a hammer kind of pattern on daily charts which indicates bullishness in the stock. A small resistance is placed near to 375 levels and once the stock surpasses the above mentioned level the stock will move towards 385 levels and above. Based on the above analysis one can buy BPCL at CMP of 368.10 with the SL of 355 for the target of 385.

Anuj Gupta's buy or sell stocks

3] Tata Teleservices (Maharashtra) Ltd or TTML: Buy at CMP, target 75, stop loss 64

Short term bounce back is expected in the scrip after fresh breakout visible on the chart pattern.

4] Suzlon: Buy at CMP, target 18, stop loss 12.

Fresh buying interest visible on chart pattern due to possible short covering.

Ganesh Dongre's day trading stocks

5] Dixon Technologies: Buy at 3920, target 4050, stop loss 3850

Dixon Tech share is still showing strength on the short-term hourly chart pattern, holding the support level of 3850 could drag the stock toward the 4050 level in the short term, so one can go long with a stop loss of 3850 for the target price of 4050.

6] Wipro: Buy at 403, target 415, stop loss at 393.

Wipro share price is showing strength on the short-term hourly chart pattern, holding the support level of 393 could drag the stock toward the 415 level in the short term, so one can go long with a stop loss of 393 for the target price of 415.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 08 Jun 2023, 07:44 AM IST
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