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Business News/ Markets / Stock Markets/  Day trading guide for today: Six stocks to buy or sell on Friday — August 25
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Day trading guide for today: Six stocks to buy or sell on Friday — August 25

Day trading stocks: Market experts have recommended six stocks to buy today — Asian paints, Tata Chemical, REC, M&M Finance, APL Apollo Tubes and JK Paper

Stock market today: Nifty today is standing at crucial support of 19,300 to 19,250 levels, say experts. (Bloomberg)Premium
Stock market today: Nifty today is standing at crucial support of 19,300 to 19,250 levels, say experts. (Bloomberg)

Day trading guide for today: Despite positive opening, Indian stock market snapped three days rally and ended lower on Thursday. NSE Nifty lost 57 points and closed at 19,386 levels while BSE Sensex shed 180 points and ended at 65,252 mark. However, Bank Nifty index finished 17 points higher at 44,496 levels. However, rally broad market extended for yet another session. BSE small-cap index added 0.21 per cent while BSE mid-cap index went up 0.11 per cent.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "A long bear candle was formed on the daily chart, which indicates a formation of bearish engulfing type candle pattern (not a classical one). The crucial overhead resistance of down sloping trend line has turned out to be a false upside breakout on Thursday. This is negative indication and signal a chances of Nifty sliding down to or break below the immediate support of 19,300 to 19,250 levels in the near term. Any attempt of upside bounce could find strong resistance around 19,550 levels."

On outlook for Bank Nifty today, Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities said, "Bank Nifty showed some resilience and held on to Wednesday’s gains. Maximum call and put open interest is placed at 44,500. This level is likely to act as a strong support going ahead."

Jackson Hole meeting in focus

On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "All eyes would be on the outcome of the Jackson Hole meeting, which would provide some direction on interest rates going forward. Nifty in the meantime is expected to remain in a narrow range with some stock-specific action in the broader market."

Stocks to watch today

Among dividend stocks in August 2023, 27 stocks are going to trade ex-dividend today. Those 27 dividend paying stocks include Surya Roshini, GIC Housing Finance, ABB India, Sudarshan Pharma Industries, Oil India Ltd, Deepak Fertiliser, etc.

F&O ban list

Eleven stocks have been put in the list of F&O ban during Friday session. Those eleven stocks are BHEL, Delta Corp, GMR Infra, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, Metropolis, PNB and RBL Bank.

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 — recommended six stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] Asian Paints: Buy at 3225, target 3360, stop loss 3140.

Based on a comprehensive technical analysis of Asian Paints, it is suggested that a potential trading opportunity could be considered. The stock is currently trading at 3225, having established a sturdy support level around 3150. Notably, Asian Paints has exhibited a favorable breakthrough above its 100-day and 200-day Exponential Moving Averages (EMA), signifying a positive shift in its trend dynamics.

2] Tata Chemical: Buy at 1015.65, target 1060, stop loss 985.

Tata Chemical share has bounced back from the support level of 992 which is also 200 Day EMA and crossed the initial resistance of 1010 levels which is also 20 Day EMA levels. Currently, the stock is trading around 1015.65 levels which indicates breakout above the mentioned resistance level. The stock is also trading above 20 day EMA levels indicating strength. RSI indicator is also comfortably trading around 53 levels which can help stock price to move higher.

Ganesh Dongre's stocks to buy today

3] REC: Buy at 242, target 248, stop loss at 238.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 248 so, holding the support level of 238 this stock can bounce toward the 248 level in the short term. Hence, the trader can go long with a stop loss of 238 for the target price of 248.

4] M&M Finance: Buy at 305, target 313, stop loss 298.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 298 this stock can bounce toward the 313 level in the short term. Hence, the trader can go long with a stop loss of 298 for the target price of 313.

Pravesh Gour's day trading stocks

5] APL Apollo Tubes: Buy at 1655, target 1700, stop loss 1625.

The counter is continuing its higher highs and higher lows formation and has given a breakout of an upward channel formation with strong volume.

6] JK Paper: Buy at 380, target 395, stop loss 369.

The counter has witnessed a breakout of trend-line resistance and has closed above its important moving averages (200-DMA).

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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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 25 Aug 2023, 07:45 AM IST
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