BackDay trading guide for today: Six stocks to buy or sell on Friday — August 4
Day trading stocks: Experts have recommended six stocks to buy today — Eicher Motor, MGL, Adani Ports, Apollo Tyre, Cipla and Infosys
PremiumDay trading guide for today: Following Wall Street sell off after Fitch downgraded US credit rating, Indian stock market finished lower for third straight session on Thursday. Nifty 50 Index went down 144 points and ended at 19,381 levels, BSE Sensex lost 542 points and closed at 65,240 mark whereas Bank Nifty index finished 482 points lower at 44,513 levels. However, broad market indices ended higher. Small-cap index went up 0.23 per cent while mid-cap index added 0.14 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Normally, such high wave formation after a reasonable upside move or decline cautious for impending reversal pattern. Having declined in the last few sessions and the formation of lower tops and bottoms on the daily chart indicates a possibility of minor upside bounce in the market towards the new lower top formation. On the upper side, 19,550 to 19,600 is expected to be a sell on rise opportunity. Immediate support for NSE Nifty today is placed at 19,300 levels."
On outlook for Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "A total of 10 out of 12 stocks in Bank Nifty closed in red as Bank Nifty fell 482 points to close at 44,513. Bank Nifty closed below the 50 DEMA of 44,641 for the first time since 3rd April. The next visible support for Bank Nifty is placed at 43,400."
On triggers that may dictate Indian stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Going forward, markets will take cues from BOE interest rate decision outcome along with the important macro data like US Jobless Claims, Service PMI, and non- manufacturing PMI to be release today (Thursday). Overall, the trend of the market remains positive with the current decline to be utilize as buying opportunity."
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; market expert Anuj Gupta and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Eicher Motor: Buy around ₹3380, target ₹3550, stop loss ₹3280.
Eicher Motor share is currently trading at ₹3379.70 levels. On weekly charts the stock has formed a bullish candle after forming a base near to ₹3280 levels. On daily charts the stock has formed a hammer pattern which indicates bullishness in the stock. RSI indicator is comfortably trading at 50 levels indicating strength. The stock has surpassed 20 and 200 Day EMA levels. A minor resistance is placed at ₹3400 levels which is also close to 50 Day EMA levels.
2] Mahanagar Gas Ltd or MGL: Buy at ₹1121, target ₹1155, stop loss ₹1098.
MGL share price has been moving with Higher High and Higher low formation in daily charts. It has crossed its short term moving average of 20 EMA, suggesting Strength. MACD has shown a positive crossover suggesting momentum is picking up. On a weekly front the stock has shown strength and has formed a bullish engulfing type pattern confirms price action.
Anuj Gupta's intraday stocks for today
3] Adani Ports: Buy at CMP, target ₹805, stop loss ₹743.
Adani Ports share price has formed bullish engulfing candle stick pattern on chart that signals uptrend in near term.
4] Apollo Tyre: Buy at CMP, target ₹460, stop loss ₹414.
Apollo Tyre shares have formed higher top higher bottom on chart pattern, signaling upside move in short term.
Ganesh Dongre's day trading stocks
5] Cipla: Buy at ₹1168, target ₹1195, stop loss ₹1145.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1195. So, holding the support level of ₹1145 this stock can bounce toward the ₹1195 level in the short term. Hence, the trader can go long with a stop loss of ₹1145 for the target price of ₹1195.
6] Infosys: Buy at ₹1366, target ₹1388, stop loss ₹1345.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1345 this stock can bounce toward the ₹1388 level in the short term. Hence, the trader can go long with a stop loss of ₹1345 for the target price of ₹1388.
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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