Day trading guide for today: Six stocks to buy or sell on Friday — September 22
- Day trading stocks: Market experts have recommended six stocks to buy today — TechM, LT, DLF, M&M Finance, EMIL and Asian Paints
Day trading guide for today: On account of strong US dollar putting global markets under selling pressure, Indian stock market ended lower for third straight session. Nifty 50 index lost 159 points and closed at 19,742 levels, BSE Sensex shed 570 points and ended at 66,230 levels whereas Bank Nifty index corrected 760 points and closed at 44,623 mark. In broad market, small-cap and mid-cap indices crashed almost one per cent.
"Domestic equities declined for the third consecutive day after the US Fed’s hawkish stance in its policy meeting. Nifty continued its downward journey to close with the loss of 159 points (-0.8%) at 19742 levels. Selling was seen across the sector including broader markets. Banking, Auto, Financial Services, and ReaLTy were major losers today. Market fell by 2.2% in the last three days amid profit booking at higher levels. Uncertain global cues and persistent selling by FIIs are likely to keep markets under pressure in the near term," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Motilal expert went on to add that it would be better to prefer defensive sectors for some time until the market stabilizes.
Day trading guide for stock market today
On outlook for Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The next important supports to be watched around 19,550 levels, which is weekly 10 period EMA. Minor upside bounce is be expected from the supports, but the said bounce could be a sell on rise opportunity."
On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty witnessed heavy profit booking as compared to the Nifty index breaching below the important support zone of 44,800 levels to turn the bias weak with most of the frontline banking stocks shedding their gains and bias turning little bit weak. The index would have the next crucial support zone of 43,600 levels below which need to be sustained."
Day trading stocks for today
On intraday trading strategy, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended five stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Tech Mahindra: Buy at ₹1292, target ₹1350, stop loss ₹1255.
Tech Mahindra share has shown a bounce back from the support ₹1265 levels. The stock is currently trading at 1292.60 per share. The stock is trading above its 20, 50 and 200 day moving averages, indicating a positive mood. A modest resistance is at 1305 levels if stock sustains above the mentioned resistance then we can witness additional upward momentum. The Relative Strength Index (RSI) is currently at 64 and rising, indicating more purchasing activity. This makes TECHM an appealing investment.
2] LT: Buy at ₹2899, target ₹3010, stop loss ₹2825.
LT share price is currently trading at 2899.35 levels. On a closing basis, the stock has respected the support levels and hasn't closed below its strong support levels of ₹2825 which is also close to 20 Day EMA levels. LT share price can now progress even further towards all-time high levels and beyond. The strength for the stock to climb upwards is demonstrated by the RSI indicator, which is comfortably trading at 66 levels. The stock is also moving above all important moving averages. Once stock crosses the previous resistance of 2940 it can move towards the level of ₹3010 and above.
Ganesh Dongre's stocks to buy today
3] DLF: Buy at ₹517, target ₹535, stop loss ₹505.
In the short-term trend, DLF share price has a bullish reversal pattern, technically retrenchment could be possible till ₹535. So, holding the support level of ₹505 this stock can bounce toward the ₹535 level in the short term. Hence, the trader can go long with a stop loss of ₹505 for the target price of ₹535.
4] M&M Finance: Buy at ₹301, target ₹318, stop loss ₹292.
On the short-term chart, M&M Finance share price has shown a bullish reversal pattern. So, holding the support level of ₹295. This stock can bounce toward the ₹318 level in the short term. Hence, the trader can go long with a stop loss of ₹295 for the target price of ₹310.
Mitesh Karwa's buy or sell stocks
5] Asian Paints: Buy at ₹3240 to ₹3244, target ₹3300, stop loss ₹3210.
Asian Paints share price is seen to be taking support from a trendline support and making a bullish candlestick which is why a buy recommendation is initiated for targets upto ₹3300. One can initiate buy on dip in the range of ₹3240 to ₹3244 with stoploss below ₹3210 on daily closing basis.
6] EMIL: Buy at ₹149 to ₹150, target ₹158, stop loss ₹145.
EMIL share is seen to be breaking out of a resistance zone with a bullish candlestick on the daily timeframe which shows bullish strength which is buying is recommended for targets upto ₹158. One can initiate a buy trade in between the range of ₹149 to ₹150 with stoploss of ₹145 on daily closing basis.
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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