Day trading guide for today: Six stocks to buy or sell on Monday — August 7

Day trading guide for today: Following weak global cues, Indian stock market remained under sell off heat from Tuesday to Thursday last week. However, Dalal Street witnessed decent recovery on Friday as key benchmark indices rebounded from their respective key support levels. NSE Nifty added 135 points and closed at 19,517 levels, BSE Sensex went up 480 points and finished at 65,721 mark whereas Bank Nifty index shot up 366 points and ended at 44,879 levels. Broad market indices rose in tandem with the Nifty even as the advance decline ratio remained firm at 1.90:1.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains negative. The present upside move could encounter strong hurdle around 19,600 to 19,650 levels in the coming sessions. Immediate support for Nifty today is placed at 19,400 levels."

On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "This week would be crucial from the domestic point of view as RBI is set to announce its interest rate decision. Thus, markets are likely to move in a broader range with some volatility. Interest-sensitive sectors are expected to remain in focus."

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst, Angel One and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] Larson & Turbo (LT): Buy at ₹2626.90, target ₹2730, stop loss ₹2560.

LT share price is currently trading at ₹2626.90 levels. On a closing basis, the stock has respected the support levels and hasn't closed below its strong support levels of ₹2560. LT shares 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 62 levels. The stock is also moving above all important moving averages. Once stock crosses the previous all-time high level of ₹2690 it can move towards the level of ₹2730 and above.

2] Sun Pharma: Buy at ₹1138, target ₹1172, stop loss ₹1110.

Sun Pharma share price is presently trading at ₹1138, having recently broken out from its previous range of ₹1110 to ₹1100 that persisted for a week. This breakout signifies a potential shift in the stock's price dynamics, making it an intriguing investment prospect.

Rajesh Bhosale's stocks to buy today

3] Wipro: Buy at ₹409, target ₹429, stop loss ₹399.

Stock looking positive on chart pattern and can give upside movement in near term.

4] ICICI Bank: Buy at ₹970, target ₹1004, stop loss ₹953.

Uptrend in ICICI Bank is expected to continue after some profit booking trigger last week.

Ganesh Dongre's day trading stocks

5] Bharti Airtel: Buy at ₹888, target ₹905, stop loss ₹878.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹905. So, holding the support level of ₹878 this stock can bounce toward the ₹905 level in the short term, so the trader can go long with a stop loss of ₹878 for the target price of ₹905.

6] Tata Chemicals: Buy at ₹1047, target ₹1070, stop loss ₹1035.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1035 this stock can bounce toward the ₹1070 level in the short term. Hence, the trader can go long with a stop loss of ₹1035 for the target price of ₹1070.

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.