Day trading guide for today: Six stocks to buy or sell on Thursday — August 10

Day trading guide for today: Despite mixed Asian stock market trends on China's deflation worries, Indian stock market reversed from morning worries and ended higher on Wednesday. Nifty index added 61 points and finished at 19,632 levels, Sensex gained 149 points and closed at 65,995 mark whereas Bank Nifty index went down 83 points and closed at 44,880 levels. Broad market indices rose more than the Nifty even as the advance decline ratio remained high at 1.29:1.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is currently placed at the important resistance of down sloping trend line around 19,650 to 19,700 levels. A decisive move above this hurdle is expected to negate the bearish chart pattern and could open the next upside target of around 19,900 to 20,000 levels in the near term. Immediate support for Nifty today is placed at 19,460 levels."

RBI Monetary policy August 2023 in focus

On major trigger for Indian stock market today, Ruchit Jain, Lead Research at 5paisa.com said, "RBI monetary policy committee will be declaring the outcome of their meeting and the decision on interest rate changes, if any, in Thursday’s session and hence, traders should keep a close watch on the same. For now, until any support is broken, traders are advised to trade with a positive bias and look for stock specific buying opportunities."

Expecting volatility in Indian stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "Today, we expect the market to see some volatility as RBI will announce its policy decision outcome on the weekly F&O expiry day. Further, RBI’s commentary would be largely tracked to understand their future course of action."

Day trading stocks to buy today

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Santosh Meena, Head of Research at Swastika Investmart — recommended six day trading stocks to look at.

Sumeet Bagadia's day trading stocks for today

1] Larson & Turbo or LT: Buy at ₹2651, target ₹2705, stop loss ₹2615.

LT share price is currently trading at ₹2651 levels. On a closing basis, the stock has respected the support levels and hasn't closed below its strong support levels of ₹2620. LT 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 65 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 ₹2700 and above.

2] Marico: Buy at ₹585, target ₹602, stop loss ₹575.

Marico share price has witnessed some consolidation after a sharp upside rally. The stock is following Higher High- Higher Low formation in daily charts. Moreover, crossover ie, 20 DMA is crossing 50 DMA is seen in the chart confirms the bullish trend. As indicators like RSI and MACD are positively skewed, it validates the price action. One can initiate a long position at CMP of ₹585.10 for the target price of ₹602. SL can be kept as ₹575. 

Ganesh Dongre's intraday stocks for today

3] TCS: Buy at ₹3462, target ₹3510, stop loss ₹3445.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹3510. So, holding the support level of ₹3445 this stock can bounce toward the ₹3510 level in the short term. Hence, the trader can go long with a stop loss of ₹3445 for the target price of ₹3510.

4] SBI: Buy at ₹573, target ₹593, stop loss ₹562.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹562 this stock can bounce toward the ₹593 level in the short term. Hence, the trader can go long with a stop loss of ₹562 for the target price of ₹593.

Santosh Meena's stocks to buy today

5] Bikaji Foods: Buy at ₹491, target ₹535, stop loss ₹466.

Bikaji share has given a breakout of the classical cup and handle formation with decent volume.

6] TCPL Packaging: Buy at ₹1844, target ₹2020, stop loss ₹1740.

TCPL share is continuing its higher high and higher low formation with support at 20-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.