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Business News/ Markets / Stock Markets/  Day trading guide for today: Six stocks to buy or sell on Thursday — August 31

Day trading guide for today: Six stocks to buy or sell on Thursday — August 31

Day trading stocks: Market experts have recommended six stocks to buy today — Asian Paints, Tata Consumer, Muthoot Finance, Shriram Finance, Surya Roshni and Mukand

Stock market today: Nifty today has support placed at 19,250 to 19,200 and overall trend on Dalal Street today seems choppy, say experts. (iStock)Premium
Stock market today: Nifty today has support placed at 19,250 to 19,200 and overall trend on Dalal Street today seems choppy, say experts. (iStock)

Day trading guide for today: Following sell off in European market, Indian stock market lost intraday gains after profit booking trigger in last hour of Wednesday session. However, NSE Nifty and BSE Sensex ended higher with marginal gains whereas Bank Nifty ended in red territory. Nifty 50 index added 4 points and ended at 19,347 levels while BSE Sensex went up 11 points and closed at 65,087 mark. Bank Nifty index corrected 262 points and ended at 44,232 levels. In broad market, small-cap index surged 0.83 per cent whereas mid-cap index gained 0.55 per cent.

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 choppy. The lack of strength to sustain the upside bounce on Wednesday could possibly drag Nifty down to its immediate supports of 19,250 to 19,200 levels in the short term. On the upper side, the area of 19,450 is likely to be a strong resistance."

On triggers that may dictate Indian stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Dalal Street would keenly await the GDP data, which is likely to remain strong. However given mixed global cues and derivatives monthly expiry, key benchmark indices are likely to remain in consolidation mode while sector rotation would lead to stock-specific action.

Stocks to watch today

Indian markets would keenly await board meeting outcome of Parsvnath Developers Ltd as the company board is going to consider and approve final dividend for the financial year 2022-23.

Among dividend stocks in August 2023, nine stocks are going to trade ex-dividend today. Those nine dividend paying stocks include UNO Minda, Kama Holdings, eClerx, NMDC, etc.

F&O ban list

Two stocks have been put in F&O ban for trade during Thursday session. Those two stocks are BHEL and Indiabulls Housing Finance.

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 3294, target 3402, stop loss 3230.

Based on a comprehensive technical analysis of Asian Paints shares, it is suggested that a potential trading opportunity could be considered. The stock is currently trading at 3294, having established a sturdy support level around 3150 to 3200. 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 Consumer: Buy at 848.35, target 885, stop loss 830.

Tata Consumer share price is currently trading near 848.35 levels. The Strength is shown by the RSI indicator's current trading range of 51 levels. The stock has moved above 20 Day EMA and has also closed above the same levels and currently trading above all of the key moving averages. The Bollinger band continues to expand on the daily chart after a squeeze, with the price trading above the band's centre line, indicating the stock's strength. A small resistance is placed near 863 levels; if the stock surpasses this level, it may move towards 885 levels and higher.

Ganesh Dongre's stocks to buy today

3] Muthoot Finance: Buy at 1283, target 1310, stop loss 1270.

In the short-term trend, Muthoot Finance share has a bullish reversal pattern, technically retrenchment could be possible till 1310. So, holding the support level of 1270 this stock can bounce toward the 1310 level in the short term. Hence, the trader can go long with a stop loss of 1270 for the target price of 1310.

4] Shriram Finance: Buy at 1885, target 1920, stop loss 1870.

Shriram Finance share price has shown a bullish reversal pattern. So, holding the support level of 1870 this stock can bounce toward the 1920 level in the short term. Hence, the trader can go long with a stop loss of 1870 for the target price of 1920.

Pravesh Gour's day trading stocks

5] Surya Roshni: Buy at 970, target 1020, stop loss 935.

The counter is continuing its higher highs and higher lows formation .It has witnessed a breakout of Cup and handle formation with huge volume. The structure of the counter looks lucrative as it is trading above all its important moving averages.

6] Mukand: Buy at 189.20, target 202, stop loss 182.

The counter has shown a breakout of a triangle formation with strong volume. It starts a new leg of rally towards 200.

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: 31 Aug 2023, 07:38 AM IST
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