Day trading guide for today: Six stocks to buy or sell on Tuesday — August 22
Day trading stocks: Experts have recommend six stocks to buy today — Eicher Motors, ACC, Axis Bank, Tata Motors, Anand Rathi and TV18 Broadcast
Day trading guide for today: On account of rally in metal, power and IT stocks, Dalal Street ended higher on Monday. NSE Nifty gained 83 points and ended at 19,393 levels, BSE Sensex surged 267 points and finished at 65,216 mark whereas Bank Nifty index added 150 points and closed at 44,002 levels. However, broad market outperformed key benchmark indices. Small-cap index surged 0.71 per cent whereas mid-cap index shot up 0.87 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Though, Nifty placed at the immediate supports, there is a lack of strength observed in the upside bounces. Hence, such repeated testing of the supports without showing any significant upside bounces could eventually result in a decisive downside breakout of the said supports. Further upside from here could encounter strong hurdle around 19,500 levels."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty broke the key resistance level of 43,950 on Intraday basis and closed at 44,002, up 151 points. Short covering was observed at 43,800 and 43,900 Strikes, which led to a strong up move in the index today. Bank Nifty has been consolidating in the 43,700 to 44,100 in the last five trading sessions. A decisive breakout on either side of the range can provide cues about Bank Nifty’s future direction."
On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "This week market would take cues from macro data to be released locally as well as internationally. That apart, most eyes will be on US fed chair Powell's speech, Jackson hole symposium due later in the week and release of RBI meeting minutes. Thus, in the near term we expect market to trade in broader range with buying seen at lower levels. Stock specific action is likely to dominate."
Stocks to watch today
Among dividend stocks, 14 stocks are going to trade ex-dividend today. Those 14 dividend paying stocks include Dreamfolks Services, NHPC, Karnataka Bank, Natco Pharma, Subros, etc.
BSE listed Veer Global Infraconstruction shares will be in focus as the stock is going to split in 1:1 ratio.
F&O ban list
Eleven stocks have been put in F&O ban list for trade session on 22nd August 2023. Those 11 stocks are Chambal Fertilisers, Delta Corp, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, Metropolis Healthcare, PNB, SAIL and ZEEL.
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] Eicher Motors: Buy at ₹3365, target ₹3550, stop loss ₹3280.
Eicher Motors share price is currently trading at ₹3365.55 levels. On weekly charts the stock has formed a bullish candle after forming a base near to ₹3310 levels which is also 200 Day EMA levels. On daily charts the stock has formed a hammer pattern which indicates bullishness in the stock. RSI indicator is comfortably trading at 49 levels indicating strength. The stock has surpassed 20 Day EMA levels. A minor resistance is placed at 3385 levels which is also close to 50 Day EMA levels. Once stock surpasses the above mentioned resistance it can move towards the target of ₹3550.
2] ACC: Buy at ₹1972, target ₹2040, stop loss ₹1940.
ACC share has revealed a gradual upward movement in the larger time frame, indicating a persistent bullish trend. However, over the past week, the stock has experienced consolidation suggesting a temporary pause. ADX at a level of 24 indicates that the stock is currently in a moderate trend. RSI is positively skewed, indicates a favorable price action among investors potentially supporting the continuation of the upward trend. Furthermore, the increasing delivery volume indicates higher participation and interest from market participants.
Ganesh Dongre's stocks to buy today
3] Axis Bank: Buy at ₹953, target ₹965, stop loss ₹940.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹965 to ₹970. So, holding the support level of ₹940 this stock can bounce toward the ₹965 level in the short term, so the trader can go long with a stop loss of ₹940 for the target price of ₹965.
4] Tata Motors: Buy at ₹620, target ₹630, stop loss ₹610.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹610 this stock can bounce toward the ₹630 level in the short term, so the trader can go long with a stop loss of ₹610 for the target price of ₹630.
Pravesh Gour's day trading stocks
5] Anand Rathi: Buy at ₹1422, target ₹1474, stop loss ₹1383.
It has witnessed a classical uptrend, retested its 9-DMA, and started a new leg of the rally.
6] TV18 Broadcast: Buy at ₹46.80, target ₹49.40, stop loss ₹45.
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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