Day trading guide for today: Amid weak global market cues, Dalal Street ended higher on fifth day in a row on Thursday. NSE Nifty finished 116 points higher at 19,727 levels, BSE Sensex ended 385 points north at 66,265 mark whereas Bank Nifty gained 469 points and closed at 44,878 levels. In broad market, small-cap index ended 0.40 per cent higher after climbing to a new peak of 38,169.65 levels. However, mid-cap index outperformed Sensex and Nifty as it ended 0.79 per cent higher after close of Thursday session.
"Nifty closed higher for the fifth straight day with gains of 116 points (+0.6%) at 19727 levels. Despite weak global cues, market recovered in the second half on account of short covering on the weekly expiry day. Broader market too ended in green with Midcap100/Smallcap100 up 0.8%/0.5%. Banking and Realty were the major drivers with gains of more than 1%. Niche sectors like Shipping and defence stocks continue to see buying interest on the back of large order wins and strong order book. Rally continued in paper and sugar stocks," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "A long bull candle was formed on the daily chart, that has surpassed the immediate resistance of 19,650 levels on Thursday and closed higher. The overall chart pattern is indicating a larger upside breakout of broader consolidation or triangle pattern of the last 5 weeks and this is opening potential pattern upside target for Nifty around 20,000 to 20,200 levels over the next couple of weeks. Any intra-week dips down to 19,550 to 19,600 levels could be a buy on dips opportunity."
Expecting higher return in small-cap and mid-cap stocks, Siddhartha Khemka of Motilal Oswal said, "Nifty has shown good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However we expect outperformance in broader market to continue with interest in niche sectors."
Stocks to watch today
Among dividend stocks in September 2023, 39 stocks are going to trade ex-dividend today. Those 39 dividend paying stocks include RITES, Max Healthcare, MOIL, Bajaj Steel, Zen Tech, Tatva Chintan, Finotex Chemical, General Insurance, JBM Auto, etc.
Among bonus shares in September 2023, Sunrise Efficient Marketing stock will be in focus today as it is going to trade ex-bonus for issuance of bonus shares in 1:1 ratio.
ban list
Nine shares have been put in ban list during Friday session. Those nine stocks are Balrampur Chini Mills, BHEL, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank (PNB) and Steel Authority of India (SAIL).
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] Tata Motors: Buy at ₹615, target ₹645, stop loss ₹600.
Tata Motors share is currently trading at ₹614.90 levels. We have witness a bounce back of TATA MOTORS from the strong support of ₹602 levels which is also 50 Day EMA levels. Currently stock is moving above 20, 50 and 200 Day EMA levels. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 52 levels which indicate bullishness in the stock. A small resistance is placed close to ₹628 levels. Once stock crosses the above mentioned resistance it can move towards the target of ₹645 levels and above.
2] Tech Mahindra or TechM: Buy at ₹1269, target ₹1330.
Tech Mahindra share has a strong support at ₹1237 levels which is close to its 10 Day EMA levels. Currently, the stock is trading around ₹1269.25 levels. A smaller resistance is visible on the charts at ₹1300 levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of ₹1395 and higher. The RSI is trading comfortably at 68 levels indicating strength. The stock is trading above all important moving averages indicating strength.
Ganesh Dongre's stocks to buy today
3] Zomato: Buy at ₹100, target ₹105, stop loss ₹196.
On a daily scale chart, Zomato share price still holds its strength by making higher and lower low structures, also currently trend line support stands at the ₹88 to ₹90 level, and also 50DMA also stands at ₹90 levels. So, any dip towards ₹99 to ₹100 zone can be taken as fresh entry level to buy this stock with the stop loss of ₹95 level for the target price of ₹105 and ₹110.
4] EID Parry: Buy at ₹516, target ₹545, stop loss ₹500.
Recently the said counter has taken support on flat Ichimoku cloud by making doji candle on a daily scale. In the previous trading session, we saw a nice reversal candle which confirmed a bullish reversal. Additionally, since the last 8 sessions, it is making base near the middle band of Bollinger band followed by band expansion which is looking lucrative.
Pravesh Gour's buy or sell stocks
5] DLF: Buy at ₹530, target ₹548, stop loss ₹518.
It has witnessed a breakout of the triangle formation with strong volume. It has retested its previous breakout level at ₹514 and starts a new leg of the rally towards ₹540+.
6] IndusInd Bank: Buy at ₹1440, target ₹1474, stop loss ₹1415.
It has witnessed a breakout of the triangle formation with strong volume. It is trading above all its important moving averages.
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.
Topics
NIfty bank nifty Tata Motors Tech Mahindra ZOMATO Indian stock market
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Expecting higher return in small-cap and mid-cap stocks, Siddhartha Khemka of Motilal Oswal said, "Nifty has shown good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However we expect outperformance in broader market to continue with interest in niche sectors."
Stocks to watch today
Among dividend stocks in September 2023, 39 stocks are going to trade ex-dividend today. Those 39 dividend paying stocks include RITES, Max Healthcare, MOIL, Bajaj Steel, Zen Tech, Tatva Chintan, Finotex Chemical, General Insurance, JBM Auto, etc.
Among bonus shares in September 2023, Sunrise Efficient Marketing stock will be in focus today as it is going to trade ex-bonus for issuance of bonus shares in 1:1 ration.
F&O ban list
Nine shares have been put in F&O ban list during Friday session. Those nine stocks are Balrampur Chini Mills, BHEL, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank (PNB) and Steel Authority of India (SAIL).
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] Tata Motors: Buy at ₹615, target ₹645, stop loss
₹600.
Tata Motors share is currently trading at ₹614.90 levels. We have witness a bounce back of TATA MOTORS from the strong support of ₹602 levels which is also 50 Day EMA levels. Currently stock is moving above 20, 50 and 200 Day EMA levels. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 52 levels which indicate bullishness in the stock. A small resistance is placed close to ₹628 levels. Once stock crosses the above mentioned resistance it can move towards the target of ₹645 levels and above.
2] Tech Mahindra or TechM: Buy at ₹1269, target ₹1330.
Tech Mahindra share has a strong support at ₹1237 levels which is close to its 10 Day EMA levels. Currently, the stock is trading around ₹1269.25 levels. A smaller resistance is visible on the charts at ₹1300 levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of ₹1395 and higher. The RSI is trading comfortably at 68 levels indicating strength. The stock is trading above all important moving averages indicating strength.
3] Zomato: Buy at ₹100, target ₹105, stop loss ₹196.
On a daily scale chart, Zomato share price still holds its strength by making higher and lower low structures, also currently trend line support stands at the ₹88 to ₹90 level, and also 50DMA also stands at ₹90 levels. So, any dip towards ₹99 to ₹100 zone can be taken as fresh entry level to buy this stock with the stop loss of ₹95 level for the target price of ₹105 and ₹110.
4] EID Parry: Buy at ₹516, target ₹545, stop loss ₹500.
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