Tuesday’s Top Picks: A Day Trading Guide for September 12
Written by Sanjay Kumar
Following robust global market sentiments, the Indian stock market continued its upward trajectory for the seventh consecutive session on Monday (September 11). The National Stock Exchange’s Nifty index achieved a remarkable milestone, breaching the 20,000 level and ending the day at 20,008. This achievement took Nifty 52 sessions to ascend from 19,000 to 20,000, highlighting its rapid growth. Additionally, the BSE Sensex reclaimed the psychological 67,000 level, concluding at 67,127, with an intraday gain of 528 points. Bank Nifty also performed admirably, closing 414 points higher at 45,570.
Ashishkumar Chauhan, NSE CEO, on Nifty’s Achievement
Speaking on Nifty’s historic achievement, Ashishkumar Chauhan, MD & CEO at National Stock Exchange (NSE), stated, “Nifty 50 – India’s favorite stock index reached a historic and an important milestone of 20,000 marks. Nifty 50’s progress over the last 27 years, since it was launched at an initial number of 1,000, is a testament to the trust Indian and foreign investors place in India’s capital markets and its regulatory and legal system. More than 7.5 crore unique PAN numbers representing investors are now registered with us, indicating that 5 crore households are directly investing in equities via the best-in-class, highly regulated markets provided by NSE.”
Day Trading Guide for the Stock Market Today
Nifty’s Positive Momentum Continues
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, provided insight into today’s Nifty outlook: “The short-term trend of Nifty continues to be positive. A sustainable move above the 20K mark is expected to push Nifty towards the next overhead resistance of around 20,450 levels (38.2% Fibonacci extension). Immediate support for Nifty today is placed at 19,850 levels.”
Room for Upside in Indian Stock Market
Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities, expressed optimism about the Indian stock market’s future: “Next target to look forward to in Nifty is 21,500, which is 3,000 points from the main breakout level of 18,500. Despite the markets hitting new all-time highs, valuations remain reasonable. Nifty’s trailing twelve months PE is at 22.39, slightly above its long-term median of 20.62. Thus, Nifty has enough room for further expansion, especially as we enter an election year.”
Stocks to Watch Today
Ex-Dividend Stocks for September 12, 2023
Today, nine dividend-paying stocks are trading ex-dividend. Investors should keep an eye on these stocks, including MSTC, Bhagwati Auto, Jupiter Wagons, Hind Hardy, among others.
Stock in Focus: Power Grid Corporation
Among bonus shares in September 2023, Power Grid Corporation’s shares are in focus as they are set to trade ex-bonus today. The company’s board of directors has announced the issuance of bonus shares in a 1:3 ratio.
Day Trading Stocks for Today – September 12, 2023
Intraday Stocks Recommendations
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Stock market experts have recommended six stocks for day trading:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks:
- Divi’s Laboratories: Buy at ₹3736, target ₹3852, stop loss ₹3654.
- Axis Bank: Buy at ₹1000, target ₹1040, stop loss ₹980.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy:
- Gujarat Gas: Buy at ₹460, target ₹472, stop loss ₹452.
- Bharti Airtel: Buy at ₹890, target ₹900, stop loss ₹882.
Rajesh Bhosale (Technical Analyst at Angel One) Buy or Sell Stocks:
- Piramal Enterprises Ltd (PEL): Buy at ₹1127, target ₹1200, stop loss ₹1097.
- Max Financial Services Ltd (MFSL): Buy at ₹954, target ₹985, stop loss ₹937.
Disclaimer: The stock market is subject to volatility, and these recommendations are for informational purposes only. Investors should conduct thorough research and consider their risk tolerance before making investment decisions.
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