August 1 Day Trading Guide: Top Six Stocks to Watch and Trade
Written by Sanjay Kumar
Stock Market Guide – 1st August 2023
After experiencing a decline in the previous two sessions, the Indian stock market rebounded on Monday (July 31), driven by positive global market trends. Both the NSE Nifty and BSE Sensex ended higher, gaining 107 points to close at 19,753 levels and 367 points to close at 66,527, respectively. The Bank Nifty also performed well, adding 183 points to reach 45,651 levels.
Notably, the broader market outperformed the key benchmark indices, with the small-cap index surging 1.31% to touch a new lifetime high of 35,039, and the mid-cap index reaching a new all-time high of 30,440, finishing 0.86% higher.
Day Trading Guide for Tuesday (01 Aug 2023)
On outlook for Nifty today (01 Aug 2023), Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying trend of Nifty remains choppy. A decisive move above the immediate resistance of 19,870 levels could open a sharp upside towards the next resistance of around the 20,000 mark in the near term. Immediate support for Nifty today is placed at 19,600 levels.”
Speaking on outlook for Bank Nifty today (01 Aug 2023), Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty took consecutive support from the 20-Day Exponential Moving Average (DEMA) of 45,362 on the daily chart. A close above today’s high of 45,695 can lead to the initiation of fresh longs while 45,300 continues to be a strong support for Bank Nifty.”
Power and Auto Stocks in Focus
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, stated that the power sector remains in focus after NTPC reported strong quarterly results. Additionally, auto stocks will be in action as companies are expected to release improving monthly sales numbers, especially in the 2W (Two-Wheeler) and CV (Commercial Vehicle) segments.
Stocks to Watch Today (01 Aug 2023)
The board meetings of Snowman Logistics and Vasundhara Rasayans will be in focus as the respective companies’ directors are expected to consider and approve dividends for their shareholders. Furthermore, nine dividend stocks are going to trade ex-dividend today, including DB Corp, Orient Paper, SRF, Sarda Cropchem, JK Cement, and Exide Industries. Kamdhenu Ventures’ stocks will also be trading ex-bonus today as the company’s board of directors declared bonus shares in a 1:1 ratio.
F&O Ban List
During the trading session on 1st August 2023, two stocks have been put on the F&O ban list: Indiabulls Housing Finance and Piramal Enterprises Ltd.
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Day Trading Stocks to Buy Today (01 Aug 2023)
Several stock market experts recommended six stocks to buy today:
Sumeet Bagadia’s Stocks to Buy Today (01 Aug 2023)
Bank of Baroda: Buy at ₹202, target ₹209, stop loss ₹197.
Dr. Reddy’s: Buy at ₹5640.40, target ₹5780, stop loss ₹5560.
Anuj Gupta’s Intraday Stocks for Today (01 Aug 2023)
- Utkarsh Small Finance Bank: Buy at CMP, target ₹57, stop loss ₹42.
- ONGC: Buy at CMP, target ₹200, stop loss ₹164.
Ganesh Dongre’s Stock Picks for Tuesday (01 Aug 2023)
- Tata Consumer: Buy at ₹859, target ₹880, stop loss ₹845.
- M&M Finance: Buy at ₹298, target ₹310, stop loss ₹290.
(Note: Investors are advised to consult certified experts before making any investment decisions.)
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