August 10 Day Trading Forecast: Six Stocks to Consider Buying or Selling
Written by Sanjay Kumar
Stock Market Guide – 10 August 2023
Indian stocks showcased resilience as the market shrugged off mixed trends in Asian stock indices, primarily driven by China’s deflation concerns. On Wednesday (August 09), the Indian stock market rebounded from early concerns, with the Nifty index adding 61 points to close at 19,632 levels. The Sensex also saw gains, climbing by 149 points to reach a closing mark of 65,995. However, the Bank Nifty index experienced a slight dip, losing 83 points and concluding the session at 44,880 levels. Notably, broader market indices outperformed the Nifty, maintaining a high advance-decline ratio of 1.29:1.
Market Outlook and Expert Insights
RBI MPC Meeting Updates: RBI keeps repo rate unchanged; FY24 GDP growth retained at 6.5%; CPI raised to 5.4
In terms of the market outlook, technical research analyst Nagaraj Shetti from HDFC Securities indicated that the Nifty is positioned at a critical resistance level within the range of 19,650 to 19,700. Shetti suggested that a convincing breakthrough above this hurdle could negate the bearish chart pattern, potentially setting the stage for an upward move toward the next target of 19,900 to 20,000 levels. Immediate support for the Nifty is identified at 19,460 levels.
The primary focus of the day remained on the Reserve Bank of India’s (RBI) monetary policy announcement scheduled for Thursday. According to Ruchit Jain, Lead Research at 5paisa.com, traders should closely monitor the outcomes of the RBI’s meeting, including any potential changes in interest rates. Until any crucial support levels are breached, Jain advised traders to maintain a positive stance and explore specific buying opportunities in the market.
Anticipated Volatility and Stock Recommendations
As the RBI’s policy decision loomed, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, anticipated heightened volatility in the market. Khemka emphasized that the RBI’s accompanying commentary would be closely scrutinized to glean insights into the central bank’s future strategies.
In light of the anticipated market movement, experts weighed in on potential day trading stock picks:
Sumeet Bagadia (Executive Director at Choice Broking) Picks:
- Larson & Turbo (LT): Buy at ₹2651, target ₹2705, stop loss ₹2615.
- Marico: Buy at ₹585, target ₹602, stop loss ₹575.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Recommendations:
- Tata Consultancy Services (TCS): Buy at ₹3462, target ₹3510, stop loss ₹3445.
- State Bank of India (SBI): Buy at ₹573, target ₹593, stop loss ₹562.
Santosh Meena (Head of Research at Swastika Investmart) Stock Selections:
- Bikaji Foods: Buy at ₹491, target ₹535, stop loss ₹466.
- TCPL Packaging: Buy at ₹1844, target ₹2020, stop loss ₹1740.
Note: Investors are advised to consult certified experts before making any investment decisions.
Must Read:-
- Stock Market Update
- Top 10 shoe brands in India for men & women 2023
- Top 10 Adorable Gifts for Your Special One
- Top 10 Countries with Maximum Indian Population as Citizens
- Top 10 Small Business Statistics You Need to Know For 2023
- Top 10 highest-paid CEO in the World
- Top 10 richest person of India
- Top 10 Highest-Paid CEOs of India
- Top 10 Most Selling Bikes and Scooters of 2022 in India
- The Success Story of Jeff Bezos
- Success Story Of Elon Musk
- Top 10 Business Newspaper In India
RelatedPosts
