August 18 Day Trading Picks: Top Five Stocks to Buy and Sell Today
Written by Sanjay Kumar
Stock Market Guide – August 18, 2023
The Indian stock market closed lower yesterday (August 17), echoing weak global market cues. The NSE Nifty index experienced a decline of 99 points, concluding the trading session at 19,365 levels. Meanwhile, the BSE Sensex witnessed a loss of 388 points and settled at the 65,151 mark. The Bank Nifty index also dipped by 55 points, ending the day at 43,891 levels. In the broader market, the small-cap index exhibited a decrease of 0.19 percent, while the mid-cap index managed to secure marginal gains.
Stock Market – August 18, 2023: Nifty Outlook for the Day
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated that the short-term trend of Nifty remains choppy with a weak bias. There is a potential for a downside breakout of the key lower support zone, ranging from 19,300 to 19,250 levels in the short term. This could potentially lead Nifty down to other support levels at 19,100 to 19,000 levels in the near term. Any upward movement from the current levels could encounter strong resistance at 19,600 levels.
Stock Market Today: Bank Nifty Outlook for the Day
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, noted that Bank Nifty has been hovering around the 43,700-44,000 zone with a cautious bias. The 43,300 level is identified as a major crucial support zone for the index. A failure to hold this support could weaken the overall trend, possibly leading to intensified profit booking. On the other hand, a decisive move above the 44,400 zone is necessary for the bias to improve, potentially paving the way for further gains.
Stock Market Today: Intraday Stock Recommendations
Several stock market experts have shared their intraday stock recommendations for today:
Sumeet Bagadia, Executive Director at Choice Broking:
- Tata Consumer: Buy at ₹844, target ₹868, stop loss ₹831.
- Sun Pharma: Buy at ₹1145, target ₹1175, stop loss ₹1115.
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi:
- M&M Finance: Buy at ₹280, target ₹290, stop loss ₹273.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart:
- Titan Company: Buy at ₹3072, target ₹3124, stop loss ₹3040.
- Adani Ports: Buy at ₹810, target ₹834, stop loss ₹793.
Note: Investors are strongly advised to consult certified experts before making any investment decisions.
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