August 22 Trading Strategies: Today’s Top Six Stocks to Buy or Sell
Written by Sanjay Kumar
August 22, 2023 – The Indian stock market, known as Dalal Street, closed on a positive note yesterday, driven by a rally in metal, power, and IT stocks. The major benchmark indices, NSE Nifty and BSE Sensex, showed substantial gains, while the broader market also exhibited strong performance. The Bank Nifty index also recorded an impressive increase.
- NSE Nifty: The Nifty gained 83 points and closed at 19,393 levels.
- BSE Sensex: The Sensex surged 267 points and finished at 65,216 mark.
- Bank Nifty: The Bank Nifty index added 150 points and closed at 44,002 levels.
The small-cap index recorded a surge of 0.71 percent, while the mid-cap index shot up by 0.87 percent, showcasing the broad market’s outperformance.
Technical Analysts Express Cautious Outlook
Nifty Outlook: Nagaraj Shetti, Technical Research Analyst at HDFC Securities, expressed caution regarding Nifty’s immediate outlook. He noted, “Though, Nifty placed at the immediate supports, there is a lack of strength observed in the upside bounces. Hence, such repeated testing of the supports without showing any significant upside bounces could eventually result in a decisive downside breakout of the said supports. Further upside from here could encounter strong hurdle around 19,500 levels.”
Bank Nifty Outlook: Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, highlighted the recent movement in Bank Nifty. He said, “Bank Nifty broke the key resistance level of 43,950 on an intraday basis and closed at 44,002, up 151 points. Short covering was observed at 43,800 and 43,900 Strikes, which led to a strong up move in the index. Bank Nifty has been consolidating in the 43,700 to 44,100 range in the last five trading sessions. A decisive breakout on either side of the range can provide cues about Bank Nifty’s future direction.”
Market Outlook and Triggers
Siddhartha Khemka, Head – Retail Research, Motilal Oswal, emphasized that the market would likely take cues from both domestic and international macro data this week. Additionally, investors will closely watch for US Fed Chair Powell’s speech at the Jackson Hole Symposium later in the week, as well as the release of RBI meeting minutes. Khemka stated, “Thus, in the near term, we expect the market to trade in a broader range with buying seen at lower levels. Stock-specific action is likely to dominate.”
Stocks to Watch and Market Activity
Dividend Stocks: Among the dividend-paying stocks, 14 are slated to trade ex-dividend today. Notable companies include Dreamfolks Services, NHPC, Karnataka Bank, Natco Pharma, and Subros.
Veer Global Infraconstruction: BSE-listed Veer Global Infraconstruction shares will be in focus as the stock is set to split in a 1:1 ratio.
F&O Ban List: Eleven stocks have been placed in the F&O ban list for the trading session on August 22, 2023. These include Chambal Fertilisers, Delta Corp, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, Metropolis Healthcare, PNB, SAIL, and ZEEL.
Day Trading Recommendations
Several experts have provided intraday trading recommendations for today:
Sumeet Bagadia (Executive Director at Choice Broking):
- Eicher Motors: Buy at ₹3365, target ₹3550, stop loss ₹3280.
- ACC: Buy at ₹1972, target ₹2040, stop loss ₹1940.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi):
- Axis Bank: Buy at ₹953, target ₹965, stop loss ₹940.
- Tata Motors: Buy at ₹620, target ₹630, stop loss ₹610.
Pravesh Gour (Senior Technical Analyst at Swastika Investmart):
- Anand Rathi: Buy at ₹1422, target ₹1474, stop loss ₹1383.
- TV18 Broadcast: Buy at ₹46.80, target ₹49.40, stop loss ₹45.
Investors are advised to consult certified experts before making any investment decisions.
Disclaimer: This news article is for informational purposes only and should not be considered as financial advice. The stock market is subject to risks, and investing involves potential losses.
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