Top Picks For Thursday: Day Trading Guide

Top Picks for Thursday: Day Trading Guide – 14th September

Despite weak global cues, Dalal Street ended higher on Wednesday (September 13). NSE Nifty finished above 20,000 levels for the first time ever, logging an intraday gain of 76 points. Nifty closed at 20,070 levels, while BSE Sensex surged 245 points and ended at the 67,466 mark. Bank Nifty finished 398 points higher at 45,909 levels. In the broader market, the small-cap index outperformed Nifty and Sensex, logging a 0.85 percent intraday gain, whereas the mid-cap index added 0.19 percent.

Market Sentiments

“Domestic equities cheered the robust macro data (strong IIP growth and lower inflation) which helped Nifty close above the 20k mark for the first time. Nifty opened flat in line with weak global markets, but soon witnessed a sharp recovery and ended the day with gains of 77 points (+0.4%) at 20,070.

Broader market recovered today post yesterday’s profit booking with Midcap100/Smallcap100 up +0.2%/1.0% respectively. Except Auto and IT, all sectors ended in green with PSU Banks rallying more than 4%. Oil & gas index surged 1% as crude prices climbed to $92/barrel – a 10-month high. Overall, the sentiments got boosted post the release of domestic retail inflation which fell to a 2-month low of 6.8% while July IIP growth surged to a 5-month high,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Day Trading Guide

Nifty Outlook

On the outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “A reasonable positive candle was formed on the daily chart, placed beside the negative candle of Tuesday. Technically this market action indicates that bulls are still not out of the game. Though selling pressure is emerging from near 20,100 levels, there is no confirmation of any top reversal pattern forming at the new highs. But, a decisive upmove above 20,100-20,150 levels is expected to bring more upside towards 20,350 to 20,450 levels in the near term. Immediate support for Nifty today is placed at 19,950 levels.”

Bank Nifty Outlook

On the outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty witnessed a strong move closing near the 46,000 mark on Wednesday with frontline Private Banks and PSU Banking stocks beginning to improve their trend with indicators turning positive and much upside potential visible from current levels. The index would have the next major target of 48,000 once the 46,300 to 46,400 zone is decisively breached.”

Stocks to Watch Today

Dividend Stocks in Focus

Among dividend stocks in September 2023, 27 stocks are going to trade ex-dividend today. Those 27 dividend-paying stocks include Vadilal Industries, Radico Khaitan, J Kumar Infra, Akar Auto Industries, Sakti Finance, BLS International, etc.

F&O Ban List

Nine stocks have been put in the F&O ban list during Thursday’s session. The nine stocks are Delta Corp, Hindustan Copper, Indiabulls Housing Finance, IEX, India Cements, Manappuram Finance, REC, Steel Authority of India (SAIL), and National Aluminium Company (NALCO).