Day Trading Guide for August 7: Six Stocks to Buy or Sell Today

The Indian stock market experienced a rollercoaster ride last week, succumbing to weak global cues from Tuesday to Thursday. However, it managed to stage a decent recovery on Friday (August 4), driven by a rebound in key benchmark indices from their key support levels. The NSE Nifty gained 135 points, closing at 19,517, while the BSE Sensex rose by 480 points to finish at 65,721. Additionally, the Bank Nifty index surged by 366 points, closing at 44,879. The broader market indices also rose in tandem with the Nifty, with an encouraging advance-decline ratio of 1.90:1.

Today’s Outlook for Nifty:

According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, the short-term trend for Nifty remains negative. He predicts that the current upside movement could face strong resistance in the range of 19,600 to 19,650. On the downside, immediate support is expected at 19,400 levels.

Market Triggers for the Day:

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, highlights the upcoming week’s crucial event—the Reserve Bank of India’s interest rate decision. This announcement is likely to influence market movement within a broader range, accompanied by increased volatility. Interest-sensitive sectors will likely be in focus as investors closely monitor the central bank’s decision.

Intraday Stocks Recommendations:

For traders looking for intraday opportunities, three stock market experts have provided their top picks for today:

Sumeet Bagadia’s Recommendations:

Larson & Turbo (LT): Buy at ₹2626.90, target ₹2730, stop loss ₹2560.
Sun Pharma: Buy at ₹1138, target ₹1172, stop loss ₹1110.

Rajesh Bhosale’s Recommendations:

Wipro: Buy at ₹409, target ₹429, stop loss ₹399.
ICICI Bank: Buy at ₹970, target ₹1004, stop loss ₹953.

Ganesh Dongre’s Recommendations:

Bharti Airtel: Buy at ₹888, target ₹905, stop loss ₹878.
Tata Chemicals: Buy at ₹1047, target ₹1070, stop loss ₹1035.

A Word of Caution:

As always, investors are advised to exercise prudence and consult certified financial experts before making any investment decisions. Markets are inherently unpredictable, and expert advice can help mitigate risks.

In conclusion, the Indian stock market managed to recover on Friday after facing bearish pressure for most of the previous week. Traders today should be cautious and monitor the crucial interest rate decision from the Reserve Bank of India, which may influence market movements. Meanwhile, the recommended intraday stocks offer potential opportunities, but investors should exercise due diligence and seek expert advice before taking any action.