Day Trading Guide for August 8: Five Stocks to Buy or Sell Today
Written by Sanjay Kumar
In a continuation of its positive momentum, the Indian stock market concluded the trading session on Monday (August 7) with gains, despite a backdrop of mixed global market cues. The National Stock Exchange (NSE) Nifty surged by 80 points to close at 19,597 levels, while the Bombay Stock Exchange (BSE) Sensex climbed 232 points, finishing at the 65,953 mark. However, Bank Nifty witnessed a decline of 42 points, closing at 44,837 levels. The broader market exhibited a positive trend, with the small-cap index recording a 0.26% increase, and the mid-cap index gaining 0.56%.
Market Outlook for the Day
According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, the Nifty’s daily chart maintains a negative pattern with lower tops and bottoms. Presently, the market is displaying the formation of another lower top, which would need confirmation through a decline from the highs. Immediate support for the Nifty today is anticipated around the 19,450 mark, with strong resistance projected at approximately 19,700 levels.
Factors Influencing Today’s Market
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, suggests that the market might experience a range-bound trading session in anticipation of the upcoming Reserve Bank of India (RBI) policy announcement. Ongoing selling streaks by Foreign Institutional Investors (FIIs) have been limiting upside potential. However, market participants can expect sector- and stock-specific actions to drive market movements.
Stocks to Watch
Investors are closely observing the outcomes of board meetings for Vascon Engineers and Talbros Automotive Components. The board of directors at Vascon Engineers will be discussing and approving an interim dividend for the 2023-24 financial year. Additionally, Talbros Automotive Components will deliberate on a stock split proposal.
Dividend Stocks
Seven stocks are slated to trade ex-dividend today, including Taneja Aerospace, Power Grid Corporation, and Sterlite Technologies.
Stocks in Focus
Attention will be directed toward Raghav Productivity Enhancers, a BSE-listed company backed by notable investors Rekha Jhunjhunwala, Ashish Kacholia, and Mukul Mahavir Agrawal. The company’s stock will be trading ex-bonus today, as the board of directors has declared a bonus share issuance in a 1:1 ratio.
Q1 Earnings Announcements
A total of 87 companies listed on Dalal Street are scheduled to unveil their Q1 2023 results today. Notable names on the list include Coal India Ltd, Adani Ports, Oil India, Aarti Industries, and Happiest Minds Technologies.
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F&O Ban List
Six stocks have entered the ban list for the trading date of August 8, 2023. These stocks include BalrampurChini Mills, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements, and Piramal Enterprises Ltd (PEL).
Intraday Trading Recommendations
Several stock market experts have suggested potential intraday trading opportunities:
Sumeet Bagadia’s Picks:
- JSW Steel: Buy at ₹813.05, target ₹850, stop loss ₹795.
- IndusInd Bank: Buy at ₹1415, target ₹1490, stop loss ₹1385.
Ganesh Dongre’s Stock of the Day:
- ICICI Bank: Buy at ₹976, target ₹990, stop loss ₹967.
Rajesh Bhosale’s Day Trading Stocks:
- Adani Ports: Buy at ₹791, target ₹825, stop loss ₹770.
- Godrej Consumer Products: Buy at ₹1031, target ₹1075, stop loss ₹1010.
Disclaimer: Investors are advised to consult certified experts before making any investment decisions.
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