Day Trading Guide for Today: Six Stocks to Buy or Sell on Monday
Written by Sanjay Kumar
On the back of strong global market cues, India’s stock market concluded the previous week on a positive note. China’s factory activity for August expanded, and its central bank’s announcement of a reserve requirement cut to boost the economy contributed to the positive sentiment. The key indices performed as follows on Friday:
- NSE Nifty: Gained 181 points to close at 19,435 levels.
- BSE Sensex: Increased by 555 points and closed at 65,387.
- Bank Nifty: Finished 446 points higher at 44,436 levels.
Upstream oil companies saw increased attention due to Brent crude surging to a 1-month high.
Railway stocks continued to perform well, driven by a strong order book and increased allocation in rail infrastructure.
PSU banks witnessed fresh buying after Fitch affirmed ratings on India’s PSU Banks.
Small-cap and mid-cap indices surged by 0.75 percent during the last trading session of the previous week.
As of 9: 46 AM – Nifty opens above 19,500, Sensex 180 gains
Market at 10 AM – About 891 shares declined, 2100 shares advanced, and 144 shares unchanged.
Day Trading Guide for Stock Market Today
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, commented, “The short-term trend of Nifty has turned up, and one may expect further upside in the short term. The next overhead hurdles to be watched around 19,600 and 19,800 levels in the next couple of weeks. Immediate support for Nifty today is placed at 19,350 levels.”
Bank Nifty Outlook
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, stated, “Bank Nifty bounced back from the 100-Day Exponential Moving Average of 43,930 for the second consecutive day and closed at 44,436, up 447 points. The level of 44,000 on the downside will act as a strong support for Bank Nifty. A close above today’s high of 44,569 will result in the resumption of an uptrend.”
Overall Market Outlook
Siddhartha Khemka, Head – Retail Research at Motilal Oswal, expressed, “Overall, we expect the market to trade in a range with sector- and stock-specific actions as the broader market momentum remains positive.”
Stocks to Watch Today
Indian Link Chain Manufacturers Ltd and HP Adhesives Ltd: The market is anticipated to closely monitor the outcome of the board meetings of these companies as they consider and approve stock split today.
Ex-Dividend Stocks: In September 2023, 13 dividend-paying stocks are going ex-dividend today. Notable stocks in this list include Gravita India, Radiant Cash, Asian Hotel (E), Birla Cable, and Vindhya Telelinks.
F&O Ban List
One stock has been added to the F&O ban list, and that stock is Indiabulls Housing Finance.
Day Trading Stocks for Today
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks
1 – IndusInd Bank: Buy at ₹1416.55, target ₹1460, stop loss ₹1390.
2 – Mahindra & Mahindra (M&M): Buy at ₹1591, target ₹1652, stop loss ₹1550.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy
3 – Balaji Telefilms: Buy at ₹72, target ₹77, stop loss ₹68.
4 – United Spirits or McDowell-N: Buy at ₹1012, target ₹1040, stop loss ₹998.
Pravesh Gour (Senior Technical Analyst at Swastika Investmart) Day Trading Stocks
5 – Ruchira Papers: Buy at ₹150, target ₹158, stop loss ₹146.50.
6 – Latent View Analytics: Buy at ₹455, target ₹470, stop loss ₹445.
Investors and day traders are advised to consider these recommendations while keeping in mind their individual risk tolerance and market conditions.
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