Day Trading Insights For August 14: 6 Stocks To Buy Today

Day Trading Insights for August 14: Six Stocks to Buy or Sell Today

Stock Market News – August 14, 2023

The Indian stock market experienced a downward trend for the second consecutive day, mirroring weak global cues. The NSE Nifty concluded the session with a decline of 114 points, settling at 19,428 levels. Similarly, the BSE Sensex witnessed a dip of 365 points, closing at the 65,322 mark. Notably, the Bank Nifty index experienced a significant crash, plummeting by 342 points and closing at 44,199 levels. In the broader market, the small-cap index dipped by 0.31%, while the mid-cap index saw a marginal intraday loss of 0.13%.

Day Trading Outlook: Nifty and Bank Nifty

According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, the market is anticipated to decline further to 19,290 levels or lower in upcoming sessions to confirm a new lower bottom of the sequence. Any potential upward bounce could face resistance around 19,550 levels in the short term.

Ashwin Ramani, a Derivatives & Technical Analyst at SAMCO Securities, noted that the Bank Nifty broke a crucial level at 44,500 on the daily chart, which previously acted as strong support. The index’s fall may persist until it reaches 43,500 levels, its next visible support. Fresh buying interest could emerge if the Bank Nifty closes above 45,100 levels on the upside.

Market Expectations: Sideways Movement Anticipated

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, predicted a sideways movement on Monday due to the upcoming Independence Day holiday on Tuesday, suggesting that the market might remain lackluster.

Stocks in Focus

Investors are keeping a close watch on the outcomes of the board meetings of Akar Auto Industries and Dynacons Systems, as their respective boards consider and approve dividends for shareholders. Additionally, 29 dividend-paying stocks, including Eicher Motors, Heritage Foods, Varun Beverages, and Hindalco Industries, are trading ex-dividend today. Avantel shares, listed on the BSE, will undergo a stock split in a 1:5 ratio.

Q1 Earnings Reports

A total of 139 companies are set to declare their Q1 2023 results on Monday. This list includes prominent names like ITC, Divis Laboratories, Vodafone Idea, Rajesh Exports, Hindustan Copper, and Indiabulls Housing Finance.