Today’s Day Trading Guide: Identifying Five Stocks to Buy or Sell on August 17
Written by Sanjay Kumar
Stock Market Guide – August 17, 2023
In a second consecutive day of trading, the Indian stock market displayed a noteworthy trend as it opened lower but underwent a remarkable recovery towards the end of the trading session. Key benchmark indices, Nifty and Sensex, managed to close higher, although the Bank Nifty extended its decline for the fifth consecutive day.
The NSE Nifty gained 30 points, finishing at 19,465, while the BSE Sensex surged by 137 points, reaching the 65,539 mark. However, the Bank Nifty faced a dip of 144 points, culminating at 43,946, falling below the psychological threshold of 44,000. In the broader market, the small-cap index soared by 0.52 percent, while the mid-cap index added 0.25 percent.
Stock Market Today: Technical Analysts Predict Short-Term Weakness in Nifty
Nagaraj Shetti, a Technical Research Analyst from HDFC Securities, pointed out that the negative chart pattern with lower tops and bottoms remains intact. With a recent lower bottom formation at 19,257, there’s a high probability of Nifty forming another lower top in the short term. He highlighted that a strong cluster resistance is positioned around 19,550 to 19,600 levels, which includes a down-sloping trend line and the daily 10/20-day Exponential Moving Averages (EMA). Shetti suggested that the market could witness weakness from this week’s highs, with immediate support for NSE Nifty being found around the 19,250 to 19,300 levels.
Today’s Stock Market Guide: Market Weakness Expected to Persist Due to Global and Domestic Factors
Sidhartha Khemka, Head of Retail Research at Motilal Oswal, indicated that the Indian market is facing pressure due to weak global cues, particularly linked to the struggling Chinese economy and Fitch’s warning regarding potential downgrades for US midsize banks. Domestically, factors such as a sharp surge in inflation data and the sluggish progress of the monsoon in August have negatively impacted investor sentiment. Khemka predicted that this weakness could persist in the market in the near term unless a positive trigger emerges.
Dividend, Split, and Bonus Announcements Impact Stocks
On the dividend front, 17 stocks are slated to trade ex-dividend on this day in August 2023. Notable dividend-paying companies include Benares Hotels of the Tata group, Relaxo Footwear, V-Guard Industries, Bharat Electronics Ltd (BEL), and Vedant Fashions.
Additionally, two stocks are set to trade ex-split after their respective companies’ board of directors declared a stock split in a 1:5 ratio. These stocks are Shreeoswal Seed and EFC.
Lancor Holdings Ltd will be trading ex-bonus as the company’s board of directors announced bonus shares in a 1:2 ratio. This means shareholders will receive one bonus share for every two stocks held on the bonus shares record date.
RelatedPosts
F&O Ban List and Intraday Stock Recommendations
Eleven stocks have been placed on the F&O ban list for the upcoming Thursday trading session. These include Balrampur Chini Mills, Chambal Fertilizers, Delta Corp, GNFC, Granules India, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, SAIL, and ZEEL.
For intraday trading, three stock market experts have provided their recommendations for potential buy opportunities:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Trading Stocks:
- Grasim Industries: Buy at ₹1916.9, target ₹1980, stop loss ₹1885.
- Tata Motors: Buy at ₹619, target ₹650, stop loss ₹605.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stock of the Day:
- Dawat: Buy at ₹177, target ₹182, stop loss ₹172.
Pravesh Gour (Senior Technical Analyst at Swastika Investmart) Stocks to Buy Today:
- Polycab: Buy at ₹4853, target ₹4964, stop loss ₹4785.
- HBL Power: Buy at ₹245, target ₹262, stop loss ₹233.
Note: It is advised that investors consult certified experts before making any investment decisions based on the provided recommendations.
Must Read:-
- Stock Market Update
- Top 10 shoe brands in India for men & women 2023
- Top 10 Adorable Gifts for Your Special One
- Top 10 Countries with Maximum Indian Population as Citizens
- Top 10 Small Business Statistics You Need to Know For 2023
- Top 10 highest-paid CEO in the World
- Top 10 richest person of India
- Top 10 Highest-Paid CEOs of India
- Top 10 Most Selling Bikes and Scooters of 2022 in India
- The Success Story of Jeff Bezos
- Success Story Of Elon Musk
- Top 10 Business Newspaper In India
