September 13th Day Trading Strategies: Six Stocks for Wednesday’s Action
Written by Sanjay Kumar
In the previous trading session, the domestic equity benchmarks Sensex and Nifty displayed significant volatility. Investors booked profits after Sensex reached a record high at the market open, while small-cap and mid-cap stocks experienced a wave of selloffs. Sensex closed at 67,221.13, up 94 points (0.14%), and Nifty closed at 19,993.20, down 3 points (0.02%). During the day, Nifty reached its all-time high of 20,110.35, gaining 114 points (0.57%).
Mid and Small Caps Experience Deep Falls
The BSE Midcap index fell by 2.96% to 32,084.93, and the BSE Smallcap index plummeted by 4.02% to 36,982.74. In early trade today, both midcap and smallcap indices hit fresh record highs of 33,245.85 and 38,769.33, respectively.
Macro Economic Updates
India’s retail inflation eased to 6.83% in August, down from a 15-month high in July due to a decrease in food prices. However, the consumer price index (CPI) inflation remains above the Reserve Bank of India’s upper tolerance limit of 6%. In addition, industrial output surged to 5.7% in July, up from 3.7% in June 2023.
Day Trading Guide for Stock Markets Today (September 13)
Nifty’s Outlook
Ajit Mishra, SVP – Technical Research, Religare Broking, expects consolidation in the Nifty index following the recent surge. He suggests favoring index majors over midcap and smallcap stocks due to the potential for further profit taking in broader indices. Mishra also advises monitoring the US markets for cues.
Nifty’s Short-term Strength
Rupak De, Senior Technical Analyst at LKP Securities, believes that Nifty will maintain its strength as long as it stays above the critical short-term support level of 19,780. He anticipates a move above 20,100-20,150 could propel Nifty toward 20,500 in the short term.
Bank Nifty’s Performance
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, notes that Bank Nifty experienced selling pressure after a remarkable upward movement in the past week. Key support is seen at 45,200, with potential recovery towards 45,600 or 45,800 levels if this support holds.
Global Cues
Wall Street stocks closed lower, driven by a weak forecast from Oracle and rising oil prices, raising concerns about inflation. Brent crude reached $92 per barrel due to extended oil supply cuts by Saudi Arabia and Russia. Investors are eagerly awaiting US inflation data, ECB monetary policy meetings, and the US Federal Reserve meeting outcome in the coming days.
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F&O Ban List
Chambal Fertilisers, BHEL, India Cements, Delta Corp, Hindustan Copper, Balrampur Chini Mills Limited, Manappuram Finance, Steel Ath, and Indiabulls Housing Finance are on the F&O ban list due to crossing 95% of the market-wide position limit (MWPL). These stocks will still be available for trading in the cash market.
Day Trading Stocks for Today (September 13)
Stock market experts have recommended the following intraday stocks for today:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks:
- Infosys: Buy at ₹1,501 with a stop loss at ₹1,470 and a target price of ₹1,545.
- ITC: Buy at ₹451 with a stop loss at ₹440 and a target price of ₹470.
Ganesh Dongre (Research Analyst at Bonanza Portfolio Ltd) Intraday Stocks:
- Sun Pharmaceuticals: Buy at ₹1,145 with a stop loss at ₹1,135 and a target price of ₹1,160.
- Maruti Suzuki: Buy at ₹10,485 with a stop loss at ₹10,150 and a target price of ₹10,750.
Mitesh Karwa (Senior Manager – Technical Research at Anand Rathi) Intraday Stocks:
- Indoco: Buy in the range of ₹337-₹340 with a stop loss at ₹328 and a target price of ₹360.
- Starcement: Buy in the range of ₹156-₹159 with a stop loss at ₹151 and a target price of ₹171.
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