Day Trading Guide for August 9: Six Buy or Sell Stocks Today
Written by Sanjay Kumar
Domestic equity markets, the Sensex and Nifty, concluded Tuesday’s session on a downbeat note influenced by weak global cues. The midcap and smallcap indices, however, managed to secure gains. This sentiment was partially attributed to China’s disappointing economic data, signaling a sluggish post-COVID recovery.
The Sensex commenced the day with a 95-point rise at 66,048.81 but failed to maintain momentum, subsequently dropping around 201 points to touch an intraday low of 65,752.63. Ultimately, the index concluded 107 points or 0.16% lower at 65,846.50. The Nifty also closed in the red, finishing down 26 points or 0.13% at 19,570.85. This concluded their two-day winning streak.
Mid and Small Caps Outshine; Key Sector Indices Gain
In contrast, the BSE Midcap index surged by 0.15%, and the Smallcap index made gains of 0.25%. The Nifty PSU Bank index showcased a remarkable surge of 3.37%, followed by Nifty Media with a gain of 0.74%, and Nifty Pharma with a gain of 0.64%.
Among the top gainers on Nifty50 were Wipro, Tech Mahindra, Cipla, and Hero MotoCorp. On the flip side, JSW Steel, Mahindra & Mahindra, and Adani Enterprises were among the major drags on the index.
FIIs Sell, DIIs Buy; Mitigating Downside Risks
Foreign institutional investors (FIIs) maintained their selling trend, divesting ₹711 crores, whereas domestic institutional investors (DIIs) turned net buyers, injecting ₹537 crores into the market during the session. This balanced approach helped mitigate some of the downside risks.
Market Outlook and Expert Insights
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, emphasized that with the close of the Q1FY24 results season, the market focus would shift to macro factors and economic data releases. Investors are particularly keen on key inflation data from the US, India, and China. The ongoing RBI meeting also holds significance, with results scheduled for Thursday. Khemka expects market consolidation while keeping an eye on interest-sensitive sectors.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, noted that the Bank Nifty was experiencing a struggle between bulls and bears, resulting in a consolidation phase. He identified support and resistance levels at 44,800 and 45,150 respectively. Breaking below the support could lead to further downside movements while overcoming resistance might pave the way for an upward move.
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Stocks to Watch
Companies reporting Q1FY24 results for fiscal 2023-24 are Abbot India, Bata India, Berger Paints, IRCTC, Zee Entertainment Enterprises, Bombay Dyeing, Max Financial Services, Tata Power, Thomas Cook India, Trent, among others. Additionally, stocks that reported Q1FY24 results on Tuesday include Oil India, Coal India, IRCON International, Jet Airways, Chambal Fertilisers, EIH Hotels, and Happiest Minds.
Intraday Stock Recommendations
Experts Ganesh Dongre, Kunal Shah, and Sumeet Bagadia provided recommendations for intraday trading:
Ganesh Dongre (Senior Manager – Technical Research at Anand Rathi):
- Buy Max Financial Services at ₹810 with a stop loss at ₹785 and a target price of ₹830.
- Buy HDFC Life Insurance Company at ₹646 with a stop loss at ₹632 and a target price of ₹665.
Sumeet Bagadia (Executive Director at Choice Broking):
- Buy Trent at ₹1,720 with a stop loss at ₹1,690 and a target price of ₹1,772.
- Buy Eicher Motors at ₹3,372 with a stop loss at ₹3,280 and a target price of ₹3,550.
Kunal Shah (Senior Technical and Derivative Analyst at LKP Securities):
- Buy Mastek at ₹2,040 with a stop loss at ₹1,950 and a target price of ₹2,200-2,350.
- Buy Adani Ports and Special Economic Zones at ₹785 with a stop loss at ₹770 and a target price of ₹830-855.
Note: Investors are advised to consult certified experts before making any investment decisions.
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