Stock Market Update For 11th September

Stock Market Update for 11th September: Day Trading Guide and Stock Recommendations

Despite weak global sentiments, the Indian stock market continued its upward trajectory, marking the sixth consecutive day of gains on Friday (September 8). The NSE Nifty gained 92 points, closing at 19,819 levels, achieving its best week in the last two months. Meanwhile, the BSE Sensex finished 33 points higher at 66,598 points, and the Bank Nifty index ended 278 points up at 45,156 levels. In the broader market, the small-cap index increased by 0.43%, while the mid-cap index surged by 0.92%.

Market Highlights:

Nifty Soars to Seven-Week High: Nifty closed higher for the sixth straight day, gaining 93 points (+0.5%) and reaching 19,820 levels. It is now just 172 points away from its all-time high, displaying resilience in the face of mixed global cues.

Broad-Based Gains: The broader market also ended in the green, with the Midcap100 and Smallcap100 indices rising by 1% and 0.6%, respectively. Sectors like financials, realty, and energy stocks led the market gains.

Banking Stocks Rally: Banking stocks regained investor interest after the RBI announced the removal of incremental CRR in a phased manner by October 7.

Niche Sectors Attract Attention: Niche sectors such as power, defense, and shipping continue to garner interest. Railway stocks were in momentum following media reports of a potential deal to connect Gulf and Arab countries via railways.

By Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Day Trading Guide for the Stock Market Today

Outlook for Nifty:

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, expressed optimism about Nifty’s short-term trend, anticipating a move to new all-time highs beyond the 20,000 mark in the coming week. He identified the potential upside target for a larger triangle upside breakout at 20,100 to 20,200 levels, with immediate support at 19,650 levels.

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Outlook for Bank Nifty:

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, noted that Bank Nifty closed 278 points higher at 45,156, successfully surpassing its major hurdle at 45,100 levels on Friday. He anticipates follow-up buying could propel Bank Nifty to 45,700 levels, with support shifting to 44,800 levels on the downside.

Day Trading Stocks for Today

Stock market experts Sumeet Bagadia, Ganesh Dongre, and Pravesh Gour have recommended six stocks for day trading today:

Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks:

1 – Titan Company: Buy at ₹3104, target ₹3172, stop loss ₹3060.

2 – ICICI Bank: Buy at ₹970.55, target ₹1010, stop loss ₹945.

Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy Today:

3 – Quick Heal: Buy at ₹219, target ₹229, stop loss ₹212.

4 – Sumitomo Chemical: Buy at ₹444, target ₹456, stop loss ₹438.

Pravesh Gour (Senior Technical Analyst at Swastika Investmart) Buy or Sell Stocks:

5 – Tata Power: Buy at ₹270, target ₹280, stop loss ₹263.

6 – Landmark Cars: Buy at ₹815, target ₹870, stop loss ₹780.

Please note that investing in the stock market carries inherent risks, and it’s important to conduct your own research or consult a financial advisor before making any investment decisions.