Today’s Trading Strategies: Six Buy or Sell Stocks for August 30
Written by Sanjay Kumar
The Indian equity markets continued their upward trajectory as both the benchmark indices, Sensex and Nifty, closed higher in the previous session. The positive momentum was supported by gains in select heavyweights, including HDFC Bank and Tata Steel. The market also benefited from positive global cues, with Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong all ending the day with gains. European markets were also trading in the green, adding to the overall positive sentiment.
On 29 August Sensex and Nifty Performance: After a day of range-bound trading, the Sensex managed to secure a gain of 79 points, equivalent to 0.12 percent, closing at 65,075.82. Similarly, the Nifty50 moved up by 37 points, or 0.19 percent, to reach 19,342.65. Notably, mid and small-cap stocks outperformed the benchmark indices, with the BSE midcap index rising by 0.45 percent and the smallcap index gaining 0.69 percent.
Sectoral Highlights: The metal sector exhibited significant momentum, spurred by China’s announcement of economic stimulus measures. Niche sectors like Speciality Chemicals also saw increased buying interest after a prolonged period of stagnation, driven by news about surging chemical prices in China. Analysts suggest that the market is likely to continue moving within a range, given the upcoming data-packed week and monthly derivatives expiry.
Top Gainers and Drags: Jio Financial Services, Tata Steel, JSW Steel, and UPL Ltd emerged as the top gainers. In contrast, heavyweight stocks like Reliance Industries and Hindustan Unilever faced some pressure and were among the top drags. Notably, shares of Jio Financial Services witnessed a notable increase of 4.72 percent. However, it’s important to mention that JFSL shares are slated to be removed from Sensex, Nifty, and other indices effective from September 1, in accordance with exchange norms.
Market Expert Insights:
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., commented on the market’s current trend. He noted, “The market is moving in a range, and we expect this trend to continue given the data-packed week and monthly derivatives expiry.”
Ajit Mishra’s Outlook for Nifty:
Ajit Mishra, SVP of Technical Research at Religare Broking, emphasized the importance of the short-term moving average for Nifty. He stated, “We need a decisive close above the short-term moving average, i.e., the 20 EMA in Nifty, which currently lies around the 19,430 level, to ease the pressure. Meanwhile, we reiterate our view to stay stock-specific and keep a check on leveraged trades.”
Rupak De’s Technical Analysis:
Rupak De, Senior Technical Analyst at LKP Securities, outlined key support and resistance levels for Nifty. He mentioned, “The support at the lower end remains solid at 19,245, serving as a barrier to prevent further declines. On the upper end, resistance is placed at 19,425; a breach of this level might lead to a more dependable rally. Expect a range-bound trading unless a clear breakout occurs on either side.”
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Kunal Shah’s Analysis of Bank Nifty:
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, provided insights into Bank Nifty’s performance. He stated, “The index remains engaged in a struggle between bulls and bears, resulting in a phase of sideways trading. The option data reflects a broad range, with notable open interest concentrations at both the 44,000 put option and the 45,000 call option.”
F&O Ban List:
Seven stocks were placed on the F&O ban list by the stock exchange, including RBL Bank, GMR Infrastructure, Hindustan Copper, Indiabulls Housing Finance, Sun TV Network, Escorts Kubota, and Manappuram Finance. These securities exceeded 95 percent of the market-wide position limit (MWPL). However, these stocks remained available for trading in the cash market.
Intraday Stock Recommendations for August 30:
For intraday trading, stock market experts offered recommendations on six stocks to consider:
Ganesh Dongre suggested buying 1. India Cements at ₹243 with a stop loss at ₹238 and a target price of ₹248.
He also recommended buying 2. JSW Steel at ₹783 with a stop loss at ₹773 and a target price of ₹795.
Sumeet Bagadia advised buying 3. Marico at ₹562.50 with a stop loss at ₹550 and a target price of ₹585.
He also suggested buying 4. UPL Limited at ₹597 with a stop loss at ₹585 and a target price of ₹621.
Pravesh Gour proposed buying 5. Berger Paints at ₹720 with a stop loss at ₹714 and a target price of ₹732.
Lastly, he recommended buying 6. BHEL at ₹114.65 with a stop loss at ₹112 and a target price of ₹118.
As the markets continue to navigate global uncertainties and respond to domestic developments, traders and investors are advised to stay vigilant and closely monitor market trends and news.
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