Day Trading Insights: Top Six Stocks to Buy or Sell on August 16
Written by Sanjay Kumar
Stock Market Guide – 16 August 2023: After a one-day hiatus for Independence Day, the Indian stock market is back in action. The Nifty and Sensex rebounded on Monday (August 14), showing resilience against morning losses. The NSE Nifty closed 6 points higher at 19,434, while the BSE Sensex gained 79 points, ending at 65,401. However, the Bank Nifty index faced a setback, losing 108 points to close at 44,090. In the broader market, the small-cap index saw a decline of 0.50%, while the mid-cap index corrected by 0.44% on Monday.
Market Outlook for the Day
For Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, highlighted the continuation of a negative chart pattern marked by lower tops and bottoms on the daily chart. He pointed out that Monday’s low of 19,257 could be considered a new lower bottom, potentially leading to strong resistance at 19,600 levels. Immediate support for Nifty is positioned at 19,250.
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, noted that Bank Nifty formed a doji pattern on the daily chart, signaling indecision. The key support level for Bank Nifty is expected to be around 43,500, with support also observed from the 100-day exponential moving average (DEMA) at 43,848. Bank Nifty has consistently traded above the 100 DEMA since April 5, 2023. It closed at 44,091 in the previous session.
Stock Market Guide – 16 August 2023: Factors Influencing the Market This Week
Siddhartha Khemka, Head – Retail Research at Motilal Oswal, discussed the consolidation at higher levels in the Indian stock market due to the absence of positive triggers. He anticipated this trend to continue in the near term, mentioning upcoming releases of macro data worldwide and FOMC meeting minutes. The market might remain subdued due to these factors, along with the Parsi New Year holiday on Wednesday.
Stock Market Guide – 16 August 2023: Stocks in Focus Today
While no stocks are expected to trade ex-dividend, ex-bonus, or ex-split today, Infosys is expected to capture attention. The company announced a strategic collaboration with Liberty Global to expand AI-powered digital entertainment globally.
Stock Market Guide – 16 August 2023: F&O Ban List for Wednesday
Nine stocks have been placed on the F&O ban list for Wednesday’s session. These include Balrampur Chini, Chambal Fertilizer, Delta Corp, GNFC, Granules India, Indiabulls Housing Finance, India Cement, Manappuram Finance, and ZEEL.
Stock Market Guide – 16 August 2023: Intraday Stock Recommendations
Experts provided insights into intraday trading opportunities for the day:
Sumeet Bagadia (Executive Director at Choice Broking) Recommendations:
- Tata Communications: Buy at ₹1705.60, Target ₹1770, Stop Loss ₹1670.
- Wipro: Buy at ₹415, Target ₹435, Stop Loss ₹404.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Recommendations:
- SBI: Buy at ₹562, Target ₹580, Stop Loss ₹550.
- MFSL: Buy at ₹846, Target ₹870, Stop Loss ₹825.
Rajesh Bhosale (Technical Analyst at Angel One) Recommendations:
- LT (Larsen & Toubro): Buy at ₹2660, Target ₹2750, Stop Loss ₹2614.
- Reliance Industries Ltd (RIL): Buy at ₹2575, Target ₹2685, Stop Loss ₹2520.
Investors are advised to consult certified experts before making any investment decisions.
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