Day Trading Guide for August 3: Top Six Stocks to Buy or Sell Today
Written by Sanjay Kumar
The Indian stock market experienced a significant decline on Wednesday (August 2) due to weak global market sentiments after Fitch downgraded the US credit rating. The Nifty 50 index lost 207 points and closed at 19,526 levels, while the BSE Sensex nosedived 676 points and ended at 65,782 marks. The Bank Nifty index also corrected 596 points and finished at 44,995 levels. In the broader market, the small-cap index crashed 1.18 percent, and the mid-cap index declined by 1.39 percent.
Day Trading Guide for August 3, 2023
On outlook for Nifty today (August 3), Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty has turned down and one may expect more weakness in the coming days. The next crucial lower supports to be watched around 19,200-19,100 levels in the coming week. Any pullback rally up to 19,600-19,650 could be a sell on rise opportunity.”
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, highlighted that Bank Nifty closed below its 20 DEMA of 45,347 for the first time since 26th June. The support for Bank Nifty is now placed at 44,500, and a break below this level could drag the index down to 43,600, where its next visible support is located. Bank Nifty closed at 44,996, down 597 points.
Experts from SAMCO Securities mentioned that the bulls’ attempt to bounce back would be crucial for the stock market on August 3. Failure to do so might indicate the beginning of a healthy correction after a sharp uptrend.
Siddhartha Khemka’s Advice for Indian Stock Market
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, advised investors to adopt a stock-specific approach in the Indian stock market today. Given the gloomy global environment, markets could remain subdued, but specific stocks might show action due to the ongoing result season.
Stocks to Watch on August 3
Investors should keep an eye on the board meetings of Varun Beverages, PrevestDenpro, Premco Global, GE Shipping, and Steelcast as they are going to consider dividend proposals today. Thirty-five stocks, including Maruti Suzuki, Ramco Cements, United Breweries, UPL, Alembic, Albert David, Greaves Cotton, Star Housing Finance, Xpro India, Bata India, Pudumjee Paper, Matrimony.com, etc., are going to trade ex-dividend today.
Additionally, NINtec SYSTEMS shares are going to trade ex-bonus today as the board of directors declared the issuance of bonus shares in a 4:5 ratio.
Q1 Results
Sixty-three listed companies, including Bharti Airtel, Adani Enterprises, Sun Pharmaceuticals, Varun Beverages, Adani Power, Eicher Motors, Zomato, Cummins India, Lupin, MRF, Deepak Nitrite, LIC Housing Finance, RadicoKhaitan, Piramal Pharma, Cera Sanitaryware, Minda Corporation, Karnataka Bank, etc., are set to declare their first-quarter results for the financial year 2023-24 today.
F&O Ban List
Four stocks, namely GNFC, Hindustan Copper, Indiabulls Housing Finance, and Piramal Enterprises Ltd (PEL), have been put in the F&O ban list for the trade date of August 3, 2023.
Day Trading Stocks
Certainly! Here are the day trading stock recommendations from the respective experts for August 3:
Sumeet Bagadia’s stock picks for Thursday (August 3):
- Power Grid Corporation: Buy at ₹248, target ₹255, stop loss ₹242.
- Tech Mahindra: Buy at ₹1145, target ₹1185, stop loss ₹1120.
Anuj Gupta’s stocks to buy today(August 3):
- Tata Steel: Buy at CMP, target ₹127, stop loss ₹112.
- Tata Motors: Buy at CMP, target ₹650, stop loss ₹606.
Ganesh Dongre’s day trading stocks:
- MFSL (Mindtree Limited): Buy at ₹778, target ₹800, stop loss ₹760.
- Mahindra & Mahindra (M&M): Buy at ₹1480, target ₹1510, stop loss ₹1460.
Note: Investors are advised to consult certified experts before making any investment decisions.
Must Read:-
- Stock Market Update
- Top 10 shoe brands in India for men & women 2023
- Top 10 Adorable Gifts for Your Special One
- Top 10 Countries with Maximum Indian Population as Citizens
- Top 10 Small Business Statistics You Need to Know For 2023
- Top 10 highest paid CEO in the World
- Top 10 richest person of India
- Top 10 Highest Paid CEOs of India
- Top 10 Most Selling Bikes and Scooters of 2022 in India
- The Success Story of Jeff Bezos
- Success Story Of Elon Musk
- Top 10 Business Newspaper In India