August 2 Trading Strategies: Six Stocks to Consider for Buying or Selling
Written by Sanjay Kumar
Stock Market update – On Tuesday (August 2), the domestic equity benchmarks, Sensex and Nifty, closed lower as profit-booking in select heavyweights, including Reliance Industries, Power Grid, State Bank of India, and ICICI Bank, offset gains amid mixed global cues. The Sensex closed 68 points or 0.10 percent lower at 66,459.31, while the Nifty ended the day with a loss of 20 points or 0.10 percent at 19,733.55.
During the session, the BSE Midcap index fell 0.23 percent, underperforming the benchmark Sensex. The index reached a record high of 30,497 in intraday trade but failed to sustain the gains. Conversely, the BSE Smallcap index closed with a gain of 0.50 percent at 35,177.85 after hitting its all-time high of 35,257.68 during the session.
Most sectors experienced losses, but the Nifty IT index bucked the trend, ending with a healthy gain of 1.20 percent, with all its components in the green. Nifty Metal (up 0.18 percent), Pharma (up 0.06 percent), and Private Bank (up 0.02 percent) also recorded slight gains. However, Nifty Realty fell 1.77 percent, emerging as the top loser among sectoral indices. Nifty Healthcare and Oil & Gas indices also witnessed declines of 0.42 percent and 0.38 percent, respectively. Nifty Bank closed lower by 0.13 percent.
Outlook for Nifty Today (2 August)
Stock Market update – According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, Nifty initially gave up its gains to close flat at 19,734 levels. He expects the market to consolidate in a range with a positive bias as it moves further into the earning season. Khemka also highlighted that the Nifty small cap 100 saw a notable gain of +0.7 percent, and metal stocks rallied due to expectations of more stimulus from China, with metal prices reaching a 3-month high on LME.
Stocks to Watch Today (2 August)
Stock Market update – Investors will closely watch the quarterly results of companies like Titan, IndiGo, Ambuja Cements, and others for fiscal 2023-24 (Q1FY24). Hero MotoCorp’s shares will be in focus after witnessing its worst stock fall in over a year due to an alleged money-laundering case involving the company’s Chairman, Pawan Munjal.
Additionally, Metro Brands, Adani Total Gas, PVR INOX, Thyrocare Technologies, and MakeMyTrip will also be under the spotlight as they released their Q1FY24 results on Tuesday.
F&O Ban List
Stock Market update – Piramal Enterprises, Hindustan Copper, and Indiabulls Housing Finance are three stocks that have been placed on the F&O ban list by the stock exchange for Wednesday. They have crossed 95 percent of the market-wide position limit (MWPL), leading to the ban. However, these stocks will still be available for trading in the cash market.
Anuj Gupta’s buy or sell stocks:
Stock Market update – Anuj Gupta suggests buying NTPC at a target price of ₹240 with a stop loss at ₹214, and Axis Bank at a target price of ₹1,010 with a stop loss at ₹934.
RelatedPosts
Ganesh Dong re’s intraday stocks for today (2 August):
Stock Market update – Ganesh Dongre advises buying HDFC Life Insurance Company at ₹642 with a target price of ₹660 and a stop loss at ₹630, and Reliance Industries at ₹2,518 with a target price of ₹2,570 and a stop loss at ₹2,490.
Sumeet Bagadia’s intra-day stocks for today (2 August):
Stock Market update – Sumeet Bagadia recommends buying Escorts Kubota at ₹2,563 with a target price of ₹2,635 and a stop loss at ₹2,510, as well as HCL Technologies at ₹1,138.5 with a target price of ₹1,175 and a stop loss at ₹1,110.
(Note: The opinions and suggestions presented by individual analysts or broking companies solely represent their own views and do not reflect the views of Business Connect Magazine. Investors are strongly advised to seek guidance from certified experts prior to making any investment choices.)
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
