Day trading guide for today: Six stocks to buy or sell on Friday — September 1

Day trading strategy for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying trend of Nifty remains choppy with weak bias. There is a possibility of weakness below 19,200 levels in the coming sessions. The strong support is placed around 19,000 to 18,900 levels, where one may expect a sizable upside bounce from the lows.”

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty fell from the resistance of 44,350 zones on Intraday basis and closed at 43,989, down 243 points, marginally recovering from the 100-Day Exponential Moving Average (DEMA) of 43,920. Bank Nifty has given a lower close on the daily chart today. The downside support for Bank Nifty is placed at 43,800 while a break below this level can take the Index 500 points lower until 43,500 levels.”

On triggers that may dictate stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “After, poor US Q2 GDP data, investors would keep an eye on nonfarm payroll numbers. We expect the market to remain sideways on the back of mixed cues from global as well as domestic markets.”

Stocks to watch today

Jio Financial Services shares will be in focus as the demerged financial business of the Reliance Industries Ltd (RIL) will be removed from the BSE indices including BSE Sensex from today.

Apart from this, markets will be vigilant about the outcome of board meetings of Dhanalaxmi Roto Spinners and Kama Holdings respectively. The board of directors of Kama Holdings are going to consider and approve issuance of bonus shares whereas Dhanalaxmi Roto Spinners is going to consider and approve final dividend for the financial year 2022-23.

Among dividend stocks in September 2023, 29 stocks are going to trade ex-dividend today. These 29 dividend paying stocks include Shipping Corporation of India, Metro Brands, APL Apollo, Triveni Engineering, Ujjivan Financial Services, Vinati Organics, NBCC (India), etc.

Remedium Lifecare stock will be in focus today as it will be trading ex-split today. The board director of the company has declared stock split in 1:2 ratio and it has fixed record date for stock split on Friday, September 01, 2023.

IPO news today

In public issue segment, bidding for Rishabh Instruments IPO is going to end today so investors have just one day in hand if they are mulling to apply for the book build issue.

Apart from this, Bidding for Basilic Fly Studio IPO proposed for listing on NSE SME exchange has opened today.

Vishnu Prakash IPO allotment status is still pending as finalisation of share allocation hasn’t been declared. So, those who have bid for the issue are advised to check Vishnu Prakash IPO allotment status online by logging in at BSE website or at the website of its official registrar Link Intime India Private Limited.

F&O ban list

No stock has been put in list of ban during Friday session.

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Pravesh Gour, Senior Technical Analyst at Swastika Investmart — recommended six stocks to buy or sell today.

Sumeet Bagadia’s intraday stocks for today

1] Tata Steel: Buy at ₹122.90, target ₹128, stop loss ₹119.50.

Tata Steel share showcases compelling technical dynamics that merit closer examination. The stock has effectively carved out a formidable support level at ₹120, a key price point that has proven its significance by acting as a barrier against downward price action.

2] HDFC Life: Buy at ₹644.75, target ₹670, stop loss ₹630.

HDFC Life share is currently trading at ₹644.75 levels. The stock has bounced from the strong support of ₹631 levels which is also 50 Day EMA levels. The stock is currently trading above all the important moving averages. The Relative Strength Index (RSI), a pivotal gauge of the stock’s strength and momentum, currently stands at 56. This reading reflects the stock’s potential to uphold its current bullish momentum. The small resistance is placed near ₹655 levels, once stock surpasses the above mentioned resistance it can move higher towards the target of ₹670 and above.

Ganesh Dongre’s stocks to buy today

3] Hindustan Aeronautics Ltd or HAL: Buy at ₹3921, target ₹4110, stop loss ₹3820.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹4110. So, holding the support level of ₹3820 this stock can bounce toward the ₹4110 level in the short term. Hence, the trader can go long with a stop loss of ₹3820 for the target price of ₹4110.

4] BEL: Buy at ₹134, target ₹140, stop loss ₹129.

On the short-term chart, the stock has shown a bullish reversal pattern. So, holding the support level of ₹129 this stock can bounce toward the ₹140 level in the short term. Hence, the trader can go long with a stop loss of ₹129 for the target price of ₹140.

Pravesh Gour’s day trading stocks

5] Bikaji Foods: Buy at ₹498.20, target ₹514, stop loss ₹487.

Bikaji Foods share has shown a breakout of a triangle formation with strong volume. It has retested its previous breakout level at ₹460 and starts a new leg of the rally towards ₹510+.

6] Polycab: Buy at ₹5123, target ₹5224, stop loss ₹5050.

Polycab share is continuing its higher highs and higher lows formation. It has given a breakout of a triangle formation with huge volume and sustained its breakout levels above ₹4900.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Updated: 01 Sep 2023, 08:16 AM IST