Day trading guide for today: Six stocks to buy or sell on Tuesday — August 29

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains weak. As long as, it trades below 19,400 levels, there is a chances of further weakness down to the next supports of 19,100 to 19,000 levels. A decisive move above the immediate resistance of 19,370 to 19,400 could open the next upside towards 19,600 levels for the short term.”

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty has formed a morning star pattern on the daily chart and closed marginally above the 50-DEMA at 44,494, up 262 points. The option activity at 44,500 Strike will provide cues about Bank Nifty’s future direction as both call and the put writers are fighting it out to dethrone each other. A close above today’s high of 44,610 can result in bulls coming back in Bank Nifty.”

On triggers that may dictate Indian stock market today, Siddhartha Khemka, Head – Retail Research, Motilal Oswal said, ” Markets are likely to remain in consolidation mode this week amidst key events including the release of domestic GDP data, monthly expiry, and domestic and global macroeconomic data. Also ~7% deficit in the Jun-Sept monsoon could keep upside limited.”

Stocks to watch today

Among dividend stocks in August 2023, eight stocks are going to trade ex-dividend today. Those eight dividend paying stocks include GMM Pfaudler, Mysore Petro and Birla Corp.

Markets will remain vigilant about the outcome of board meeting of Gillette India Ltd. The company board is going to consider and approve final dividend for the financial year 2022-23.

Apart from this, Indo US Bio-Tech stocks will be in focus today as the stock is going to trade ex-bonus today. the company board has announced issuance of bonus shares in 1:1 ratio.

F&O ban list

Nine stocks have been put in the list of F&O ban for trade during Tuesday session. Those nine stocks are BHEL, Escorts, FNR Infra, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, RBL Bank and Sun TV.

Day trading stocks for today

On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, Rajesh Bhosale, Technical Analyst at Angel One and Pravesh Gour, Senior Technical Analyst at Swastika Investmart — recommended six stocks to buy or sell today.

Ganesh Dongre’s intraday stocks for today

1] ITC: Buy at ₹441, target ₹448, stop loss ₹435.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹448 to ₹450 so, holding the support level of 435 this stock can bounce toward the ₹448 level in the short term. Hence, the trader can go long with a stop loss of ₹835 for the target price of ₹848.

2] Tata Chemical: Buy at ₹1038, target ₹1055, stop loss ₹1020.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1020 this stock can bounce toward the ₹1055 level in the short term. Hence, the trader can go long with a stop loss of ₹1020 for the target price of ₹1055.

Rajesh Bhosale’s stocks to buy today

3] IRCTC: Buy at ₹678, target ₹711, stop loss ₹662.

The stock is looking bullish after rising from the consolidation zone of ₹620 to ₹675.

4] Gujarat Alkalies: Buy at ₹672, target ₹705, stop loss ₹653.

Stock looking bullish on chart pattern and may give upside movement in near term.

Pravesh Gour’s day trading stocks

5] Confidence Petroleum: Buy at ₹92.40, target ₹100, stop loss ₹87.

The counter has shown a breakout of a triangle formation with strong volume. It has retested its previous breakout level at ₹82 and starts a new leg of the rally towards ₹100.

6] SJVN: Buy at ₹60.80, target ₹64.80, stop loss ₹58.50.

The counter has witnessed a breakout of a triangle formation with strong volume.

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: 29 Aug 2023, 08:35 AM IST