Guide to Day Trading Monday: 6 Stocks to Buy or Sell Today – August 29


Today’s trading guide for Monday: After showing weakness in Thursday’s session, the Indian stock market turned to consolidation and finished higher on Friday. The Nifty 50 index gained 36 points and closed at 17,558, BSE Sensex finished 59 points north at 58,833 while the Nifty Bank index climbed 36 points and closed at 38,987 levels. Among sectors, the energy, metals, consumer durables and capital goods indices rose the most, while real estate and consumer staples fell the most. Mid and small cap indices slightly outperformed major benchmarks, with the expected decline ratio being positive at 1.48.

According to stock market experts, Nifty on the weekly chart has formed a small negative candle with a long lower shadow. After the reversal down from last week’s highs, Nifty showing an upside rally this week signals the likelihood of another upside bounce cycle. However, the recent lows of 17,350 are going to be crucial.

Daily trading guide for the stock market today

“Nifty’s short-term trend is tied to volatility and the consolidation move is likely to continue this week. We expect Nifty to be trading in the 17,800-17,300 range by next week. accelerate market momentum,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Speaking on Nifty’s call data, Shilpa Rout, Chief Derivatives Analyst at Prabhudas Lilladher, said: “The market continues to play the neutrao card with the NIFTY options chain for expiry reflexes weeklies on CE writers aggressively adding more than a lakh of contracts in various strikes on an immediate basis until 18000 CE PE writers standing at 17500PE, with an OI PCR at 17500 being above 2, are definitely respite for the BULLs now.

“The options chain on PE writers being active at 39000PE – with over 60,000 contracts, followed by 38500PE / 38000PE. strong support for the INDEX which if holds bullish targets then opens up to 41,000 zones,” said Prabhudas Lilladher’s Shilpa Rout.

Expressing his disappointment with the outcome of the Jackson Hole symposium, Ritika Chhabra, economist and quantitative analyst at Prabhudas Lilladher sid, “Jerome Powell’s speech in Jackson Hole was short and to the point. The Fed chief made sure the good sends a message to investors that its top priority is getting inflation under control, not economic growth.Investors who applauded the Fed’s dovish comments at the July FOMC meeting and predicted rate cuts at the beginning of 2023 are extremely disappointed by this hawkish message from the Fed.

Day trading stocks

Sharing the intraday stocks for today, equity analysts – Mehul Kothari, AVP – Technical Research at Anand Rathi; Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.

Mehul Kothari Intraday Stocks for Today

1]Raymond: Buy at 963 target 995, stop loss 945

2]Jindal Steel: Shop Around 421 target 440, stop loss 408

Vaishali Parekh shares to buy today

3]Aegis Logistics: Buy at 264, objective 300, stop loss 246

4]Mahindra & Mahindra Financial Services: Buy at 206, target 225, stop loss 198

Rajesh Bhosale’s stock picks for Monday

5]Titan Company: Buy on 2533 target 2620, stop loss 2480

6]NTPC: buy on 163.40, target 171, stop loss 158.80.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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