Day trading guide for Monday: 6 stocks to buy or sell today — 29th August | Mint – Mint

Day trading guide for Monday: After showing weakness on Thursday session, Indian stock market shifted into consolidation and ended higher on Friday. Nifty 50 index gained 36 points and closed at 17,558, BSE Sensex finished 59 points north at 58,833 whereas Nifty Bank index shot up 36 points and closed at 38,987 levels. Among sectors, power, metals, consumer durables and capital goods indices rose the most while realty and FMCG fell the most. Mid-cap and Small-cap indices mildly outperformed the key benchmark indices as the advance decline ratio was positive at 1.48.

According to stock market experts, Nifty on the weekly chart formed a small negative candle with long lower shadow. After the downward reversal from the highs in the last week, Nifty showing upside recovery in this week signal probability of another round of upside bounce. However, the recent lows of 17,350 is going to be crucial.

Day trading guide for stock market today

“The short term trend of Nifty is range bound with volatility and the consolidation movement is expected to continue for this week. We expect Nifty to trade in a range of 17,800 to 17,300 levels by next week. Any decisive breakout on either side is likely to accelerate momentum in the market,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Speaking on Nifty call put data, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Market continues to play the neutrao card with NIFTY Option chain for the weekly expiry reflexts on CE writers aggressively adding over a lakh contracts at various strikes on immediate basis till 18000CE. PE writers standing tall at 17500PE, with PCR OI at 17500 being more than 2, is definitely a breathing spot for the BULLs now.”

“Option chain on PE writers being active at 39000PE – with more than 60 thousand contracts, followed by 38500PE/38000PE. CE writers adding their positions at 39500- with overall a lakh contracts, hints on a strong support base for the INDEX, which if holds then upside targets opens up till 41000 zones,” said Shilpa Rout of Prabhudas Lilladher.

Expressing disappointment over the outcome of Jackson Hole Symposium, Ritika Chhabra, Economist and Quant Analyst at Prabhudas Lilladher sid, “Jerome Powell’s speech in Jackson Hole was short and crisp. The Fed chief made sure that right message goes across to investors that his top priority is taming inflation, and not economic growth. Investors who cheered Fed’s dovish comments in July FOMC meeting and were pricing in rate cuts in early 2023 are hugely disappointed with this hawkish message from the Fed.”

Day trading stocks

Sharing intraday stocks for today, stock market 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’s intraday stocks for today

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

2] Jindal Steel: Buy around 421, target 440, stop loss 408

Vaishali Parekh’s stocks to buy today

3] Aegis Logistics: Buy at 264, target 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 at 2533, target 2620, stop loss 2480

6] NTPC: Buy at 163.40, target 171, stop loss 158.80.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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