Day trading guide for Tuesday: 6 stocks to buy today — 23rd August | Mint – Mint

The Sensex dived 872 points while the Nifty finished below the 17,500-mark on Monday, in tandem with a sell-off in global stocks on renewed concerns over global growth and hawkish stance of central banks. The BSE Sensex tumbled 872 points to close at 58,773.8. Similarly, the Nifty declined 1.5% to 17,490.7. 

In the broader market, the BSE midcap gauge fell by 1.8% and the smallcap index declined 1.2%. The Nifty Bank index was down nearly 2%, dragged by fall in Punjab National Bank (PNB) and Kotak Mahindra Bank shares.

Day trading guide for stock market today

The short-term trend of Nifty continues to be down and the overall bearish chart pattern signal more weakness ahead. The next supports to be watched around 17330 (23.6% fibonacci retracement of June to Aug rising leg) in the next few sessions. On the move below, the next support of 38.2% retracement is placed at 16900 levels. Immediate resistance is at 17600 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Nifty slipped back below the falling trend line, indicating a failed breakout. On the lower end, the price has corrected towards the support zone of 17500-17400. Over the near term, a fall below 17400 may trigger a further correction in the market. On the lower end, support is visible at 17200/17000. On the other hand, the Nifty may recover towards 17700 if it doesn’t fall below 17400,” said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts –

Rajesh Bhosale, Technical Analyst, Angel One Ltd

Siemens: Buy SIEMENS, stop loss 2,820, target 2,950

Zee Ent: Buy ZEEL, stop loss 251, target 273

Mehul Kothari, AVP -Technical Research at Anand Rathi

Kotak Mahindra Bank: Buy Kotakbank, stop loss 1,800, target 1,875

Rain Industries: Buy Rain, stop loss 188, target 198

Anuj Gupta, Vice President – Research at IIFL Securities

ICICI Bank: Buy ICICIBANK, stop loss 828, target 890

Coal India: Buy CoalIndia, stop loss 207, target 230

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

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