Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Tuesday, 17th September

On Monday, the key benchmark indices showed resiliency by beginning the day higher and continuing to display the impact of global cues. Profit booking resulted from Nifty's failure to maintain its new record high of 25,445.70, which it had set earlier in the day on a flat to positive note. At 25,384, the index ended the day slightly higher than it began. Despite market volatility, Bank Nifty had a solid start to the day and closed higher at 52,153. The US Federal Reserve is expected to cut interest rates by at least 25 basis points when it makes its announcement on Wednesday. This might signal the start of a rate-cutting cycle and influence the direction of the market.

Nifty Outlook

"Technically, the small red candle formation on the daily chart signals some short-term hesitation, but the fact that Nifty remained above the 25,335 (breakout level of the rounding bottom pattern) suggests underlying strength. The 21-DEMA support is currently placed near 25,020. As long as Nifty stays above 25,000, a "buy on dips" strategy is advisable, with the potential for the index to test 25,600 in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

"The index sustained above the cup-and-handle breakout, which indicates potential strength. In the short term, Bank Nifty could test levels of 52,800-53,000, with a medium-term target of 53,800. The 21-DEMA support is currently placed near 51,310. Therefore, a "buy on dips" strategy is recommended for Bank Nifty as long as it stays above 51,300," predicted Hrishikesh Yedve.

Stocks To Buy Today

On September 17, Sumeet Bagadia, executive director of Choice Broking, recommended buying two intraday stocks after the Nifty's Relative Strength Index (RSI) surpassed the 60 mark on the daily charts, indicating further positive momentum.

Sun Tv Network

Buy SUNTV in Cash @ 843.75, stop-loss @ 810, target @ 911

SUNTV's daily chart shows a promising outlook for the upcoming week, reflecting a consistent upward trend. Recently, the stock experienced a breakout from a well-formed rounding bottom channel and closed above the critical 830 mark. This breakout suggests the potential for further gains, with a target price of 911.

The stock has demonstrated strong bullish momentum, highlighted by a robust bullish candle, which indicates the likelihood of continued upward movement. The daily Relative Strength Index (RSI 14) is trending upward and remains above its reference line, suggesting positive market sentiment.

Additionally, SUNTV is trading above its key 20-day, 50-day, and 100-day Exponential Moving Averages (EMA), further reinforcing the strength of the bullish trend.

Based on the overall chart pattern and technical indicators, this analysis suggests a favorable long trading opportunity for investors. We recommend buying SUNTV at the current market price (CMP) of Rs 843.75, targeting a price of Rs 911, with a stop loss set at Rs 810.

Computer Age Management Services

Buy CAMS in Cash @ 4520.3, stop-loss @ 4354, target @ 4890

CAMS is currently trading at 4520.3, with a bullish pennant pattern forming on the daily chart, accompanied by significant volume that signals strong upward momentum. The pattern is currently in a consolidation phase, and if the price sustains above 4540, it has the potential to rise towards 4890.

On the downside, immediate support is located at 4400, which may offer buying opportunities during dips. The Relative Strength Index (RSI) is at 59.8 and trending upward, reflecting growing buying interest. To manage risk effectively, a stop-loss at 4354 is recommended to safeguard against any unexpected market reversal.

In conclusion, given the technical setup and current market conditions, CAMS presents a promising buying opportunity for those aiming for 4890, provided that proper risk management strategies are employed.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.