Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Wednesday, 11th September

Tuesday's opening of the Indian benchmark indices was positive, mirroring global patterns. Nifty had a good start to the day and showed significant buying demand following some early turbulence. The Nifty ended the day higher at 25,041, as a result. There was a fall in market volatility as seen by the volatility index, INDIA VIX, which dropped by 6.16% and settled at 13.36. Bank Nifty ended the day higher at 51,272, having begun strongly and comfortably defended the 50-day moving average's support. The market is probably going to cause investors to become more cautious going forward as they shift their attention to anticipated US inflation and the possible FED policy stance.

Nifty Prediction

"Technically, the index, on a daily scale, has encountered trend line resistance and formed a green candle. As long as the index remains below the trend line resistance, which is around the 25,150 level, caution is advised on the upside. Traders are recommended to create fresh long positions only if the Nifty sustains above 25,150," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

"Technically, on the daily scale, the index is still holding above a piercing line candle. If the index manages to sustain above 51,400 levels, a rally towards 51,800-52,000 could be possible in the short term. On the downside, immediate support is placed near the 50-Day Exponential Moving Average(DEMA), which is around 50,950, followed by the low of the piercing line candle, which is around 50,370," commented Hrishikesh Yedve.

Stocks To Buy Today

Given that Nifty looks to have entered a consolidation period, with immediate support at 24900-24800 and resistance at 25200-25300, Choice Broking executive director Sumeet Bagadia recommended buying two intraday stocks on September 11.

Firstsource Solutions

Buy FSL in Cash @ 328.75 SL @ 315 TGT @ 356

FSL is currently trading at Rs 328.75, exhibiting a bullish trend characterized by the formation of a symmetrical triangle pattern, supported by significant trading volumes. This pattern suggests a potential continuation of its previous uptrend, which could further enhance the bullish momentum. A breakout above the resistance level of Rs 331 may lead to a short-term target of Rs 356, with support identified at Rs 315.

The Relative Strength Index (RSI) stands at 63.17, indicating strong upward momentum. Additionally, FSL is trading above both its short-term (20-day) and medium-term (50-day) Exponential Moving Averages (EMAs), reinforcing a positive outlook. Sustaining these levels signals solid market support and an overall favorable trend.

To manage risk, a stop-loss at Rs 315 is recommended to protect against any unexpected market downturns. Given the current technical setup and market conditions, FSL presents a promising buying opportunity with a target of Rs 356, provided that risk management measures are carefully followed.

Tata Communications

Buy TATACOMM in Cash @ 1997.30 SL @ 1915 TGT @ 2165

TATACOMM is currently trading at Rs 1,997.30 in the cash market, presenting a good buying opportunity. The stock is consolidating within a wide range and is on the verge of breaking out from an Ascending Triangle pattern on the daily chart. This potential breakout is supported by a significant increase in trading volumes. If the price manages to stay above Rs 2,020, it is likely to move towards a target of Rs 2,165. On the downside, immediate support is at Rs 1,950, providing another potential buying opportunity.

The Relative Strength Index (RSI) is at 61.12, with a positive crossover indicating increasing buying momentum. Additionally, TATACOMM has rebounded from its short-term (20-day) and medium-term (50-day) Exponential Moving Averages (EMAs), reinforcing a bullish outlook.

Based on these technical indicators, we recommend taking a long position in TATACOMM at Rs 1,997.30 with a stop loss at Rs 1,915 to manage risk and a target price of Rs 2,165, aligning with the current favorable market sentiment.

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.