Day Trading Guide: Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Today

At the close of the extremely tumultuous day on September 12, benchmark indices were mixed. At closing, the Nifty was down 3.10 points or 0.02 per cent at 19,993.20, while the Sensex was up 94.05 points or 0.14 per cent at 67,221.13. TCS, L&T, Infosys, Divis Labs, and UltraTech Cement were among the top gainers on the Nifty, while BPCL, Power Grid Corp., NTPC, Adani Enterprises, and Coal India were among the top losers. All other sectoral indices ended in the negative, with the exception of information technology, which rose 1%. The BSE midcap index lost 3% in the broader market, while the smallcap index lost 4%.

Market Outlook Today

Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas said on Nifty prediction today that, "The Nifty opened gap up however it was unable to sustain at higher levels and sold off. It closed marginally in the red down ~3 points after rising for seven consecutive trading sessions. The fall was more severe in the broader market with the Midcap and Small Cap Index correcting ~4% each. We believe that the index is due for consolidation after a sharp rally in the last seven trading sessions.

The range of consolidation is likely to be 20100 - 19800. Momentum indicators on the daily and hourly time frame are providing divergent signals which could lead to sideways consolidation. Thus, both price and momentum indicator suggest that there could be consolidation over the next few trading sessions. Overall, the short-term outlook is positive and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19865 - 19810 is the crucial support zone while 20200 - 20250 shall act as an immediate hurdle zone."

Commenting on Bank Nifty outlook today, Jatin Gedia said, "Bank Nifty has also witnessed a sell off past opening higher and closed negative for the day. We believe that there could be a consolidation in the range of 45800 - 45000 from short term perspective. Daily and hourly momentum indicator are providing divergent signals which could lead to a consolidation in the near term."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has suggested intraday stocks to buy today 13th September, Wednesday.

Bajaj Finance

Buy BAJFINANCE in cash @ Rs 7431.30, Stop-loss: Rs 7290, Target: Rs 7650

BAJAJ FINANCE has strong support near 7290 levels which is also 20 Day EMA levels. The stock has recovered from its support levels and is now trading near 7431.30. The RSI indicator is also comfortably trading near 61 levels, indicating strength. A small resistance can be witnessed near 7530. Once the stock exceeds the previously mentioned levels, it may move towards the 7650 level and above. Currently stock is trading above all the important moving averages indicating strength.

Based on the above-mentioned technical analysis, we recommend purchasing BAJAJ FINANCE at the current market price of 7431.30 with a medium-term target price of 7650. If the price falls below 7290, our analysis will be deemed invalid.

HDFC Bank

Buy HDFCBANK in Cash @ Rs 1636.9, Stop-loss: Rs 1600, Target: Rs 1700

HDFC BANK has strong support near 1600-1610 levels which is also 20 Day EMA levels. The stock has recovered after consolidation of support levels and is now trading near 1636.9. The RSI indicator is also comfortably trading near 60.26 levels, indicating strength. A small resistance can be witnessed near 1660. Once the stock exceeds the previously mentioned levels, it may move towards the 1700 level and above. Currently stock is trading above all the important moving averages indicating strength.

Based on the above-mentioned technical analysis, we recommend purchasing HDFCBANK at the current market price of 1636.9 with a medium-term target price of 1700. If the price falls below 1600, our analysis will be deemed invalid.

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.