Intraday Trading Stocks: 6 Trending Shares To Buy On Monday, 18th Sept

On Friday, the Sensex and Nifty 50 both reached new closing highs. While the Sensex reached an intraday high of 67,927 and concluded at 67,838.63 after gaining 319.63 points or 0.47%, the Nifty reached an intraday record high of 20,223 and closed at 20,192.35 adding 89.25 points or 0.44%. The top Nifty gainers this week were Bajaj Auto, Grasim, and Bharti, while the top Nifty losers were BPCL, HDFC Life, HUL, and NTPC.

Weekly Market Outlook

Vinod Nair, Head of Research at Geojit Financial Services said, "Elevated crude oil prices and concerns about inflation initially cast a shadow over the market. However, this negative sentiment was offset by robust domestic industrial and manufacturing production data, as well as a decline in inflation, which propelled the market to new highs. The market also received support from a set of positive global cues.

Some of the positive global cues include China's recovery from deflation, cooling core inflation in the US, which supports the idea of a rate pause and hints from the ECB about a potential pause in rates due to receding inflation. However, mid and small-cap indices faced pressure as profit booking set in, driven by overvaluation concerns and after reaching all-time highs. Investors are now closely focused on upcoming data releases and central bank meetings scheduled for the next week, including decisions from the U.S. Fed Reserve, BoE, and BoJ. "

Nifty Outlook

Rupak De, Senior Technical analyst at LKP Securities believes the Nifty continued to exhibit strength as the index reached new highs. Strong Put writing at 20,100 has further bolstered positive sentiment in the market. The trend is expected to remain positive as long as the Nifty remains above the 20,000 mark. In the short term, there is potential for the Nifty to move towards the 20,480-20,500 range on the upside.

Bank Nifty Outlook

The sentiment remains positive as the Bank Nifty approaches its all-time high. The strong presence of Put writers at 46,000 has supported the index to stay in positive territory. The trend is anticipated to stay bullish as long as the Bank Nifty remains above the 46,000 mark. In the short term, there is potential for the Bank Nifty to reach levels around 46,700 and 47,000 on the upside, said Rupak De.

Intraday Stocks To Buy On Monday

AR Ramachandran from Tips2Trades has recommended the below stocks to buy on Monday, 18th September.

PNB

PNB looks bullish but also overbought on the Daily charts with next resistance at 75.6. Investors should be booking profits at current levels as a daily close below support of 71.7 could lead to a target of 65 in the near term.

TVS Motors

TVS Motors looks bullish on the Daily charts and a close above resistance of 1498 could lead to a target of 1529 in the near term. Support will be at 1451.

Indus Towers

Indus Towers looks bullish on the Daily charts and a close above resistance of 195 could lead to a target of 204 in the near term. Support will be at 183.6.

Infosys

Technically, Infy looks overbought and bearish with strong resistance at 1518. A daily close below support of 1499 could lead to 1425 in the near term.

Empire Industries

Empire Industries stock price is bearish on the Daily charts with strong resistance at 1192. A daily close below support of 1020 could lead to a target of 900 in the near term.

Eldeco Housing

Eldeco Housing stock price is sideways to bearish on the Daily charts with strong resistance at 735. A daily close below support of 697 could lead to a target of 665 in the near term.

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.