Day Trading Guide: Adani, JSW & Tata Group Stocks To Buy Today

The benchmark indices are expected to open flat on Friday amidst mixed global cues and Gift Nifty traded lower in the early session. Gift Nifty, previously SGX Nifty, traded at 19,646.5 on Friday at roughly 08:21 AM, down 10.5 points or 0.05%. The benchmark opened at 19,657 and traded between 19,649 and 19,625.5. The Sensex ended the day on September 28 at 65,945.47, down 78.22 points or 0.12%. While the Nifty 50 fell by 9.85 points, or 0.05%, to close at 19,664.70. 141 points were lost by Bank Nifty, which ended at 44,624.20.

The Nifty Smallcap 100 fell by 0.41% to end the day at 12,623.75, while the Nifty Midcap 100 fell by 1.32% to close at 40,104.05. On this particular day, India's volatility index rose by around 11%. On Thursday, the major gainers were L&T, Bharti Airtel, ONGC, Coal India, and Power Grid, while the top losers comprised Tech Mahindra, Asian Paints, LTIMindtree, M&M, and Wipro.

Market Outlook Today

Stating on the Nifty prediction today, Rupak De, Senior Technical analyst at LKP Securities said, "The Nifty has experienced a significant correction as it was unable to maintain levels above 19,750. On the daily timeframe, the most recent candle has engulfed the bodies of the preceding few days' candles, which suggests a negative sentiment. The prevailing sentiment continues to favor selling during rallies. Looking ahead, the Nifty may decline towards 19,250, with immediate support situated at 19,450. Resistance is positioned at the higher end at 19,600."

On Bank Nifty outlook today, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said "The Bank Nifty witnessed a resurgence of bearish sentiment as the bears took control, pushing the index lower. Strong resistance has formed at the 20-day moving average (20DMA) located at the 45,000 mark. The immediate support on the downside is situated at 44,200, and a breach below this level could trigger further selling pressure, potentially taking the index down to the 43,800 mark. In this scenario, it's advisable to maintain a "sell on rise" approach as long as the index remains below the 45,000 mark."

Stocks To Buy Today

AR Ramachandran from Tips2trades has picked up 3 stocks to buy/sell today on Friday.

Tata Investment Corporation

Tata Investment Corporation looks very overbought yet bullish with next resistance at 3666. Investors should be booking profits at current levels as a daily close below support of 3279 could lead to 2967 in the near term.

Adani Power

Apart from corporate governance issues, Adani Power fundamentally looks better than Tata Power with stronger profit growth and return ratios. Technically, 390 is a strong resistance on the Daily charts. Investors should buy only if there is a dip close to support of 309.

JSW Steel

JSW Steel has turned bearish on the Daily charts with strong resistance at 793. A daily close below support of 766 could lead to a sharp fall till 750 in the near term. Comparatively, JSW Steel looks like a much better bet in the long term as compared to Tata Steel with a lower PE ratio & better & more consistent sales growth numbers.

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.