Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Friday, 30th August

Although the Nifty began the day with a slightly bullish tone, buying enthusiasm quickly followed, and on Thursday, the index reached a new record high of 25,192.90 levels. At 25,152 levels, it at last ended the day positively. The Bank Nifty had a poor start to the day, fluctuated all day, and ended the day flat at 51,153 levels. Markets were steady at the start of the August expiration session, but they progressively rose to new highs over the day. Nifty retreated from the morning highs as the expiration impact took hold in the second half. The market maintained its winning run for the eleventh day in a row, and it is anticipated that this slow recovery will continue as Nifty reaches new highs on an ongoing basis.

Market Outlook

"The action-packed August series ended with robust gains of over 3%, supported by eleven consecutive sessions of daily advances. With today's strong close, prices have now surpassed the previous swing high, confirming a "Saucer" formation and signaling the potential for further upside. The upcoming session that starts the new series will be crucial; if Nifty holds onto this breakout, additional gains could follow in the near term. Nifty has consistently maintained the 25000 level, and as long as this support holds, a positive bias should be retained. However, a break below 25000 could lead to weakness towards 24850 or lower. It's worth noting that the broader market has shown some weakness in recent days, with only a few heavyweights driving the index higher. Therefore, the next sessions will be vital for determining the market's direction. Traders are advised to closely monitor the key levels and make informed decisions rather than reacting impulsively," said Rajesh Bhosale, Equity Technical Analyst, Angel One.

Stocks To Buy Today

On August 30, Sumeet Bagadia, executive director of Choice Broking, recommended buying two intraday stocks as Nifty's 25,000 level had shown itself to be a reliable support.

Hindustan Petroleum Corp

Buy HINDPETRO in Cash @ 415.85, stop-loss @ 400, target @ 440

HINDPETRO has given a strong breakout after a consolidation in a small range of Rs 400-Rs 413, supported by an increase in trading volumes. This pattern signals a continuation of bullish market sentiment and suggests significant potential for future price appreciation.

The Relative Strength Index (RSI) is at 70.79 and is trending upward, further supporting the bullish momentum. Additionally, HINDPETRO is trading above its key moving averages, including the short-term (20 Day), medium-term (50 Day) and long term (200 Day) EMA levels, which confirms the strength of the current uptrend.

Based on the favourable technical setup and key indicators (RSI and moving averages), buying HINDPETRO at CMP of Rs 415.85, with a stop loss at Rs 400 and a target price of Rs 440, presents a compelling opportunity for potential gains. This strategy aligns well with the on-going bullish trends in the stock.

Tata Motors

Buy TATAMOTORS in Cash @ 1121.65, stop-loss @ 1070, target @ 1210

Tata Motors (TATAMOTORS) is currently trading at Rs 1,121.65, reflecting a robust upward momentum following a strong breakout above the Rs 1,105 mark. This breakout, accompanied by significant trading volumes, suggests considerable buying interest and strength in the stock. The bullish sentiment is further confirmed as the stock is trading above all key moving averages: the short-term (20-day EMA), mid-term (50-day EMA), and long-term (200-day EMA). These technical indicators point towards a strong and sustained upward trend.

On the downside, TATAMOTORS has strong support at Rs 1,070, which aligns closely with its 20-day EMA, indicating a cushion against potential pullbacks. As long as the stock remains above this level, the upward trend is likely to continue. Given the current market conditions and technical setup, TATAMOTORS has the potential to move towards the target level of Rs 1,210 in the short to medium term. Investors are advised to maintain a bullish stance while monitoring key support levels.

Based on the above technical analysis we recommended buying TATAMOTORS at CMP of 1121.65 with the Stop loss of 1070 for the target of 1210.

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.