Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Tuesday, 3rd September

The Nifty had a gap-up to begin the day and reached a record high of 25,333.65 before some profit booking took place. At 25,279 levels, it finally ended the day on a high note on Monday. There was a spike in market volatility as seen by the volatility index, INDIA VIX, which rose by 4.98% and settled at 14.06. Despite profit taking, the Bank Nifty had a great start to the day and ended the day around 51,440 levels. The VIX is currently trading above its two-week close, indicating a rise in volatility and a cause for caution. For now, though, the bulls have a positive outlook as long as it stays below 15.

Nifty Prediction

Technically, on the daily chart, the index formed a red candle but is still holding well above the breakout of a rounding bottom pattern, indicating strength. On the downside, the 9-Day Exponential Moving Average (DEMA), positioned near 25,022, will act as immediate support for the Nifty in the short term. As long as the index remains above 25,000, a 'buy on dips' strategy should be adopted. On the upside, the index could test levels of 25,500-25,600 in the short term, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

Technically, on the daily chart, the index formed a red candle but managed to stay above the trend line support and the 21-Day Exponential Moving Average (DEMA), which is near 51,000 levels. As long as the index remains above 51,000, a 'buy on dips' strategy is recommended. On the upside, the rally might extend to 51,800-52,000 levels, predicted Hrishikesh Yedve.

Stocks To Buy Today

On September 3, Sumeet Bagadia, the executive director of Choice Broking, recommended buying two intraday stocks as the market's outlook moved from positive to sideways, although it still supports a "Buy on Dips" strategy.

Piramal Pharma

Buy PPLPHARMA in Cash @ 194.97, stop-loss @ 187, target @ 205

PPLPHARMA is currently trading at Rs 194.97 and shows an overall bullish trend. The price has been steadily increasing, fluctuating within a range of approximately Rs 180 to Rs 188 and has given a breakout above the resistance level of Rs 188. This breakout suggests the stock has the potential to reach short-term targets of Rs 205. The immediate support level is around Rs 185.

The Relative Strength Index (RSI) is currently at 70, indicating that the stock is in the bullish zone. To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 187. This precaution will help protect your investment in the event of an unexpected market reversal.

In summary, based on technical analysis and current market conditions, PPLPHARMA appears to be a promising buying opportunity for those targeting a price of Rs 205, provided that appropriate risk management measures, such as setting a stop-loss at Rs 187, are implemented.

Pfizer

Buy PFIZER in Cash @ 6318.3, stop-loss @ 6072, target @ 6645

PFIZER is currently at the all-time level; the stock has formed a strong bullish continuation pattern. It has given a breakout at 6100. The breakout was formed after a slight consolidation phase and the breakout is accompanied by increase in significant volume, indicating strong buying interest.

The Relative Strength Index (RSI) is currently at 78, however the strong momentum may sustain the uptrend. The stock is trading well above its key Exponential Moving Averages (EMAs) with the 20-day EMA, the 50-day EMA, and the 200-day EMA reinforcing the bullish sentiment.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 6072. This precaution will help protect your investment in the event of an unexpected market reversal.

In summary, based on technical analysis and current market conditions, PFIZER appears to be a promising buying opportunity for those targeting a price of Rs 6645, provided that appropriate risk management measures, such as setting a stop-loss at Rs 6072, are implemented.

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.