Day Trading Guide: 10 Stocks To Buy On Monday As Recommended By VLA Ambala of SMT

Sensex and Nifty, the benchmark indices, are likely to make a positive start on Monday as the Gifty Nifty opened in the green. As of Monday, 18 Sep 2023 08:28 AM, the gift nifty, formerly known as the SGX Nifty, was trading at 20,190.5, up 24 points or 0.12%. The index started off at 20,166.5 and fluctuated between 20,194.5 as its high and 20,149.0 as its low. Sensex ended the day at 67,838.63 on Friday, up 319.63 points or 0.47% while higher by 89.25 points or 0.44% last week on Friday at 20,192.35 level. On the broader market, midcap and smallcap indices traded green to end at 40,829.90 and 12,793.75 respectively.

Market Outlook

Commenting on the market outlook, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd said "As we step into a new month, the market is brimming with various domestic and global macroeconomic indicators that are expected to sustain its momentum. On the domestic front, the monsoon has regained its pace in most of the states in India, increased crude oil prices and institutional flows will also play a vital role.

The upcoming week will place a significant focus on monetary policy as Federal Reserve policymakers convene for the latest FOMC meeting scheduled for Tuesday, with an interest rate decision anticipated for Wednesday, September 20. According to reports, the US Federal Reserve will leave its benchmark overnight interest rate unchanged. Additionally, China will announce the loan prime rate for 1-year and 5-year loans on September 20 and the Japan inflation rate on September 22. The movement of the rupee against the dollar, US bond yields, and crude oil prices will remain in focus, and other macroeconomic indicators will play a significant role in shaping the market mood in the near term."

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd said, "In the coming days market may react to some major macroeconomic data such as US S&P Global manufacturing and services PMI, Initial Jobless claims, building permits, crude oil inventories, Existing home sales, FOMC statement, Fed Interest Rate Decision, UK inflation, Eurozone inflation, forex reserves will be in focus."

Nifty Prediction

On Nifty prediction, Pravesh Gour said "The Nifty is continuing its strong bullish momentum, with no signs of weakness yet. However, traders should keep in mind that 20,000 is a key support level. As long as the Nifty remains above this level, bullish momentum is likely to continue towards the 20,400-20,500 zone. However, if the Nifty falls below 20,000, we can expect some profit-taking towards the 19,800-19,640 levels."

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd said, "Recently the NIFTY index has been on a bullish trajectory, breaking its all-time high and maintaining a strong momentum for the third consecutive week, resulting in a 2% rise this week. Notably, Nifty found solid support at 19800 and managed to increase by 2%, closing the week at 20192. The NIFTY prices have also consistently remained above their short-term moving averages, specifically the 21 and 55-week EMAs."

Bank Nifty Prediction

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd said, "Meanwhile, Bank Nifty also performed well during the week, closing with a gain of over 2% and surpassing the previous week's closing price. It appears to have established a robust demand zone within the 45300-45500 range. Looking ahead, it's important to note that a resistance level is expected at 46300."
On Bank Nifty prediction, Pravesh Gour commented, "The BankNifty is hovering around its all-time high of 46,369. If the Bank Nifty breaks above this level, we can expect a short-covering rally towards the 46,600-47,000 zone. On the downside, 45,800 is an immediate support level. If Bank Nifty falls below this level, we can expect some profit-taking towards the 45,000 mark."

Stocks To Buy Today

Here are the best shares to buy today on Monday as recommended by VLA Ambala of Stock Market Today (SMT).

Maharashtra Scooters

It's a real multi-bagger stock. Today it trading nearly 7650. Momentum is really strong but it is in the over-bought zone now hence pullback is expected. However, If you can average it if required then buy it in the range of 6500 to 7600 ( do averaging near 6050 if in case required because of the pullback). Hold it Target ranging from 8200 to 12500 with stop loss at 5400.

Bajaj Holdings

Until the price is trading below 7240, it's risky to enter if you can't bear more than 10% fluctuations. 6530 is strong support for the price and ideally, those who are holding it should place SL below this range. It takes support to its 24 weeks EMA, and there will be higher chances of seeing 7750 to 11500 as a Target but for this, its support shouldn't get a breakdown.

JINDAL SAW

It looks good to buy in the 328 to 360 range for 400 to 530 targets in the very short term. Keep stoploss at 232.

IOL Chemicals and Pharmaceuticals

It looks good to buy in the 465 to 490 range for 530 to 645 targets in the very short term. Keep stop loss at 400.

Jubilant FoodWorks

Looking good to buy in the 510 to 525 range for 565 to 660 targets in the very short term. Keep stop loss at 507.

Railtel Corporation of India

Looking good to buy in the 214 to 197 range for 250 to 370 targets in the very short term. Keep stop loss at 167.

IRCTC

Looking good to buy in the 680 to 693 range for 750 to 1000 targets in the very short term. Keep stop loss at 640.

Titagarh Rail Systems

Looking good to buy in the 770 to 800 range for 950 to 1280 targets in very short-term to mid-term gains. Keep stop loss at 660.

Zomato

Looking good to buy in the 96 to 103 range for 115 to 180 targets in the mid to short term. Keep stop loss at 87 strictly.

Zee Entertainment Enterprises

Looking good to buy above the 273 range for 310 to 480 targets in the mid to short term. Keep loss at 230 strictly.

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.