Day Trading Guide: 2 Stocks To Buy Today As Recommended By Chandan Taparia of Motilal Oswal

Nifty yesterday, opened flat in line with weak global markets, but soon witnessed sharp recovery and ended the day with gains of 77 points at 20,070. FIIs sold Rs 1,632 crore shares and DIIs added Rs 850 crore. Currently GIFT Nifty is trading 0.2% higher.

US markets yesterday, ended on a mixed note, as US CPI came marginally higher than expectation at 3.7%. Now investors await PPI data which is a more important parameter for US Fed's rate hike decision Currently Dow Futures is trading 0.2% higher. Most of the Asian markets are trading in green.

Nifty Outlook

Nifty immediate support at 19,950 then 19,850 zones while resistance at 20,150 then 20,250 zones. Now it has to hold above 20,000 zones for an up move towards 20,150 then 20,250 zones whereas support exists at 19,950 then 19,850 zones.

Bank Nifty Outlook

Bank Nifty support at 45,600 then 45,250 zones while resistance at 46,350 then 46,500 zones. Now it has to continue to hold above 45,750 zones for an up move towards 46,350 then 46,500 zones while on the downside support seen at 45,600 then 45,250 levels.

Market Outlook

Strong opening in the Asian markets, modest gain in US Index future and investors digested mixed bag on US Inflation print, may open domestic bourses on a positive note. Cooling of domestic CPI inflation to below 7% in August and the rise in industrial production data reaffirmed the robustness of the domestic economy. US stocks, bonds and the dollar saw small moves, with a mixed inflation report reinforcing speculation the Federal Reserve will pause its rate hikes - but refrain from calling the end of its tightening cycle. Dow Jones ended flat while Nasdaq Composite gained 0.3%. Asian stocks rose on cautious optimism after Wall Street largely looked through a US inflation report that was in-line with estimates, reinforcing bets the Federal Reserve may pause rate hikes but signal it's not over yet. Japan,South Korea, Australia and Taiwan Index gained up to 0.50%. Back home, Gift Nifty is up 50 points.

Stocks To Buy Today Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended below intraday stocks to buy or sell today on 14th September.

Technical Pick:

Ultratech Cement

Buy Rating Target Price: Rs 8,900 Stop Loss : Rs 8,500 Duration : 2 3 Days

Ultratech Cement has given trend line breakout on daily chart retested the same and inching higher It has also given consolidation breakout on daily chart which has bullish implications It is respecting 20 DEMA and supports are gradually shifter higher The momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick

KEC International

Buy Rating Duration 1Year

KEC International has secured a turnkey order of Rs 1,145 crore in the Kingdom of Saudi Arabia ( in its Transmission Distribution. A day earlier, it had received new orders worth Rs 1,012 crore across its businesses, namely civil, transmission distribution. With these orders, the company's year to date ( order intake has surpassed Rs 7,500 crores, which is a growth of 30 YoY

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.