Day Trading Guide For Monday: Best Shares To Buy/Sell On 28th Aug

On Friday, the Sensex fell by 365.83 points or 0.56% to close at 64,886.51, while the Nifty 50 fell by 120.90 points or 0.62% to close at 19,265.80. While Nifty 50 lost 0.50%, Sensex wrapped up the trading week from August 21 to 25 with a modest decline of 0.25%. The market will be influenced this week by the Reliance AGM, global cues, and macroeconomic data.

The much-anticipated Reliance Annual General Meeting (AGM), which will take place on August 28th, will be the primary attraction of the coming week. On Thursday, August 31, India is scheduled to release its Q2 GDP results. On Friday, September 1, manufacturing purchasing managers' index (PMI) data will be released. On Tuesday, August 29, the US JOLT opening statistics for July will be made public.

Market Outlook This Week

Santosh Meena, Head of Research, Swastika Investmart Ltd said, "The past week marked the fifth consecutive week of losses on Dalal Street, but broader market indices managed to hold their ground despite prevailing challenges. The market was influenced by a combination of factors including escalating US bond yields, concerns stemming from China, and the downward pressure exerted by heavyweight players like Reliance and HDFC Bank.

The upcoming week's focal point is the eagerly awaited Reliance Annual General Meeting (AGM) on Monday, August 28. This event is poised to have some impact on the market's trajectory. Anticipations are high as Reliance Industries is anticipated to unveil a series of significant announcements during its 46th AGM. These revelations may encompass updates on IPO timelines for their telecommunications and retail businesses, insights into the progress of the 5G rollout, and revelations about investments in clean energy initiatives."

"Shifting to the macroeconomic landscape, India is set to reveal its Q2 GDP figures on Thursday, August 31, shedding light on the nation's economic performance. Concurrently, manufacturing Purchasing Managers' Index (PMI) data will be disclosed on Friday, September 1. Meanwhile, Tuesday, August 29, will witness the release of US JOLT job openings data for July, offering insights into the American labour market. Subsequently, Friday, September 1, will feature the disclosure of the US unemployment rate and nonfarm payroll statistics. These global indicators, in conjunction with cues from China, foreign investor activities, and fluctuations in the dollar index and US bond yields, will play a pivotal role in shaping market dynamics throughout the week," said Santosh Meena.

"Global and domestic macroeconomic data, the trend in global stock market, crude oil prices, global cues, movement of the rupee against the dollar, and Investment by FIIs and DIIs will be in focus. Some macroeconomic key events that will drive the market in the coming week are API Weekly crude oil, US GDP data, US Unemployment rate, US manufacturing PMI, Initial Jobless claims, India's Q1 GDP, RIL AGM, S&P India global manufacturing index and forex reserves data," Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

Nifty Outlook

Commenting on Nifty prediction, Santosh Meena said, "From a technical standpoint, the Nifty index has slipped beneath its 20-day and 50-day moving averages (DMAs), signalling a short-term bearish bias. Key support levels to monitor are 19191 and 18888. On the upside, the 19400-19500 range emerges as a critical resistance zone, the breach of which could pave the way for positive momentum."

"Nifty prices fell for the fifth consecutive week, resulting in a reduction of approximately 4% from their peak value. Prices are currently trading near a 10-week EMA, which had been acting as a crucial support for a long. A decisive breach below the 19200 mark would signal a continuation of this downward trend, potentially driving prices towards the range of 19000-18900, aligning closely with the vicinity of the 21-week EMA," said Arvinder Singh Nanda.

Bank Nifty Outlook

Commenting on Bank Nifty prediction, Santosh Meena said, "As for the Banknifty index, it's currently endeavouring to uphold its 100-DMA around the 43900 mark. However, a notable surge in strength would necessitate conquering the supply zone of 44800-45000. A dip below the 100-DMA could potentially lead to a retest of the 200-DMA in the vicinity of 43000."

"Bank nifty prices are forming a higher bottom formation on the weekly chart, and taking support near 21-week EMA. Initial sentiment will remain sideways higher as long as prices are trading above the 43600-43300 support area," stated Arvinder Singh Nanda.

Best Shares To Buy On Monday

Here are the 4 best intraday shares to buy today on Monday as recommended by AR Ramachandran from Tips2Trades.

Vodafone Idea

Vodafone Idea is bullish on the Daily charts with the next resistance at 9.15. A daily close above this resistance could lead to a target of 10.15 in the near term. Support will be at 8.15.

Sutlej Textiles

Sutlej Textiles is bullish but also overbought on the Daily charts with the next resistance at 54.3. Investors should book profits at current levels as a daily close below support of 51 could lead to a target of 46 in the near term.

Texmaco Rail

Texmaco Rail is bullish but also overbought on the Daily charts with next resistances at 135 & 142 respectively. Investors should book profits at current levels as a daily close below support of 125 could lead to a target of 109.7 in the near term.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is bearish and overbought on the Daily charts with strong resistance at 53. A Daily close below support of 47.6 could lead to a target of 42 in the near term.

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.