Day Trading Guide For Monday: Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy/Sell On 11th Sept

Despite a weak global market, Indian benchmark indices closed up for the sixth day in a row on September 8. The Sensex gained 0.50 percent and ended at 66598.91, the Nifty climbed by 0.47 percent throughout the day and closed at 19819.95 levels, while the Bank Nifty advanced by 0.62 percent and finished at 45156.40. Nifty Auto, Nifty Fin Services, and Nifty Energy were among the sectors as top gainers, while Nifty Pharma, Nifty IT, and Nifty FMCG were on the downside. Coal India, NTPC, and BPCL were the top gainers among the Nifty pack, while Eicher Motors, UPL, and ITC were the top losers.

Nifty Outlook

"The Nifty opened gap up and traded with a positive bias throughout the day to close with gains for the sixth consecutive trading session. It closed with gains of ~93 points. On the hourly chart we can observe that the Nifty has reached the upper end of the rising channel and hence a consolidation is likely in the upcoming week. The range of consolidation is likely to be 19850 - 19670. Daily and hourly momentum indicators have a positive crossover which is a buy signal and thus this is likely to be only a consolidation and in case of a dip, it should be used as a buying opportunity. On the upside, we expect 19900 which is around the swing high it touched during July. In terms of levels, 19630 - 19670 shall act as a crucial support zone while 19860 - 19900 shall act as an immediate hurdle zone," said Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas.

Bank Nifty Outlook

"Bank Nifty has also witnessed follow-through buying interest from the previous trading session. After breaking out of the consolidation during the previous trading session it has witnessed follow-through buying interest. The momentum indicator has a positive crossover which is a bullish sign. Overall, we expect the positive momentum to continue and expect targets of 45500 from short-term perspective," said Jatin Gedia.

Stocks To Buy On Monday

Here is the intraday guide for Monday as recommended by Sumeet Bagadia, Executive Director of Choice Broking.

Grasim

Buy GRASIM in Cash @ Rs 1849.75, Stop-loss: Rs 1800, Target: Rs 1930

GRASIM's current stock price of approximately 1849.75 levels reflects several promising indicators for traders and investors. The RSI (Relative Strength Index), which measures the momentum and strength of a stock, is currently at a respectable 60 level. This suggests that GRASIM is in a healthy trading range and not overbought or oversold, indicating stability and potential for further upward movement.

Moreover, the stock is trading above all key moving averages, signifying underlying strength in its trend. The expanding Bollinger Bands on the daily chart, coupled with the price trading above the band's centre line, are additional encouraging signs. The widening of the Bollinger Bands suggests increased volatility, often associated with potential price breakouts or significant movements.
It's worth noting a minor resistance level near 1873 levels. If GRASIM manages to surpass this resistance, it may signal a potential move towards 1930 levels and beyond. Traders and investors should closely monitor price movements around this level as it could serve as a key breakout point.

With a medium-term target price of 1930, we advise purchasing GRASIM at the CMP of 1849.75. If the price closes below 1800, our analysis will be regarded as being invalid.

Bharti Airtel

BHARTIARTL has bounced back from its previous support zone. Additionally, the price is holding above 61.8% of the Fibonacci retracement, which suggests bullish momentum. The stock is also trading above the 40 EMA. Minor resistance for the stock is situated at levels of 890. The fact that theRSI indicator is trading close to 58 levels indicates that the current bounce may continue and that the stock price may rise further.

Hence, based on the above technical structure one can initiate a long position at CMP 885.8 for the target price of 912. SL can be kept as 870.

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.