Day Trading Guide For Today: 2 Buy/Sell Stock Recommendations By Sumeet Bagadia of Choice Broking

On September 11, Indian benchmark indices took up their seven-session winning streak, with Nifty wrapping up at a new high. The Nifty was up 176.30 points or 0.89 per cent at 19,996.35 at closing, and the Sensex was up 528.17 points or 0.79 per cent at 67,127.08 at the time. Nifty kept moving up, surpassing its previous record high of 19991.85, hitting new records above 20000, and closing at its record high of 19996.35. Adani Ports, Adani Enterprises, Apollo Hospitals, Axis Bank, and Power Grid Corporation were the top gainers among the Nifty pack, while Jio Financial, Coal India, ONGC, Bajaj Finance, and L&T were the top losers. On the sectoral front Power, auto, bank, and metal were the top gainers on Monday experiencing gains of 1-2 per cent. The broader market BSE midcap and smallcap indices saw gains of 1% and 0.7%, respectively, to reach new 52-week highs.

Market Outlook Today

"The Nifty opened gap up and traded with a positive bias throughout the day to close with gains for the seventh consecutive trading session. It closed with gains of ~180 points and in the process touched a new all-time High of 20008.15. On the daily charts, we can observe that the ascend has been steep and swift indicating bulls have an upper hand in the recent rally. The correction witnessed during August has been overcome within seven trading sessions of September. Momentum indicators on the daily and hourly time frame are in sync with the price action. Thus, we can expect the positive momentum to continue. On the upside, we expect Nifty to target levels of 21000 from a short-term perspective. In terms of levels, 19865 - 19810 is the crucial support zone while 20200 - 20250 shall act as an immediate hurdle zone, said Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas on Nifty prediction today.

On Bank Nifty prediction today, Jatin Gedia commented that "Bank Nifty has also witnessed positive price action and is on the way to retest the recent swing high of 46400. The index has been a laggard and hence a divergence is visible among the sectoral indices. Sooner rather than later, it is likely to align with the Benchmark and we expect the positive price action to continue. Momentum indicators on the daily and hourly time frames are in sync with the price action and hence we are likely to a sustained upmove."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy today on 12th September, Tuesday.

TCS

Buy TCS in Cash @ Rs 3480.65, Stop-loss: Rs 3390, Target: Rs 3600

Tata Consultancy Services (TCS) is currently trading at 3480.65. The chart suggests that TCS has established a strong support level in the range of 3390-3420 levels which is also 50 and 20 Day EMA levels respectively. This indicates that the stock has found considerable buying interest around these levels, providing a potential foundation for further upward movement. The Relative Strength Index (RSI) for TCS is currently at 62, indicating that there is still room for potential upside. The stock is trading above all the important moving averages indicating strength.

Considering the technical factors and market conditions, it appears to be a favourable opportunity to buy TCS at the CMP of 3480.65 levels. The target for this trade would be 3600, with a recommended stop loss set at 3390.

Ambuja Cement

AMBUJACEM has revealed a gradual upward movement in the larger time frame, indicating a persistent bullish trend. However, over the past week, the stock has experienced consolidation suggesting a temporary pause. ADX at a level of 25 indicates that the stock is currently in a moderate trend. RSI is positively skewed, indicating a favorable price action among investors potentially supporting the continuation of the upward trend. Furthermore, the increasing volume indicates higher participation and interest from market participants.

One can initiate a long position at cmp 450.9 for the target price of 464. SL can be kept as 442.

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.