Day Trading Guide For Today: 2 Buy/Sell Stocks As Recommended By Sumeet Bagadia of Choice Broking On 14th Sept

As the Gift Nifty trades in the green on Thursday, Indian markets are expected to have a good start. At about 8.00 a.m. on Thursday, the Gift Nifty, previously the SGX Nifty, traded at 20,184, up 38 points or 0.19%. The index began trading at 20,146 and fluctuated between an intraday high and low of 20,187.5 and 20,128. On Wednesday, the Nifty ended for the first time over the 20k level and closed the day up 77 points (+0.4%) at 20,070. The broader market experienced some profit booking, with Midcap100 and Smallcap100 both rising by +0.2%/1.0%. All sectors, with the exception of auto and information technology, ended on a positive note, with PSU Banks rising by more than 4%.

Market Outlook Today

On Nifty prediction for today, Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas said, "The Nifty opened on a flat note and traded with a positive bias throughout the day to close with gains of around ~70 points. On the daily charts we can observe that the Nifty consolidated within the range 20110 - 19914 of the previous trading session. The daily and hourly momentum indicator are providing divergent signals and hence a consolidation is likely in the near term. Moreover, after witnessing a sharp run-up during the last few trading sessions a consolidation is likely. The range of consolidation is likely to be 20100 - 1980. During this consolidation we can expect sector rotation and stock specific moves. Overall, the short-term outlook is positive, and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19865 - 19810 is the crucial support zone while 20200 - 20250 shall act as an immediate hurdle zone."

On Bank Nifty prediction for Thursday, Jatin Gedia said "Bank Nifty was the star performer today as it managed to breach the previous day high of 45894 and closed above that indicating that it has started next leg of upmove. On the upside it has the potential to retest the swing high of 46370 and above that 46500. Daily and hourly momentum indicator has a positive crossover which is a buy signal."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy or sell on an intraday basis on Thursday, 14th September.

SBI

Buy SBIN in cash @ Rs 596, stop-loss @ Rs 583, target @ Rs 621

SBIN has a strong support at 580 levels which is close to its 20-50-100 Day EMA levels. Currently, the stock is trading around 596 levels. A smaller resistance is visible on the charts at 600 levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of 621 and higher. The RSI is trading comfortably at 61 levels indicating strength. The stock is trading above all important moving averages indicating strength.

Based on the above technical analysis we recommend buying SBIN at CMP of 596 with a SL of 583 for the target of 621.

Grasim Industries

Buy GRASIM in cash @ Rs 1933, stop-loss @ Rs 1858, target @ Rs 2100

Based on the provided technical analysis, it appears that Grasim is showing strong support around the 1858 level, which coincides with the 20-day Exponential Moving Average (EMA). The stock has recently experienced a rounding bottom breakout on the weekly chart, rebounding from its support levels and currently trading around 1933. Additionally, the Relative Strength Index (RSI) indicator is comfortably positioned near 74, indicating strength in the stock.

There is a minor resistance level around 1980, and if Grasim manages to surpass this level, it could potentially move towards the 2100 level and beyond. It's worth noting that the stock is currently trading above all the significant moving averages, further reinforcing its strength.

Based on this analysis, we recommend considering a purchase of Grasim at its current market price of 1933 with a medium-term target price of 2100. However, please be aware that if the price falls below 1858, our analysis should be considered invalidated.

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.