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

On Tuesday, the Nifty began higher above the 20000 mark but gradually declined to close level at 19993 levels. A day after Nifty reached the historic 20k level, equity markets yesterday saw considerable profit booking, notably in the mid and small-cap sectors. CPI inflation eased to 6.8% YoY in Aug'23 vs. 7.4% in Jul'23 and FIIs offloaded shares of Rs1047 crore DIIs purchased shares of Rs259 crore. Currently GIFT Nifty is trading 0.22% higher (43.5 points up), all these factors mark a muted clue for the domestic market.

Nifty Outlook

Nifty immediate support at 19900 then 19850 zones while resistance at 20100 then 20250 zones. Now it has to hold above 19950 zones for an up move towards 20100 then 20250 zones whereas support exists at 19900 then 19850 zones, said Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal.

Bank Nifty Outlook

Bank Nifty support at 45250 then 45000 zones while resistance at 45750 then 46000 zones. Now it has to continue to hold above 45250 zones for an up move towards 45750 then 46000 zones while on the downside support shifts higher at 45250 then 45000 levels, said Chandan Taparia.

Market Outlook Today

Cooling down in domestic August inflation along with strong IIP data while mixed bag opening in the Asian markets, may open equity benchmark index on a positive note. Domestic retail inflation fell 2- month low to below 7% and July IIP surged to 5-month high will be positive for the market sentiment. Nasdaq Composite slipped 1% after announce poor earning guidance. Dow Jones ended flat to negative. European market witnessed mixed bag as investor awaited key US inflation data to announce on Wednesday for clues on the Federal Reserve's policy outlook, said Chandan Taparia.

Asian equities open on a positive note before US inflation data for August that may give a better guide on the future path for Federal Reserve interest rates. Oil traded near a 10-month high amid strains in global supplies. Gift Nifty is up by 50 points while US Future is trading flat. Expects rally to continue on defensive stocks like IT and Pharma, stated Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended below intraday stocks to buy or sell today on 13th September.

Technical Pick:

ICICI Bank

Buy at Rs 990, stop-loss: Rs 970, target: Rs 1030, duration: 2 to 3 days.

ICICI Bank has given channel breakout on daily chart and holding well the above the same. It is continuously respecting 20 DEMA and supports are gradually shifter higher. Buying is visible across Banking space which may support the ongoing up move. The momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick:

Infosys

Buy at CMP of INR1501

Infosys has signed a strategic multi-year collaboration with STARK Group, Europe's largest retailer and distributor of building materials, to power its digital transformation journey by leveraging Topaz, Infosys' artificial intelligence (AI) offering. Recently it has announced few large deals thus reducing some concerns. We expect INFO to be a key beneficiary of the acceleration in IT spends in the medium 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.