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

The Sensex gained 385.04 points or 0.58% on September 7 to close at 66,265.56. On Thursday, the Nifty 50 climbed by 116 points, or 0.59%, to close at 19,727.05. At 44,878.35, Bank Nifty soared 469.25 points. The BSE Midcap and Smallcap indices concluded the day with advances of 252.87 points and 152.60 points, respectively, in the broader market after setting fresh record highs of 32,396.28 and 38,169.65. Axis Bank, Hindalco Industries, Tata Steel, ICICI Bank, and NTPC were among the top losers on the Nifty, while Tata Consumer Products, Divis Laboratories, Bharti Airtel, Cipla, and HDFC Bank were among the top gainers under the Nifty pack.

Market Outlook

Commenting on Nifty prediction for today, Rupak De, Senior Technical analyst at LKP Securities said, "The bulls were able to push Nifty higher following a range-bound trading period in the preceding few days. The sentiment remains positive as long as the index sustains above 19,550. On the higher end, gains may extend to the range of 19,900 to 20,000 in the near term, provided that bullishness in the market continues to increase."

Commenting on Bank Nifty prediction today, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "The Bank Nifty index has recently experienced a fresh breakout on the daily chart. This breakout was accompanied by a notable increase in trading volumes.TA robust support level has formed at 44500, which also coincides with the index's 20-day moving average (20DMA). This level is expected to provide significant support to the index.The index successfully closed above the previous day's high, establishing a bullish undertone for the near term.The Bank Nifty index has the potential to reach upside targets in the range of 45200 to 45500."

Stocks To Buy Today

Here are the day trading stocks recommended to buy on Friday by Sumeet Bagadia, Executive Director of Choice Broking.

SBI

Buy SBIN in cash @ Rs 579.05, Stop-loss @ Rs 565, Target @ Rs 605

SBIN has a strong support at 566 levels which is close to its 200 Day EMA levels. Currently, the stock is trading around 579.05 levels. A smaller resistance is visible on the charts at 583 levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of 605 and higher. The RSI is trading comfortably at 65 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 579.05 with a SL of 565 for the target of 605.

Power Grid Corporation of India

Buy POWERGRID in cash @ Rs 248, stop-loss @ Rs 241, Target: Rs 261

POWERGRID has bounced back from its previous support zone. Additionally, the price is holding above 50% of the Fibonacci retracement, which suggests bullish momentum. The stock is also trading above the 40 EMA, 100 EMA and 200 EMA. Minor resistance for the stock is situated at levels of 250. The fact that the RSI indicator is trading close to 50 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 248 for the target price of 261. SL can be kept as 241.

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.