Day Trading Guide For Today: Stocks To Buy/Sell On Thursday As Recommended By Chandan Taparia of Motilal Oswal

The GIFT Nifty is now trading 0.24% down, showing a negative domestic cue today. On Wednesday, the Nifty finished 232 points lower at 19901 levels. DIIs and FIIs both sold shares for Rs.573 crore and Rs.3111 crore, respectively. Asian indices are now trading in the negative range of 0.4% to 1.5%, signalling a downturn in global cues, whereas European indices concluded yesterday with positive results of 0.7% to 0.9% and US Indices closed negative 0.2% to 1.5%.

Nifty Outlook Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said "Nifty immediate support at 19800 then 19700 zones while resistance at 19950 then 20050 zones. Now till it holds below 19950 zones, some profit booking may be seen towards 19800 and 19700 zones whereas hurdles are placed at 19950 then 20050 zones."

Bank Nifty Outlook Today

"Bank Nifty support at 45250 then 45000 zones while resistance at 45750 then 46000 zones. Now till it holds below 45750 zones some profit booking could be seen towards 45250 then 45000 levels while on the upside hurdle is seen at 45750 then 46000 zones," said Chandan Taparia.

Market Outlook Today

"Hawkish statement by the US Fed Chairman and signaled it would likely keep interest rates higher for longer time pulled down across the global markets. US market declined up to 1.5% and most of the Asian markets fell 1% each after the US Fed left its policy rate on hold at 5.2% (inline with expectation), but signaled another hike could come later this year. European market soared (before US Fed rate decision and commentary) after UK's inflation rate fell unexpectedly to the lowest level in 18 months, opening the prospect that the Bank of England could pause or even end its quickest series of interest rate hikes in three decades. UK, Germany and France Index gained nearly 1% each. Bank of England will be announce its policy meeting today. Gift Nifty decline by 0.6%. Rising oil prices and FIIs selling (Yesterday FIIs net sellers over Rs3000cr) are major concerns in the market. Traders avoid aggressive buying interest till clear trend emerges," stated Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended the below stocks to buy today on Thursday, 21st September.

Technical Pick:

M&M Finance

Buy at CMP of Rs 309, stop-loss: Rs 302, target: Rs 324, duration: 2 to 3 days

M&M Finance has given a box breakout on daily scale after nineteen sessions and formed a strong Bullish candle. On weekly scale it is forming higher highs - higher lows structure and holding the gains in spite of market weakness. It is taking multiple support near its 50 DEMA with noticeable volumes. The relative strength Index (RSI) is also moving higher which suggests momentum to continue in the coming sessions.

Fundamental Pick:

ITC

Buy at CMP of Rs 453, target: Rs 535, duration: 1 year

ITC reported healthy cigarette volume growth of ~8% in 1QFY24. At a time when uncertainty looms over the industry, led by high inflation, unpredictable monsoons and continued weak rural sales, ITC's recovery in Cigarette volumes offers decent earnings visibility at reasonable valuations and attractive dividend yield.

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.