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

Following a three-day gaining streak, benchmark indices finished down on Thursday, the day ahead of GDP data and the monthly F&O expiry. The Nifty dropped 93.70 points or 0.48 percent at 19,253.80 at closure, and the Sensex was down 255.84 points or 0.39 percent at 64,831.41 at the time. Nifty ended August with a loss of -2% overall, closing lower. The Nifty midcap 100 and Nifty smallcap 100 both climbed by more than 3-4% apiece in the month of August. All sectors ended the day in the negative, with the exception of Consumer Durables, Real Estate, and IT. Adani Enterprises, BPCL, Adani Ports, Eicher Motors, and Britannia Industries were among the Nifty's top losers, while Maruti Suzuki, Cipla, HDFC Life, Titan Company, and Hindalco Industries were among its top gainers.

Nifty Outlook

Commenting on Nifty prediction today, Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas said, "The Nifty opened on a flat note and continued to drift lower throughout the day to close in the negative down ~94 points. On the daily charts, we can observe that the counter-trend pullback fizzled out around 19450 and the nifty is witnessing follow-through selling pressure. The Momentum setup on the daily and hourly charts also suggesting weakness. Thus, both price and momentum indicators suggest that the weakness is likely to persist. On the way downside the selling pressure is likely to intensify, and we shall continue to maintain our negative outlook on the index for target of 19100. In terms of levels, 19100 - 19000 is the crucial support zone while 19400 - 19430 shall act as an immediate hurdle zone."

Bank Nifty Outlook

Commenting on Bank Nifty prediction today, Jatin Gedia said "Bank Nifty has also witnessed follow through selling pressure and has closed in the negative for the second consecutive day. The daily and the hourly momentum indicator are providing a divergent signal and hence a consolidation is likely. Daily Bollinger bands are also contracting indicating that there could be some consolidation in the near term. The range of consolidation is likely to be 43600 - 44700."

Intraday Stocks To Buy Today

Here are the top 2 intraday stocks to buy today as suggested by Sumeet Bagadia, Executive Director of Choice Broking.
Cipla

Buy CIPLA in cash @ Rs 1257, Stop-loss: Rs 1225, Target: Rs 1298

In consideration of the current market dynamics and technical indicators, a favorable trading opportunity appears to be presenting itself in CIPLA. The stock, currently priced at 1257, has recently demonstrated a robust consolidation phase within the range of 1210 to 1265. This consolidation pattern, coupled with the stock's sustained trading above key exponential moving averages (EMAs) including the 20-day, 50-day, 100-day, and 200-day EMAs, signifies a positive underlying momentum.

Furthermore, the Relative Strength Index (RSI), a pivotal gauge of the stock's strength and momentum, currently stands at 70. This reading reflects the stock's potential to uphold its current bullish momentum.

With these technical aspects in mind, a compelling case can be made for a long position in CIPLA. Executing a purchase at the current price level of 1257, with a prudent stop-loss order set at 1225, demonstrates a calculated risk management approach. This stop-loss placement seeks to safeguard against any potential adverse price movements.

The primary price target for this trade is established at 1298. This target is selected based on the stock's historical price behavior, recent consolidation patterns, and technical indicators that suggest a potential upward trajectory.

Titan

Buy TITAN in cash @ Rs 3104, Stop-loss: Rs 3060, Target @ Rs 3172

The stock, currently priced at 3104, has recently demonstrated a robust consolidation phase within the range of 3080 to 3040 and has finally managed to breakout. This consolidation pattern, coupled with the stock's sustained trading above key exponential moving averages (EMAs) including the 20-day, 50-day, 100-day, and 200-day EMAs, signifies a positive underlying momentum.
Furthermore, the Relative Strength Index (RSI), a pivotal gauge of the stock's strength and momentum, currently stands at 64. This reading reflects the stock's potential to uphold its current bullish momentum.

With these technical aspects in mind, a compelling case can be made for a long position in CIPLA. Executing a purchase at the current price level of 3104, with a prudent stop-loss order set at 3060, demonstrates a calculated risk management approach.
The primary price target for this trade is established at 3172.

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.