Day Trading Guide For Tuesday: Best Shares To Buy/Sell Today—29th August

Indian benchmark indices ended higher on Monday as global markets traded strongly despite the day being turbulent overall. The Nifty was up 40.20 points or 0.21 percent at 19,306 at closure, and the Sensex was up 110.09 points or 0.17 percent at 64,996.60. Power Grid Corporation, Larsen and Toubro, M&M, Cipla, and BPCL were among the top gainers on the Nifty, while Reliance Industries, Hindalco Industries, Adani Enterprises, Nestle India, and HCL Technologies were among the losers. With the exception of FMCG and IT, all other sectoral indices ended lower, with real estate and capital goods rising by 1% apiece. Both the BSE midcap and smallcap indices saw a positive trend of 5%.

Nifty Prediction

Commenting on the outlook of Nifty today, Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said, "The Nifty opened on a flat note on Monday and witnessed volatile price action throughout the day. It closed with gains of ~40 points. On the daily charts we can observe that after falling for two consecutive days the nifty held on to the support of the previous swing low placed around 19250 and witnessed a pullback. On the upside it faced resistance at 19360 where resistance in the form of the 40-day moving average is placed.

The pullback can continue till 19410 - 19450 however we expect selling pressure to emerge from that level. Daily and hourly momentum indicators provide divergent signals which can lead to some consolidation over the next couple of trading sessions. Overall, we shall continue to maintain our negative outlook on the index for target of 19100. Crucial support is placed at 19250 - 19230 while immediate hurdle is placed at 19410 - 19450."

Bank Nifty Prediction

Bank Nifty has also witnessed a sharp pullback however it is unlikely to result into a trend reversal. On the upside there are multiple resistances in the form of the 20 and 40 day moving average ( 44500 - 44600) which can lead to a limited upside. The range of consolidation is likely to be 44000 - 45000, said Jatin Gedia.

Intraday Stocks To Buy Today

Top intraday stocks to buy on Tuesday as recommended by AR Ramachandran from Tips2Trades.

Restaurant Brands Asia

Restaurant Brands Asia is bullish on the Daily charts with strong resistance at 123. A Daily close above this resistance could lead to a target of 132.3 in the near term. Strong support will be at 116.8.

Rattan India Enterprises

Rattan India Enterprises is bullish but also overbought on the Daily charts with the next resistance at 61.3. Investors should book profits at current levels as a Daily close below support of 55.2 could lead to 44 in the coming weeks.

Kama Holdings

Kama Holdings is bullish but also overbought on the Daily charts with the next resistance at 14125. Investors should book profits at current levels as a Daily close below support of 12813 could lead to 11950 in the near 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.