Day Trading Guide: Stocks To Buy On Friday As Recommended By Sumeet Bagadia of Choice Broking

Sensex ended at 67,519 after gaining 52.01 points, or 0.08%. Nifty, meanwhile, closed the day on Thursday at 20,103.10, up 33.10 points or 0.16%. Bank Nifty, on the other hand, closed at 46,000.85, up 91.40 points or 0.2%. Due to a strong start by the Gift Nifty and a rebound in international markets, Friday is predicted to be a good day for Indian markets. After starting the day at 20,217.5, the Gifty Nifty was trading 19.0 points, or 0.09%, higher at 20,236.5 as of Friday, September 15, 2023 7:58 AM. The intraday high and low points of the index were 20,243 and 20,206.5, respectively.

Market Outlook Today

On Nifty prediction today, Rupak De, Senior Technical analyst at LKP Securities believes that "Nifty remained range-bound throughout the day as the index failed to deliver any decisive breakout from the recent range. The "buy on dips" strategy is expected to be the preferred approach until Nifty falls below 19,900 decisively. On the upside, call writers at 20,100 are likely to defend the index against further upward movement. A sustained trade above 20,100 could potentially trigger a significant rally in the short term."

On Bank Nifty prediction today, Rupak De said, "Bank Nifty remained range-bound throughout the day as the index failed to deliver a decisive breakout above 46,000. The index continues to be a "buy on dips" as long as it stays above 45,500. Nevertheless, a sustained rally could materialize if Bank Nifty decisively breaches the 46,000 mark."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has picked up 2 intraday stocks with buy call on Friday, 15th September.

Dabur India

Buy DABUR in cash @ Rs 567.45, stop-loss @ Rs 555, target @ Rs 590

DABUR has multiple strong supports in a range of 554-556 levels. The stock is currently trading around 567.45. On the charts, a smaller resistance is visible near 573 levels. Once the stock surpasses the previously mentioned resistance, it can move closer to the target price of 590 and higher. A Bounce from the middle band of Bollinger band can be seen near the current levels, and the stock has approached the higher band.

Once stock crosses the higher band the Bollinger band's expansion will lead the stock towards the target of 590. The momentum indicator RSI is trading near 53 levels and has a base near to 40 levels and hence indicating strength.
Based on the above technical analysis, we recommend purchasing DABUR at the current market price of 567.56 for a target price of 590. If the stock closes below 555, our analysis will be invalid.

Tech Mahindra

Buy TECHM in Cash @ Rs 1279, stop-loss: Rs 1246, target: Rs 1325

TECHM has a strong support at 1245 levels which is close to its 10 Day EMA levels. Currently, the stock is trading around 1279 levels. A smaller resistance is visible on the charts at 1300 levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of 1325 and higher. The RSI is trading comfortably at 67 levels indicating strength. The stock is trading above all important moving averages indicating strength.

Based on the above technical analysis we recommend buying TECHM at CMP of 1279 with a SL of 1246 for the target of 1325.

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.