Day Trading Guide: Stocks To Buy/Sell Today As Guided By Sumeet Bagadia of Choice Broking

Due to concerns about the Fed's anticipated rate hike scheduled this week, benchmark indices experienced a tumultuous session on September 18 and ended adversely. The Nifty was down 59 points or 0.29 percent at 20,133.30 at closure, and the Sensex was down 241.79 points or 0.36 percent at 67,596.84 on Monday. Hindalco Industries, Jio Financial, HDFC Bank, Bharti Airtel, and Adani Ports were among the top losers on the Nifty, while Titan Company, M&M, BPCL, HDFC Life, and Power Grid Corporation were among the top gainers.

PSU Bank index climbed by 3.39 percent, and the power, auto, and FMCG were the top contributors, the real estate and metal indices declined by 1 percent each, and the bank, IT, pharmaceutical, and indices were down by 0.5 percent each on the sectoral level. The broader market BSE midcap index saw a selloff by 0.27 percent and Smallcap index was down 0.60 percent.

Market Outlook Today

On Nifty prediction, Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas believes "On the daily charts, we can observe that the Nifty has breached the previous trading session low (20129) which is a sign of weakness. The signs of loss of momentum of up move were visible for the past three trading sessions and today it has been confirmed with a daily negative close. We believe that Nifty can enter a phase of consolidation where it shall retrace the recent rally it has witnessed. The daily momentum indicator has a positive crossover which is a buy signal. Thus, this dip/consolidation is likely to be temporary in nature and the overall trend continues to be positive. In terms of levels, 20050 - 20000 is the crucial support zone while 20200 - 20250 shall act as an immediate hurdle zone."

On Bank Nifty prediction, Jatin Gedia said "Bank Nifty has also been weak from a short-term perspective. it was unable to surpass the all-time high and faced resistance around 46300. The daily and hourly momentum indicators are providing divergent signals which can lead to a sideways consolidation. The bank Nifty has closed below the previous trading session low which is a sign of weakness. Thus, after rallying for three weeks there is a high probability of a consolidation. Crucial support is placed in the range 45970 - 45670 and crucial resistance is placed at 46300 - 46400."

Stocks To Buy Today

Sumeet Bagadia, Executive Director at Choice Broking has recommended to buy or sell the below stocks today on 20th September, Wednesday.

Container Corporation of India

Buy CONCOR in cash @ Rs: 735, stop-loss: Rs 700, target: Rs 795.

CONCOR, currently trading at Rs 735, has formed a Cup and Handle pattern on the weekly chart, and there has been a shakeout before the breakout as well. During the previous week, the stock displayed robust support at the Rs 700 level, indicating a sense of price stability. Furthermore, CONCOR is presently trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, which underscores its bullish momentum and the potential for additional upward price movement. The Average Directional Index (ADX) is also trading above the 25 level, indicating strength in the stock.

The Relative Strength Index (RSI) is currently at 63.85 and exhibits an upward trajectory, indicating increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover. This combination of technical factors suggests that if CONCOR's price closes above the 740 level, it has the potential to achieve a target price of Rs 795 in the near term.
To manage risk, it is advisable to set a stop-loss (SL) at Rs 700 to protect your investment in case the market takes an unexpected turn. Overall, given the technical analysis and current market conditions, CONCOR appears to be a promising buying opportunity for those targeting a Rs 795 price level, with prudent risk management measures in place.

Marico

MARICO has witnessed some consolidation after a sharp upside rally. The stock is following Higher High- Higher Low formation in daily charts. Moreover, crossover i.e., 9 DMA is crossing 20 DMA is seen in the chart confirming the bullish trend. As indicators like RSI and MACD are positively skewed, it validates the price action.

One can initiate a long position at a Cmp of Rs 582 for the target price of Ra 596. SL can be kept at Rs 573.

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.