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

Nifty September future wrapped up at 19872.45 on Friday with a premium of 52.50 points compared to the previous session's premium of 41.65 points. Bank Nifty futures OI dropped by 0.55% to 22.71 lakhs, while Nifty futures OI rose by 0.18% to 1.10 crore. The Nifty Put/Call Ratio (OI) fell from a level of 1.39 to 1.38. India VIX plummeted from 10.87 to 10.78 levels, a drop of 0.83%. On the other hand, a mixed bag commencing on Monday in the Asian market and a minor rise on Friday in the US markets may help the Indian stock market start off well today in the opening bell.

Nifty Outlook

Nifty immediate support at 19650 then 19600 zones while resistance at 19991 then 20000 zones. Now it has to hold above 19750 zones for an up move towards 19991 then 20000 zones whereas support exists at 19650 then 19600 zones, said Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal.

Bank Nifty Outlook

Bank Nifty support is at 44750 then 44444 zones while resistance is at 45500 then 45750 zones. Now it has to continue to hold above 45000 zones for a move towards 45500 then 45750 zones while on the downside support shifts higher at 44750 then 44444 levels, commented Chandan Taparia on Bank Nifty prediction today.

Market Outlook Today

"Mixed bag opening in Asian market and modest gain in the US markets on Friday, may open Indian equity on a positive note. Upbeat domestic economy data like strong GDP growth, impressive auto monthly sales and robust Manufacturing PMI data will be positive for the market sentiment. European equities edged marginally higher on Friday, ending their longest losing streak since February 2018," stated Chandan Taparia.

"Asian equities traded mixed in a cautious open while the yen was on the front foot following potentially hawkish remarks by the Bank of Japan governor. Stocks rose in South Korea and were higher in Japan's Topix index, where financial stocks led the gains, while shares fell in Australia. Among the G-20 outcome, expect big positive on rail, infrastructure stocks after the Global leaders announced a multinational rail and ports deal linking the Middle East and South Asia along with European counters. Gift Nifty is up by 0.4%," the analyst further added.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended the below-listed stocks to buy on Monday, 11th September 2023.

Technical Pick:

SBI

Buy at CMP of Rs 583, stop-loss: Rs 570, target: Rs 605, duration: 2 to 3 days

SBIN has formed a strong base near 570 zones on weekly scale and formed a strong bullish candle. On daily scale the stock has given range breakout and managed to close above its crucial 50 DEMA. Relative strength Index (RSI) has given Inverse Head & Shoulder pattern breakout which suggests momentum is likely to continue in coming sessions. Good buying is visible across PSU banks which may support the ongoing up move.

Reliance Industries

Buy at CMP of Rs 2449, target: Rs 2920, duration: 1 year

Nvidia Corp and Reliance Industries plan to jointly develop artificial intelligence infrastructure in India including its own large language model, according to a statement on the chipmaker's website. The companies will host the AI infrastructure with a planned capacity of 2,000 MW, which will be executed by Reliance's telecom unit Reliance Jio Infocomm. Reliance Jio will develop AI-based applications and services for its 450 million mobile users.

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.