Intraday Trading Strategy: Stocks To Buy Today Below Rs 300

As of Friday, 22 Sep 2023 08:32 AM, Gift Nifty opened at 19,662 and fluctuated between an intraday high of 19,718 and a low of 19,646.5, indicating a positive start for the Indian stock market amid weak global cues and FII sell-off tension. The benchmark Sensex and Nifty equity indices gave downward pressure for the third consecutive day, ending about 1% lower on Thursday. To end the day at 66,230.24, the 30-share BSE Sensex dropped 570.60 points or 0.85 percent. It fell 672.13 points, or 1%, to 66,128.71 throughout the day. The Nifty lost 159.05 points, or 0.80%, before closing at 19,742.35.

Nifty Prediction Today

Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas believes, "The Nifty opened gap down for the second consecutive day and closed around the lows for the day. It closed down ~159 points. On the daily charts, we can observe that the nifty is in the process of retracing the rise it has witnessed 19223 - 20222. It has now reached the zone of 19720 - 19680 where support in the form of the 20-day moving average and the 50% Fibonacci retracement level is placed. We expect Nifty to hold on to this support and provide a pullback. The daily momentum indicator today has provided a negative crossover which is a sell signal and is now in sync with the price action. In terms of levels, 19680 - 19604 is the crucial support zone while 19850 - 19900 shall act as an immediate hurdle zone."

Bank Nifty Prediction Today

"Bank Nifty has witnessed a sharp correction today and, in the process, has breached the 20 and 40-day moving averages which is a sign of weakness. The daily momentum indicator has a negative crossover which is a sell signal. thus, both price and momentum indicator are suggesting a further decline. On the downside we expect it to target levels of 44500 - 44360 which coincides with the 20-week moving average and the 78.6% Fibonacci retracement level," commented Jatin Gedia.

Stocks To Buy Today Below Rs 300

AR Ramachandran from Tips2trades has recommended 3 intraday stocks to buy today below Rs 300 on Friday, 22nd September.

REC

REC looks bullish on the Daily charts with strong support at 239. A daily close above resistance of 273 could lead to a target of 293 in the near term.

IndiaBulls Housing Finance

IndiaBulls housing finance is bearish on the Daily charts with strong resistance at 206.4. Investors should book profits at current levels as a daily close below the support of 187 could lead to a target of 166 in the near term.

India Cements

India Cements is bearish on the Daily charts with strong resistance at 256. A daily close below support of 228 could lead to a target of 212 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.