Stocks To Buy Today: 3 Stocks For Intraday Trading On Thursday

On September 6, robust domestic cues drove the fourth straight positive session closing for Indian benchmark indices. The Nifty was up 36.10 points or 0.18 percent at 19,611 at closure, and the Sensex was up 100.26 points or 0.15 percent at 65,880.52. The broader market wrapped up with Midcap100 and Smallcap100 both up by 0.1% and 0.2%. On the sectoral front, the power, oil & gas, and pharma indices all climbed by 0.5 percent, while the FMCG index gained by 1 percent. However, the metal, real estate, and bank indices all dropped by 0.4 to 1%. Axis Bank, Hindalco Industries, Tata Steel, ICICI Bank, and NTPC were among the top losers on the Nifty, while Tata Consumer Products, Divis Laboratories, Bharti Airtel, Cipla, and HDFC Bank were among the top gainers.

Market Outlook

Commenting on Nifty outlook today, Rupak De, Senior Technical analyst at LKP Securities said, Nifty exhibited volatility but achieved a significant milestone by closing above 19600 for the first time in a while. The bullish crossover of the 21EMA and 55EMA has persisted, signaling an ongoing bullish trend. Additionally, a bullish crossover in the RSI highlights the index's strength. In the short term, Nifty may target levels of 19750 or even 20000. On the downside, key support rests at 19440, and the market is expected to maintain a buy-on-dips strategy as long as this support level holds.

Commenting on Bank Nifty outlook today, Rupak De said, "The banking sector witnessed choppy trading as traders struggled to find direction, resulting in heightened volatility for the Bank Nifty index. The prevailing sentiment leans towards a negative-to-sideways bias, with the index closing below a crucial moving average. The RSI is on the verge of forming a bearish crossover, indicating potential weakness. In the short term, the index is expected to decline towards 44000, with resistance at 44600. Sustained trading above this level could propel the index towards 45000 and beyond. Selling on rallies seems to be the favored strategy for traders in the Bank Nifty, unless the index provides a clear and decisive breakout above the 45000 level."

Day Trading Stocks For Today

AR Ramachandran from Tips2Trades has initiated a buy call on 3 stocks for intraday trading on Thursday, 7th September.

Ircon International

Ircon International has been very bullish but also overbought on the Daily charts with next resistance at 146.65. Investors should be booking profits at current levels as a daily close below support of 118.5 could lead to a sharp fall till 101.5 in the near term.

SpiceJet

SpiceJet is bullish but also overbought on the Daily charts with next resistance at 42.45. A daily close below support of 35 could lead to a target of 30.8 in the near term.

AB Capital

AB Capital is bullish but also overbought on the Daily charts with next resistance at 250.7. Investors should book profits at current levels as a daily close below support of 237 could lead to a target of 215.5 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.