Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Monday, 16th September

Following a brief hiatus of one week, the Indian benchmark indices, the Nifty 50 and Sensex, resumed their upward trajectory, setting new all-time highs. The Nifty 50 closed the week at 25,356.50, up 2% from the previous week's completion, after surging to a record 25,433.35. Comparably, the Sensex reached a record high of 83,116.19 and ended the week at 82,890.94, indicating a gain of 2.10%. Additionally, despite the ongoing strength of sectors including banking, real estate, IT, and metals, energy and FMCG stocks encountered challenges. In the near future, the US Federal Reserve meeting and India's election season are anticipated to have a big impact on the market mood.

Nifty Outlook

"Nifty continues to trade at record highs, indicating strong bullish sentiment. The next resistance level is at 25,500, with a breakout potentially targeting 25,800. On the downside, 25,100 serves as crucial support, and a breach could lead to a decline towards 24,900. Given the current market strength, adopting a "buy on dips" strategy is recommended," said Palka Arora Chopra, Director of Master Capital Services Ltd.

Bank Nifty Outlook

Nifty Bank is currently trading near 52,000, surpassing previous resistance levels. A sustained move above 52,200 could drive the index towards 52,500. On the downside, support is established at 51,600 if this level is breached, it may decline to 51,200. The prevailing positive sentiment supports a "buy on dips" strategy," recommended Palka Arora Chopra.

Market Outlook

The outlook for the market will be guided by the major domestic and global economic data such as India's WPI Inflation (YoY) (Aug), India's Bank Loan Growth, India's Trade Balance (Aug), India FX Reserves (USD), US Core Retail Sales (MoM) (Aug), US Industrial Production (MoM) (Aug), US Fed Interest Rate Decision, US FOMC Economic Projections, US FOMC Press Conference, US Initial Jobless Claims, China PBoC Loan Prime Rate (Sep), as per Palka Arora Chopra.

Stocks To Buy Today

On September 16, Choice Broking's executive director Sumeet Bagadia recommended buying two intraday stocks in light of the Nifty's continued record-breaking trading, which indicated an upbeat outlook.

AMI Organics

Buy AMIORG in cash @ 1509.2, stop-loss @ 1455, target @ 1599

AMIORG is exhibiting strong bullish momentum, currently trading at an all-time high of 1550 levels. The recent breakout above the crucial resistance at 1460 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, AMIORG is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 71.41 levels.

For traders, keeping an eye on the strong support near 1455 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, AMIORG current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying AMIORG and the CMP of 1509.2 with a stop loss of 1455 for the target of 1599.

Apar Industries

Buy APARINDS in cash @ 10399.75, stop-loss: 10050, target 11000

APARINDS is currently trading at Rs 10399.75. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 9666 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 11000 levels. On the downside, substantial support is evident near Rs 10050.

Furthermore, APARINDS is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 78.08, signalling an upward trajectory and confirming an increase in buying momentum.

Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover. These technical indicators collectively support the notion that APARINDS may have the potential to achieve a target price of Rs 11000 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 10050 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, APARINDS appears to present a promising buying opportunity for those targeting an Rs 11000 price objective, contingent upon the implementation of prudent risk management measures.

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.