Stocks To Buy: Day Trading Guide By Sumeet Bagadia On Friday, 9th August

In keeping with global patterns, domestic benchmark indices opened lower on Thursday. Nifty began the day with a deficit and was pressured all day long. Consequently, the Nifty ended the day at 24,117, down from its opening position. The Bank Nifty index had a brief comeback after opening flat to negative, ultimately finishing the day flat at 50,113 levels. The policy rates stayed constant, as predicted, and the RBI MPC refused to modify its "withdrawal of accommodation" status, which also caused the markets to respond favourably. Market observers may want to concentrate on sectoral indices, with particular attention paid to banking stocks-the majority of banks had disappointing results in Q1FY25.

Nifty Prediction

"Technically, the index has been taking support near its 50-DEMA, which is currently placed around 23,980. As long as the index holds above this level, a relief rally is likely to continue up to 24,300-24,400 levels. However, sustaining below 23,980 could lead to further weakness in Nifty. On the higher side, immediate resistance for the index is placed near 24,400, where the 21-DEMA hurdle is located," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

"Technically, the index has formed a small green candle on the daily scale and managed to defend the low of the homing pigeon pattern, which was formed on Wednesday. For a fresh bullish trigger, the index needs to sustain above the 50,690 hurdle. On the downside, 49,650 will act as a firm support for the index," Hrishikesh Yedve added.

Stocks To Buy Today

The executive director of Choice Broking, Sumeet Bagadia, recommended buying two technical stocks on Friday, August 9.

Akzo Nobel India

Buy AKZOINDIA in cash @ 3290.1, stop-loss: Rs 3165, target: Rs 3444

The daily chart analysis of AKZOINDIA reveals a promising outlook for the upcoming week, signalling a sustained upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The Volume Weighted Average Price (VWAP) for short term is 3265. And AKZOINDIA stock is trading above this level this is a good sign for the stock and it could move higher. VWAP is rising upwards. Furthermore, AKZOINDIA is currently trading above its crucial 20-day, 50-day, and 200-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying AKZOINDIA in cash at CMP of 3290.1 for the target of 3444 with a stop loss of 3165.

Bikaji Foods International

Buy BIKAJI in cash @ 799.3, stop-loss: Rs 769, target: Rs 838

BIKAJI is currently trading at Rs 799.3 After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 777 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 838 levels. On the downside, substantial support is evident near Rs 769.

Furthermore, BIKAJI 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 71.82, signalling an upward trajectory and confirming an increase in buying momentum.

In summary, considering the technical analysis and prevailing market conditions, BIKAJI appears to present a promising buying opportunity for those targeting an Rs 838 price objective, contingent upon the implementation of prudent risk management measures.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 769 to protect the investment in case of an unexpected market reversal.

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.