Day trading guide: Six stocks to buy or sell on Wednesday — 20th September

“Domestic equities opened on a weak note amid cautiousness in global markets. Nifty remained in negative territory throughout the session to close with a loss of 59 points at 20133 levels. Sectorially it was a mixed bag with buying seen in PSU Banks, Auto, Consumer Durables, and FMCG. A rally was seen in PSU Banking stocks after news about the nation’s sovereign debt prospects was added to global indices,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities said, “Nifty formed a small range bound candle, but over the last three days a bearish tristar doji seems to have been formed. If this is true, the Nifty may have formed a short term top at 20,222 that may result in a small decline towards 19,940. A move below 19,865 could lead to acceleration in decline for the Nifty.”

Speaking on outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, “Bank Nifty traded sideways like Nifty, before a sharp fall in the last 30 minutes of the day led to the Index closing at 45,980, down 252 points. Bank Nifty failed to go past the 46,250 hurdle yet again today on the back of significant built up of positions at 46,200 and 46,300 Strike. A breakdown below 45,950 levels can take the Index until 45,800 levels while a breakout above 46,300 can kickstart the next leg of rally in Bank Nifty.”

Day trading stocks for today

On intraday trading strategy, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia’s intraday stocks for today

1] Bajaj Finserv: Buy at ₹1560, target ₹1625, stop loss ₹1520.

Bajaj Finserv share price is presently trading at ₹1560, has consolidated in range of ₹1531 to ₹1568,During the past week, the stock has demonstrated strong support at the ₹1520 level, signaling price stability. Additionally, BAJAJFINSV is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, underlining its bullish momentum and the possibility of further upward price movement.

2] Bank of Baroda: Buy at ₹216, target ₹223.50, stop loss ₹212.

Bank of Baroda share appears to be a strong buying opportunity at its current price of ₹216. Several key indicators support this assessment. The stock is currently exhibiting Bollinger band expansion, suggesting increased volatility and potential for an upward movement. Furthermore, Bank of Baroda share price is trading above its crucial moving averages – the 20, 50, 100, and 200-day exponential moving averages, indicating a positive trend in the stock’s performance.

Ganesh Dongre’s stocks to buy today

3] Sun TV: Buy at ₹594, target ₹605, stop loss ₹585.

In the short-term trend, the Sun TV share price has a bullish reversal pattern, technically retrenchment could be possible till ₹605 so, holding the support level of 585 this stock can bounce toward the ₹605 level in the short term, so the trader can go long with a stop loss of ₹585 for the target price of ₹605.

4] ZEEL: Buy at ₹272, target ₹282, stop loss ₹265.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹265. This stock can bounce toward the ₹282 level in the short term, so the trader can go long with a stop loss of ₹265 for the target price of ₹282.

Kunal Kamble’s day trading stocks

5] Asahi India Glass: Buy at ₹623.40, target ₹648, stop loss ₹610.

Asahi India share price has given a breakout of the Consolidation on the upside indicating a positive trend, with strong bullish candle followed by strong volume which is why a buy recommendation is initiated for targets up to ₹648. One can initiate buy on dip in the range of ₹623.40 to ₹621 with stop loss below ₹610 on daily closing basis.

6] TCS: Buy at ₹3606, target ₹3688, stop loss ₹3564.

On the Daily chart, the stock has given a breakout of Cup & Handle pattern bullish candlestick. TCS share price is trading above its 38-50 day’s exponential moving averages on the daily time frames, which is positive for the prices in the short term. Based on the above Technical studies we can come out with a view that the price may move towards higher levels over the short period which shows bullish strength. One can initiate a buy trade in between the range of 3606.15-3604 with stop loss of 3564 on daily closing basis.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Updated: 20 Sep 2023, 08:51 AM IST