Day trading advice for Friday, September 1st: 4 stocks to buy or sell

  • Sept. 2, 2022, 1:16 p.m.

Friday's trading recommendations After showing a sharp upside move in the previous session, Indian stocks slipped into the weak zone on Thursday following weak global cues. The Nifty 50 index lost 216 points and closed at 17,542. The BSE Sensex finished 770 points lower at 58,766, whereas the Nifty Bank index ended 235 points lower at 39,301. The broad market outperformed as mid-cap and small-cap indices rose 0.57 per cent and 0.48 per cent, respectively.

According to stock market experts, after reacting down from the important trend line resistance at 17900 levels in the last month, the Nifty made another attempt towards the hurdle of the trend line at around 17,800 levels on Tuesday before witnessing another round of selling pressure from the highs on Tuesday.

Day trading guide for today's stock market

Speaking on the Nifty 50 index outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 remains range-bound with high volatility. There is a possibility of an upside bounce from near the lower support of 17,350 to 17,300 levels in the short term. Immediate resistance for the Nifty 50 index is placed at 17,650 levels. "

Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "The market definitely is on a secret mission to support the BULLs, as it's getting on a buy on dips way. The NIFTY option chain for the weekly expiry reflects CE writers' aggressively adding over 70 thousand contracts at 18000CE, followed by the highest number of fresh contracts at 18500CE—more than 40 thousand additions. PE writers making their way at 17000PE-with more than 60 thousand contracts overall, hints at the range in between 17000 and 19000 going forward. " "PCR OI at 17500, being nearly 2, is creating a fresh support base for the INDEX now."

"Bank Nifty Future Option chain on PE writers being active at 38000PE-with more than 40 thousand contracts, and CE writers adding their positions all the way up till the 42000 strike-with fresh additions of over 25 thousand contracts each, is definitely hinting at the strength to continue now," Shilpa Rout said.

Day trading stocks

Unveiling intraday stocks for today, stock market experts — Vaishali Parekh, Vice President-Technical Research at Prabhudas Lilladher and Anuj Gupta, Vice President-Research at IIFL Securities — recommended four stocks to buy today.

Vaishali Parekh's intraday stocks for today

1] Cummins India: Buy near 1222 for a target price of 1255 and a stop loss of 1205

2] Gujarat Alkalies: Buy around 902 with a target of 955 and a stop loss of 882.

Anuj Gupta's stock picks for today

[3] Federal Bank: Buy at the CMP with a target of 132 and a stop loss of 108.

4] State Bank of India (SBI): Momentum buy at current market price with a target of 565 and a stop loss of 505. The Hang Seng in Hong Kong fell 1.79 percent, while China's Shanghai was trading flat near its Thursday close.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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