Day trading guide for today: Four stocks to buy or sell on Monday — September 18

Day trading guide for today: On account of strong global cues, Dalal Street ended higher on third day in a row on Friday. NSE Nifty ended at record close of 20,192 levels after climbing to a new life-time high of 20,222 during Friday deals. BSE Sensex too had a record closing at 67,838 levels after climbing to a new peak of 67,927 mark. Nifty Bank index gained 230 points and closed at 46,231 levels. In broad market, small-cap index added 0.27 per cent whereas mid-cap index too ended in green territory. So, after a pause, Indian stock market witnessed participatory rally on Friday as all major indices participated in strengthening the bull trend on Dalal Street.

"Domestic equities continued their winning streak following their global peers boosted by better-than-expected Chinese and US economic data as well as optimism that the European Central Bank may be close to peak interest rates. Nifty surged to new highs amid buying in index heavy weights and closed with gains of 89 points at 20,192 levels. Further decline in India VIX by 4% to 10.9 added to the positivity. Sectorially it was a mixed bag with buying interest seen in Auto, IT, and Pharma. Nifty has been scaling new highs over the last few sessions as the sentiments strengthened post the successful G-20 execution which is likely to bolster India’s economy in the global arena. Further lower CPI and wholesale inflation in India are comforting amidst the global inflationary scenario. Thus we expect the overall positive momentum to continue especially in the large cap while sectoral rotation is likely to be seen in the broader market," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be positive. There is a possibility of further upside with volatility in the coming sessions. The next upside target to be watched at 20,450 levels, which is 38.2% fibonacci extension, taken from March bottom-July top-Aug bottom. Immediate supports to be watched at 20,050."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty touched its previous resistance of 46,300 zones and closed the day at 46,232, up 231 points. The 46,300 strike still has twice the more call writers than the put writers, thereby making it a strong resistance. A decisive break above 46,300 is likely to start 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 four stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] Wipro: Buy at ₹441.05, target ₹460, stop loss ₹429.

Wipro share price is displaying signs of resilience and potential upward momentum. Its ability to rebound from the robust support range of ₹427 to ₹430 levels indicates a considerable amount of buying interest within this price band. Investors appear willing to purchase the stock at these levels, which can provide a foundation for potential price appreciation.

Furthermore, the stock's current position above crucial moving averages is another positive signal. When a stock trades above its moving averages, it often indicates an upward trajectory and suggests that it is in an uptrend. This can boost investor confidence, as it implies that the stock has strong support and is trading in a technically favourable position.

2] UPL: Buy at ₹634.65, target ₹672, stop loss ₹616.

UPL share price indicates that UPL is presently trading at ₹634.65. The stock has recently established a robust support level of ₹616, which is close to its 50 Day EMA levels and also a prior resistance. In a notable development, the stock has exhibited a substantial rebound, supported by noteworthy trading volumes, and has successfully surpassed a minor resistance level situated at ₹630.

Kunal Kamble's stocks to buy today

3] IPCA Lab: Buy at ₹927 to ₹932, target ₹1090, stop loss ₹847.

IPCA Lab share has given a breakout of the falling parallel channel 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 ₹1090. One can initiate buy on dip in the range of ₹927 ₹932 with stop loss below ₹847 on daily closing basis.

4] Maharashtra Scooters: Buy at ₹7550 to ₹7560, target ₹7910, stop loss ₹7370.

Maharashtra Scooters share price is trading in an uptrend, after profit booking the stock has witnessed a Bullish Engulfing pattern; Technical indicator ichimoku cloud suggests a positive trend. 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 ₹7550 to ₹7560 with stop loss of ₹7370 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.