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Trade Setup | Things To Know Before Market Opening - 08 Sep 2023 Friday

Day trading guide for today: Amid weak global market cues, Dalal Street ended higher on fifth day in a row on Thursday. NSE Nifty finished 116 points higher at 19,727 levels, BSE Sensex ended 385 points north at 66,265 mark whereas Bank Nifty gained 469 points and closed at 44,878 levels. In broad market, small-cap index ended 0.40 per cent higher after climbing to a new peak of 38,169.65 levels. However, mid-cap index outperformed Sensex and Nifty as it ended 0.79 per cent higher after close of Thursday session.

"Nifty closed higher for the fifth straight day with gains of 116 points (+0.6%) at 19727 levels. Despite weak global cues, market recovered in the second half on account of short covering on the weekly expiry day. Broader market too ended in green with Midcap100/Smallcap100 up 0.8%/0.5%. Banking and Realty were the major drivers with gains of more than 1%. Niche sectors like Shipping and defence stocks continue to see buying interest on the back of large order wins and strong order book. Rally continued in paper and sugar stocks," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "A long bull candle was formed on the daily chart, that has surpassed the immediate resistance of 19,650 levels on Thursday and closed higher. The overall chart pattern is indicating a larger upside breakout of broader consolidation or triangle pattern of the last 5 weeks and this is opening potential pattern upside target for Nifty around 20,000 to 20,200 levels over the next couple of weeks. Any intra-week dips down to 19,550 to 19,600 levels could be a buy on dips opportunity."

Expecting higher return in small-cap and mid-cap stocks, Siddhartha Khemka of Motilal Oswal said, "Nifty has shown good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However we expect outperformance in broader market to continue with interest in niche sectors."

Among dividend stocks in September 2023, 39 stocks are going to trade ex-dividend today. Those 39 dividend paying stocks include RITES, Max Healthcare, MOIL, Bajaj Steel, Zen Tech, Tatva Chintan, Finotex Chemical, General Insurance, JBM Auto, etc.

Among bonus shares in September 2023, Sunrise Efficient Marketing stock will be in focus today as it is going to trade ex-bonus for issuance of bonus shares in 1:1 ratio.

Nine shares have been put in F&O ban list during Friday session. Those nine stocks are Steel Authority of India (SAIL).

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Pravesh Gour, Senior Technical Analyst at Swastika Investmart — recommended six stocks to buy or sell today.

1] Tata Motors: Buy at 615, target 645, stop loss 600.

Tata Motors share is currently trading at 614.90 levels. We have witness a bounce back of TATA MOTORS from the strong support of 602 levels which is also 50 Day EMA levels. Currently stock is moving above 20, 50 and 200 Day EMA levels. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 52 levels which indicate bullishness in the stock. A small resistance is placed close to 628 levels. Once stock crosses the above mentioned resistance it can move towards the target of 645 levels and above.

2] Tech Mahindra or TechM: Buy at 1269, target 1330.

Tech Mahindra share has a strong support at 1237 levels which is close to its 10 Day EMA levels. Currently, the stock is trading around 1269.25 levels. A smaller resistance is visible on the charts at 1300 levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of 1395 and higher. The RSI is trading comfortably at 68 levels indicating strength. The stock is trading above all important moving averages indicating strength.

3] Zomato: Buy at 100, target 105, stop loss 196.

On a daily scale chart, Zomato share price still holds its strength by making higher and lower low structures, also currently trend line support stands at the 88 to 90 level, and also 50DMA also stands at 90 levels. So, any dip towards 99 to 100 zone can be taken as fresh entry level to buy this stock with the stop loss of 95 level for the target price of 105 and 110.

4] EID Parry: Buy at 516, target 545, stop loss 500.

Recently the said counter has taken support on flat Ichimoku cloud by making doji candle on a daily scale. In the previous trading session, we saw a nice reversal candle which confirmed a bullish reversal. Additionally, since the last 8 sessions, it is making base near the middle band of Bollinger band followed by band expansion which is looking lucrative.

5] DLF: Buy at 530, target 548, stop loss 518.

It has witnessed a breakout of the triangle formation with strong volume. It has retested its previous breakout level at 514 and starts a new leg of the rally towards 540+.

6] IndusInd Bank: Buy at 1440, target 1474, stop loss 1415.

It has witnessed a breakout of the triangle formation with strong volume. It is trading above all its important moving averages.

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