Day trading guide for Tuesday: 6 stocks to buy or sell today — 31st August

Day trading guide for Tuesday: After showing a range bound action in the last three sessions, NSE Nifty witnessed sharp upside bounce on Monday creating a new all-time high of 16,951 and closed the day higher by 225 points at 16,931. The BSE Sensex too climbed its new lifetime high of 56,958 and finally closed 765 points up at 56,889 levels on Monday. Suggesting investors to maintain ‘buy on dips’ strategy, stock market experts have said that market is in a sharp upside trend and there is no sign of any trend reversal unfolding at the highs.

On a day when the volumes were higher than the average of last three days volumes, IT was the only sector that ended marginally in the negative zone due to the appreciating Indian National Rupee or INR. On the other hand telecom and metals were the large gainers among sectors. The broader indices outperformed their larger peers with both the S&P BSE Mid-cap and the S&P BSE Small-cap gaining over 1.5 per cent.

Trade view on Nifty

Speaking on the day trading guide for Tuesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be positive. Having reached nearer to our upside target of 17,000 mark, there is no sign of any tiredness at highs and the market is ready to move above 17,000 levels in the coming sessions. A sustainable move above 17,000 could open the next upside target of around 17,500 levels in the next two weeks. Immediate support for NSE Nifty is placed at 16,750 levels.”

Day trading stocks to buy today

Speaking on day trading stocks for today’s trade session, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors and Mudit Goel, Senior Research Analyst at SMC global Securities — recommended 6 shares to buy today.

Sumeet Bagadia’s stocks to buy today

1] Federal Bank: Momentum buy at CMP, target 86 to 90, stop loss 77.50

2] Asian Paints: Buy at CMP, target 3200 to 3250, stop loss 3000

Sandeep Matta’s shares to buy today

3] Greaves Cotton: Buy at 138, target 150 to 160, stop loss 125

4] Apollo Tyres: buy at 212, target 220 225, stop loss 204

5] UPL: Buy above 745, target 775 to 790, stop loss 720

Mudit Goel’s stock of the day

6] LIC Housing Finance: Momentum buy at CMP, target 408, stop loss 392.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!