Day Trading Guide for Today: Six Stocks to Buy or Sell on Friday, September 22

Written by Sanjay Kumar

Market Overview:

On account of a strong US dollar putting global markets under selling pressure, the Indian Stock market ended lower for the third straight session. The Nifty 50 index lost 159 points and closed at 19,742 levels, while the BSE Sensex shed 570 points, ending at 66,230 levels. The Bank Nifty index corrected by 760 points, closing at the 44,623 mark. In the broader market, small-cap and mid-cap indices both crashed almost one percent.

“Domestic equities declined for the third consecutive day after the US Fed’s hawkish stance in its policy meeting. Nifty continued its downward journey to close with a loss of 159 points (-0.8%) at 19,742 levels. Selling was seen across sectors, including broader markets. Banking, Auto, Financial Services, and Realty were major losers today. The market fell by 2.2% in the last three days amid profit booking at higher levels. Uncertain global cues and persistent selling by FIIs are likely to keep markets under pressure in the near term,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Motilal expert went on to add that it would be better to prefer defensive sectors for some time until the market stabilizes.

Day Trading Guide for the Stock Market Today

Outlook for Nifty 50:

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated, “The next important supports to be watched are around 19,550 levels, which is the weekly 10-period EMA. A minor upside bounce is expected from the supports, but the said bounce could be a sell-on-rise opportunity.”

Outlook for Bank Nifty Today:

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, mentioned, “Bank Nifty witnessed heavy profit booking compared to the Nifty index, breaching below the important support zone of 44,800 levels to turn the bias weak, with most of the frontline banking stocks shedding their gains and the bias turning a little bit weak. The index would have the next crucial support zone of 43,600 levels below which needs to be sustained.”

Day Trading Stocks for Today

Intraday Trading Strategy:

Stock market experts, including Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Mitesh Karwa, Research Analyst at Bonanza Portfolio, have recommended five stocks to buy or sell today.

Sumeet Bagadia’s Intraday Stocks for Today:

1 – Tech Mahindra: Buy at ₹1292, target ₹1350, stop loss ₹1255.

2 – LT (Larsen & Toubro): Buy at ₹2899, target ₹3010, stop loss ₹2825.

Ganesh Dongre’s Stocks to Buy Today:

3 – DLF: Buy at ₹517, target ₹535, stop loss ₹505.

4 – M&M Finance (Mahindra & Mahindra Finance): Buy at ₹301, target ₹318, stop loss ₹292.

Mitesh Karwa’s Buy or Sell Stocks:

5. Asian Paints: Buy at ₹3240 to ₹3244, target ₹3300, stop loss ₹3210.

6 – EMIL: Buy at ₹149 to ₹150, target ₹158, stop loss ₹145.

These recommendations provide insights into potential trading opportunities for the day, but it’s essential to conduct your research and consider your risk tolerance before making any investment decisions in the stock market.

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The post Day Trading Guide for Today: Six Stocks to Buy or Sell on Friday, September 22 first appeared on Business Connect Magazine.