Day trading guide for Tuesday: 6 stocks to buy today — 20th September

Market


Benchmark indices found firmer ground on Monday after a three-session losing streak, propped up by buying in banking, finance, FMCG and auto counters while investors prepared for a host of central bank meetings this week to gauge the impact of rate hikes on global economy. 

The BSE Sensex ended 300 points higher at 59,141. The NSE Nifty jumped 0.52% to close at 17,622. In the broader market, the BSE midcap gauge declined 0.16% and the smallcap index dipped 0.17%.

Day trading guide for stock market today

“The short term trend of Nifty continues to be negative. Monday’s upside bounce could be a cheering factor for the bulls to make a comeback. Further sustainable upmove from here could pull Nifty towards 18K mark again. Any weakness below the support of 17,450 levels could open the next downside towards the 17,100-17,000 levels in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Nifty has remained range-bound as investors await the FOMC outcome, due this week. On the lower end, Nifty found support above 17400, whereas bears protected the 17700 mark. The trend is likely to remain sideward over the near term. Support is placed at 17350-17400, a fall below 17350 may trigger a correction towards 17000. On the higher end, 17700 may act as crucial resistance. A decisive move above 17700 may induce a rally towards 17900/18100,” said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts –

Anuj Gupta, Vice President – Research at IIFL Securities

Ambuja Cement: Buy Ambuja Cement, stop loss 534, target 610

Pidilite: Buy Pidilite, stop loss 2,720, target 2,920

Ravi Singh, Vice President and Head of Research at Share India

India Cement: Buy India Cements, stop loss 286, target 305

Mahindra & Mahindra (M&M): Buy Mahindra & Mahindra, stop loss 1,275, target 1,320

Manoj Dalmia, founder & director, Proficient Equities

Bajaj Finance: Buy Bajaj Finance, Stop loss 7,052, target 7,994

Rainbow Children’s Hospital: Buy Rainbow Hospital, stop loss 622, target 722

The views and recommendations made above are those of individual analysts, and not of Mint.

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