Day Trading Guide: From Tata Motors To Sun TV; Stocks To Buy Today Below Rs 700

Positive market openings in Asia, US market rebound ahead of today's major employment report, a drop in 10-year bond yield, easing of oil price, and domestic may open the domestic market in green today. On Thursday, the benchmark 30-share BSE Sensex rose 405 points or 0.62% to settle at 65,631. To close at 19,546 the NSE Nifty gained 110 points, or 0.56%. The decision of the RBI MPC, where it is anticipated that the repo rate would stay constant at 6.5%, will be the primary topic of discussion today.

Nifty Prediction Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal said, "Nifty immediate support at 19442 then 19333 zones while resistance at 19650 then 19750 zones. Now it has to hold above 19500 zones, for an up move towards 19650 then 19750 zones whereas supports are placed at 19442 then 19333 zones."

Bank Nifty Prediction Today

Bank Nifty support at 43850 then 43600 zones while resistance at 44444 then 44750 zones. Now till it holds below 44250 zones weakness could be seen towards 43850 then 43600 zones while on the upside hurdles are seen at 44444 then 44750 levels, the analysts of Motilal Oswal said.

Stock Market Outlook Today

"Positive opening in the Asian markets, smart recovery in US market from the intra-day low ahead of key US Job report to be released today, fall in US 10-year Bond yield, cooling down oil price and domestic September Service PMI surged to 13-year high, may open domestic market on a positive note. Market will focus today on RBI credit policy at 10am and important US Job data to be released in the evening.

Expectation of RBI to keep unchanged interest rate but RBI commentary will be important for the market sentiment. Auto and FMCG stocks will be positive ahead of festival demand. Expects rally in IT stocks to continue ahead of IT majors (TCS and Infosys) to announce Q2 results next week. Gift Nifty is up 50 points or 0.3%," said Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal.

Stocks To Buy Today

The said analysts have recommended the below stocks to buy today for intraday on 6th October.

Technical Pick:

SUN TV

Buy at CMP of Rs 634, stop-loss: Rs 615, target: Rs 675, duration: 2 to 3 days

SUN TV has given a range breakout on the daily chart and managed to close above the same. Breakout is supported by a surge in volumes which may support the ongoing up move. It has formed a strong bullish candle on the daily chart and momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick:

Tata Motors

Buy at CMP of Rs 620, target: Rs 740, duration: 1 year

JLR's wholesale volumes (ex-China JV) grew 29% YoY/4% QoQ to 96.8k units (est. 92.5k units) in Q2FY24. 1HFY24 wholesales grew 29% YoY to 190.1k units. Higher-than-expected wholesales despite an annual two-week summer shutdown indicate that supply side constraints continue to ease. 2Q retails grew 21% YoY (+35% QoQ) to 106.6k units, while 1HFY24 retails increased by 25% to 208.5k units. FCF is expected to be over GBP300m in 2Q, said the analysts of Motilal Oswal in a report.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.