Day Trading Guide: Siddhartha Khemka Recommends 3 Stocks To Buy/Sell Today, 3rd October

Tuesday's opening bell session saw the Sensex drop by 300 points and the Nifty below 19,550. Asian Paints was the top gainer while Maruti was the worst performer in the early session. Today the Asian indices are trading negative 1.5% to 3.5%, however, US Indices closed mixed -0.2% to 0.7% and European indices closed negative 0.9% to 1.3% on Friday all are which indicating negative global cues.

Nifty Outlook Today

Nifty immediate support at 19550 then 19442 zones while resistance at 19750 then 19850 zones. Now it has to hold above 19650 zones, for an up move towards 19750 then 19850 zones whereas supports are placed at 19550 then 19442 zones, said Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal.

Bank Nifty Outlook Today

Bank Nifty support at 44444 then 44250 zones while resistance at 45000 then 45250 zones. Now it needs to cross and hold above 44750 zones for a bounce towards 45000 then 45250 levels while a hold below the same could see some weakness towards 44444 then 44250 zones, the analysts predicted.

Market Outlook

"Hawkish commentary by US Fed officials, Dollar Index surging to 11-month high to above 107 level and 10-year yield spiked to 16-year high of 4.67, may open domestic bourses on a weak note. Asian stocks edged lower as muted manufacturing activity raised concerns over the region's growth outlook, erasing an initial boost from a temporary resolution to the US government shutdown. US stocks traded mixed on Monday, as Treasury yields jumped ahead of comments from Federal Reserve Chairman Jerome Powell that may offer hints about upcoming monetary policy. Gift Nifty is down by 130 points against the previous days close. Record power consumption by the industrial sectors indicating that the domestic economy is booming. Expects positive for defense, PSU Banks and Auto stocks," they stated.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal have recommended the below stocks to buy or sell today, 3rd October.

Technical Pick:

DLF

Buy at CMP of Rs 530, stop-loss: Rs 515, target: Rs 560, duration: 2 to 3 days.

DLF has been in overall uptrend and retested the previous breakout zone on weekly scale with strong bullish candle. On daily scale the stock has given consolidation breakout and holding well above its 20 DEMA.RSI is also on the verge of positive crossover which suggests momentum to pick up in coming sessions. Good buying interest is visible across Realty space which may support the ongoing up move in the stock.

Fundamental Pick:

Ultratech Cement

Buy at CMP of Rs 8280, target: Rs 9085, duration: 1 year

Total consolidated sales volume for the company was up 16% yoy. We maintain our BUY rating on the stock, given its: a) leadership position in the industry, b) robust expansion plans without leveraging the balance sheet, and c) structural cost improvement measures.

Coal India

Buy at CMP of Rs -295, target: Rs 300, duration: 1 year

Cola India coal supply to power sector rises 3.4% to 294.8mt in H1. With 14 countries adding new coal plants in last one year and eight countries announcing new projects, the dependence on coal is therefore likely to increase in the near term. COAL remains our top pick in the mining sector.

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.