Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Friday, 6th September

The domestic benchmark indices began the day higher, following global trends. On Thursday, the Nifty had a strong start to the day but struggled to maintain higher levels, which resulted in selling pressure and a negative ending at 25,145 levels. Despite volatility, the Bank Nifty closed higher at 51,473 levels after opening on a gap-up note. As of right now, domestic markets appear impervious to shocks from overseas and are predicted to stabilise in the face of rising global volatility and significant US job data.

Nifty Prediction

"Technically, on a daily scale, index has formed a red candle today but index is still holding above the breakout point of the rounded bottom pattern and the 9-Day Exponential Moving Average (DEMA), indicating strength. On the downside, the 9-DEMA is positioned near 25,100. As long as the index holds above the 25,000-25,100 levels, a "buy on dips" strategy should be employed. On the upside, the index may test the 25,500-25,600 levels in the near future," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

"Technically, on the daily chart, the index has formed a small red candle, indicating selling pressure at higher levels. On the downside, the 50-Day Exponential Moving Average (DEMA) is positioned near 50,950 levels. As long as the index stays above 50,950, a "buy on dips" strategy is recommended. On the upside, Bank Nifty may attempt to test the 52,000 level, which corresponds to the target of the double bottom pattern," predicted Hrishikesh Yedve.

Stocks To Buy Today

On September 6, Sumeet Bagadia, executive director of Choice Broking, recommended buying two intraday stocks on the India VIX's 1.88% decline, which saw it settle at 14.20 from 14.37. Even with the drop, a VIX trading above the peak from last week indicates strong volatility; yet, a reading below 15 allows bulls some wiggle space.

AMI Organics

Buy AMIORG in cash @ 1447.55, stop-loss 1395, target 1525

AMIORG has recently exhibited a robust breakout from the critical resistance zone of 1380 - 1430 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in AMIORG price action.

In summary, the decisive breakout, coupled with favourable volume and a positive alignment of key technical indicators, suggests a bullish outlook for AMIORG. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying AMIORG in cash at CMP of 1447.55 for the target of 1525 with a stop loss of 1395.

Anup Engineering

Buy ANUP in cash @ 2326.2, stop-loss @ 2244, target @ 2450

ANUP is exhibiting strong bullish momentum, currently trading at an all-time high of 2349.8 levels. The recent breakout above the crucial resistance at 2222 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, ANUP is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 85.7 levels.

For traders, keeping an eye on the strong support near 2244 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ANUP current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying ANUP and the CMP of 2326.2 with a stop loss of 2244 for the target of 2450.

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.