Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Monday, 2nd September

The benchmark indices closed the week at record highs, having gained for the third straight week. The week ended with the Nifty at 25,235.90 (+1.66%) and the Sensex at 82,365.77 (+1.58%). Nifty Bank closed the week at 51,351 (+0.82%) after a positive week. The week ended with positive closing values for the Nifty Midcap 150 and Nifty Small Cap 250, at 21,925 (+1.29%) and 18,170 (+0.91%) levels, respectively triggered by LTI Mindtree and Persistent, the Nifty IT traded at all-time highs, ending the week at 42,787 (+4.13%) level. This week, Nifty Pharma reached a record high of 23,217 (+3.06%), driven by Lupin and Alkem Labs. This week, the Nifty FMCG reached a record high, but it ended the week in the negative at (-0.55%) 63,059. The week ended with gains for Nifty Auto, Nifty Realty, Nifty Metal, Nifty Media, and Nifty Financial Services. The week closed with losses for Nifty FMCG and Nifty PSU Bank. LTIMindtree, Bajaj Finserv, Bajaj Finance, and HCL Tech were the most substantial gainers among stocks, while the top losers were Coal India, Kotak Mahindra Bank, Adani Enterprises, and Grasim Industries.

Market Outlook

"The outlook for the market will be guided by the major domestic and global economic data such as HSBC India Services PMI (Aug), HSBC India Manufacturing PMI (Aug) ISM Manufacturing PMI (Aug), JOLTs Job Openings (July), Initial Jobless Claims, S&P Global Services PMI (Aug) and Nonfarm Payrolls (Aug)," said Palka Arora Chopra, Director of Master Capital Services Ltd.

"The next FOMC meeting is scheduled for mid-September, but before that, the market will be closely watching upcoming U.S. economic data. Key indicators like Manufacturing PMI, Non-Farm Payroll, and Unemployment Claims will be released next week, all of which could significantly influence market sentiment. Additionally, PMI data from China and speculation around potential economic stimulus measures there will likely keep the commodity space in focus," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

"Institutional flows will play a critical role, and if FIIs continue their buying spree, we could see Largecap stocks outperforming. However, the market is also witnessing a series of block deals, which are absorbing some of the domestic liquidity. Beyond these factors, geopolitical developments and the movement of crude oil prices will be other important variables that could sway market trends in the coming weeks," Santosh Meena further added.

Nifty Prediction

"Technically, the Nifty has entered a fresh expansion phase after surpassing the psychological barrier of 25,000. The next target levels to watch are 25,281, 25,600, and 25,921. The zone between 25,000 and 24,850 has now become an immediate and strong demand area, while the 20-DMA support is positioned at the 24,600 level," Santosh Meena predicted.

Bank Nifty Prediction

"In contrast, the Bank Nifty continues to underperform and needs to break above its 50-DMA at 51,550 to gain momentum. If it succeeds in crossing this key level, a significant short-covering rally could push it towards the 52,000-52,300 zone. On the downside, 50,950 serves as immediate support, with 50,000 being a crucial support level," Santosh Meena stated.

Stocks To Buy On Monday

The executive director of Choice Broking, Sumeet Bagadia, recommended buying two intraday stocks on September 2 ahead of the release of global macro data this week.

Stove Kraft

Buy STOVEKRAFT in cash @ 840.95, stop-loss: 812, target: 888

STOVEKRAFT is presently trading at 840.95 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action.

A robust support level is situated at 812 levels. This confluence of support factors enhances the stock's stability and resilience.

Furthermore, STOVEKRAFT is trading above all the important moving averages, which underscores its overall bullish posture and trend.

The Relative Strength Index (RSI), a momentum indicator, is hovering around 78.5 levels. This RSI reading suggests that the stock possesses considerable strength and also It signifies a healthy and sustainable uptrend.

A minor resistance level is noticeable in the vicinity of 850 levels. Once the stocks successfully surpass this resistance, it has the potential to advance towards the target level of 888. This could present a favourable trading opportunity for investors and traders alike.

Based on the above analysis we recommend buying STOVEKRAFT at a CMP of 840.95 with a SL of 812 for the target of 888.

Ram Ratna Wires

Buy RAMRAT in cash @ 595.5, stop-loss @ 575, target @ 625

RAMRAT is exhibiting strong bullish momentum, currently trading at an all-time high of 610 levels. The recent breakout above the crucial resistance at 570 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, RAMRAT 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 84 levels.

For traders, keeping an eye on the strong support near 575 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, RAMRAT 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 RAMRAT and the CMP of 595.5 with a stop loss of 575 for the target of 625.

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.