Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Thursday, 12th September

In line with global trends, the Indian stock market began flat on Wednesday. Nifty had a mixed start to the day before briefly recovering in the first half of the session. In the second half, there was profit booking, which caused Nifty to close lower at 24,918. The INDIA VIX, a measure of market volatility, increased by 2% and ended the day at 13.63. Bank Nifty opened the day flat to down; it made a small recovery in the first half but was under selling pressure in the second half, ending the day down at 51,010. Every sector wrapped up in red except for FMCG. PSU Bank, Metals, and Oil & Gas were the top losers, down by more than 1%. Even with the rise, the VIX being below 15 indicates that buyer demand may be fuelling positive momentum. It seems like the market is transitioning from a sideways to a positive trend.

Nifty Prediction Today

"Technically, on the daily scale, Nifty failed to sustain above the trend line resistance and formed a red candle, indicating weakness. As long as the index remains below the trend line resistance, which is around the 25,150 level, caution is advised on the upside. On the downside, 34-DEMA support is positioned around 24,750, which will serve as significant support for Nifty in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.

Bank Nifty Prediction

"On the daily chart, the index formed a red candle, reflecting weakness. On the downside, the 100-DEMA support is placed near 50,250, serving as a key level for Bank Nifty. On the upside, the 51,400-51,420 zone acts as a short-term hurdle. A sustainable move above 51,420 could push Bank Nifty towards 51,800-52,000 levels." Hrishikesh Yedve predicted.

Stocks To Buy Today

Executive director of Choice Broking Sumeet Bagadia recommended buying two intraday equities on September 12 in light of the likelihood that significant global data points will impact markets.

Voltas

Buy VOLTAS in Cash @ 1828.7, stop-loss @ 1755, target @ 1925

VOLTAS has demonstrated remarkable strength and positive momentum in recent high-volume trading sessions, currently trading at 1828.7. The stock's recent consolidation within the 1777-1818 range has laid the foundation for a potential upward movement, emphasized by broken the neckline levels of ₹1818 and is rising quickly on the upside with substantial volume.

Notably, VOLTAS maintains a robust technical posture by comfortably holding its position above the crucial 20-day, 50-day, and 200-day Exponential Moving Averages (EMA), reflecting a solid base and signalling a positive trend. The Relative Strength Index (RSI), a pivotal momentum indicator, is on the rise and currently stands at 60 levels.

As VOLTAS gears up to confront the next resistance level at 1925, its ability to sustain itself above critical support levels during pullbacks suggests a strong technical setup. Employing trailing stop losses, with a protective buffer near the significant support level of 1755, is a prudent risk management strategy for investors who entered the market at lower levels. In conclusion, the technical analysis paints a favourable picture for VOLTAS, indicating the potential for further upward movement and instilling confidence among investors.

Shilpa Medicare

Buy SHILPAMED in cash @ 875.45, stop-loss: 845, target: 925

The daily chart analysis of SHILPAMED reveals a promising outlook for the upcoming week, signalling a sustained upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The Volume Weighted Average Price (VWAP) for short term is 870 and SHILPAMED stock is trading above this level this is a good sign for the stock and it could move higher. VWAP is rising upwards. Furthermore, SHILPAMED is currently trading above its crucial 20-day, 50-day, and 200-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying SHILPAMED in cash at CMP of 875.45 for the target of 925 with a stop loss of 845.

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.