Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Thursday, 5th September

The domestic benchmark indices began the day lower than expected, mirroring global indications. As a result, the Nifty opened the day lower than expected and stayed under pressure. However, a late rally helped the index regain some of its losses, and it ended Wednesday's trading on the lower side at 25,199 levels. The Bank Nifty saw buying action later in the day after opening the gap lower. In spite of this, the index ended the day down at 51,400 points. India VIX climbed from 13.84 to 14.37, a gain of 3.86%. As the VIX crosses over the high of the previous week, it indicates higher market volatility, which traders ought to be cautious about. But as long as the VIX stays below 15, bulls could still have hope.

Nifty Prediction

Technically, the daily chart depicts a bullish belt hold candle at the breakout point of a rounded bottom pattern, indicating strength. On the downside, the 9-Day Exponential Moving Average (DEMA) is positioned near 25,090. 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, the daily chart shows the index forming a small green candle, indicating buying interest at lower levels. On the downside, the 21-Day Exponential Moving Average (DEMA) is near 51,090 levels. As long as the index remains above 51,090, a "buy on dips" strategy is recommended. On the upside, the Bank Nifty might attempt to test the 52,000 level, which corresponds to the target of the double bottom pattern, predicted Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two intraday stocks on September 5 amid its importance to monitoring global developments since they might have a big influence on the markets' intermediate trajectory.

Supriya Lifescience

Buy SUPRIYA in cash @ 588.5, stop-loss: 565, target: 620

SUPRIYA is currently trading at Rs 588.5. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 565 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 620 levels. On the downside, substantial support is evident near Rs 565.

Furthermore, SUPRIYA is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 72.98, signalling an upward trajectory and confirming an increase in buying momentum.

In summary, considering the technical analysis and prevailing market conditions, SUPRIYA appears to present a promising buying opportunity for those targeting a Rs 620 price objective, contingent upon the implementation of prudent risk management measures.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 565 to protect the investment in case of an unexpected market reversal.

Shilpa Medicare

Buy SHILPAMED in cash @ 813.15, stop-loss: 785, target: 860

SHILPAMED has recently exhibited a robust breakout from the critical resistance zone of 725 -777 on the daily chart. 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 SHILPAMED price action.

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

Based on the above analysis we recommend buying SHILPAMED in cash at CMP of 813.15 for the target of 860 with a stop loss of 785.

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.