Day Trading Stocks: 2 Buy/Sell Picks By Sumeet Bagadia On Wednesday, 28th August

The week got off to an excellent start thanks to encouraging global cues, with prices climbing consistently throughout the day. The market continued its upward trajectory in the second half, concluding over the 25000 level with a gain of 0.76%, though trading within a range. Tuesday's opening of key benchmark indices was flat, mirroring global findings. The Nifty had a little bullish start to the day and ended the session unchanged at 25,018 points. The Bank Nifty saw buying demand at opening, closed the day at 51,279 levels, and ended the day higher. The direction of the market will probably be established if the pattern's high or low breaks down, with the Nifty's Doji candle close to all-time high levels.

Nifty Prediction

"On the 75-minute charts, Nifty is maintaining a Higher-High and Higher-Low structure, comfortably trading above its 10- and 20-period upward-sloping Exponential Moving Averages (EMAs). The Rising Window between 24,850-24,900 offers strong support. With the Doji candle near ATH levels, the market's direction will likely be determined once the high or low of this pattern is breached," said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.

"The market remains bullish, with a "Buy on Dips" strategy recommended. On the 75-minute time frame, Nifty continues to trade within a Higher-High & Higher-Low structure, staying above key averages. The Doji candlestick pattern near ATH levels suggests indecision, with Call writers adjusting their positions at higher levels. However, a strong base is established between 24,850 and 24,900. As long as Nifty remains above 24,800, the bulls are in control. A sustained move above 25,100 could trigger a strong recovery, potentially leading to short-covering by sellers," he further added.

Stocks To Buy Today

On August 28, Choice Broking executive director Sumeet Bagadia recommended buying two intraday stocks as the Nifty produced a long-wicked candlestick on the daily chart, signalling buying activity at lower levels.

Laurus Labs

Buy LAURUSLABS in Cash @ 453.05, stop-loss @ 438, target @ 484

LAURUSLABS is currently trading at Rs 453.05 and has recently given a breakout from a symmetrical triangle pattern on the daily chart. This breakout is supported by increased trading volumes, indicating strength in the upward move. The stock has formed a strong bullish candle on the daily chart, reinforcing the uptrend. There is potential for further upward movement, with a target of Rs 484. On the downside, significant support is around the Rs 423 level.

The Relative Strength Index (RSI) is at 58.38 and trending upward, signalling increased buying momentum. Additionally, LAURUSLABS has bounced from its long-term 200-day Exponential Moving Average (EMA) and has surpassed its short-term 20-day and medium-term 50-day EMAs, reinforcing a bullish outlook.

Given the current technical indicators and price action, LAURUSLABS appears well-positioned for a potential upward move. Investors might consider buying at Rs 455, with a stop loss set at Rs 423 to manage risk. The target of Rs 484 aligns with resistance levels and offers a favourable risk-reward ratio, making this a promising trading opportunity.

CESC

Buy CESC in cash @ 208.41 SL @ 201 TGT @ 220

CESC is exhibiting strong bullish momentum, currently trading at an all-time high of 210 levels. The recent breakout above the crucial resistance at 192 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, CESC 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 74.18 levels.
For traders, keeping an eye on the strong support near 201 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, CESC 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 CESC and the CMP of 208.41 with a stop loss of 201 for the target of 220.

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.