Day Trading Stocks: Sumeet Bagadia of Choice Broking Recommends 2 Shares To Buy Today, 10th October

Benchmark indices ended in red on October 9 due to ongoing to geo-political tensions. The Nifty dropped 141.20 points or 0.72 per cent at 19,512.30 while the Sensex ended down by 483.24 points or 0.73 per cent at 65,512.39 at the time of closing.

Adani Ports, Hero MotoCorp, Tata Steel, HDFC Life, and M&M were among the Nifty's worst losers, while major gainers included HCL Technologies, Dr. Reddy's Laboratories, ONGC, Tata Consumer, and HUL. All the sectoral indices ended in the red except Nifty Healthcare while Nifty PSU Bank followed by Nifty Media were the major draggers. Whereas Broader indices BSE Midcap index ended 1.22% lower and the Smallcap index plummeted 1.72 per cent.

Market Outlook Today

Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Nifty opened with a gap down but rose sharply before consolidating for the major part of the day to settle at 19,512, down 141 points. The Future Open Interest (OI) indicated buildup of short positions in Nifty futures. The India VIX, known as the fear indicator, rose 10.68% and closed at 11.40, giving major discomfort to the bulls."

"Put Writing was observed at 19,500 Strike today. There is multiple support around the 19,500 levels. A break below 19,500 can take the Index until 19,350 levels where its next support is placed. A breakout above 19,550 can lead to filing of gap until 19,650 levels. Nifty has formed doji candles on the daily chart since last three days.Bank Nifty tested the key support level of 43,800 Monday (today) and closed at 43,887, down 474 points. Call writers strengthened their position at 44,000 Strike today. A break below 43,800 can quickly take Bank Nifty until 43,600 levels while the uptrend can resume upon successful close above 44,500 on the upside," he further stated.

Stocks To Buy Today

Sumeet Bagadia, Executive Director at Choice Broking for the Tuesday trading session, 10th October has recommended the below shares to trade today.

TVS Motor

Buy TVSMOTOR in cash @ Rs 1522, Stop-loss: Rs 1498, target: Rs 1571

TVS Motor Ltd is currently displaying promising technical indicators on the daily time frame, suggesting a potential breakout. The stock has found robust support along a well-defined trendline, underscoring its strength in the current market conditions. Moreover, it has convincingly closed above key moving averages, including the 20, 50, 100, and 200 Exponential Moving Averages (EMA), indicating a sustained bullish sentiment.

The Relative Strength Index (RSI) stands at a healthy 63, reflecting a balanced momentum without veering into overbought territory. This suggests a sustainable upward trend without the immediate risk of a sharp correction. Additionally, the Average Directional Index (ADX) is notably robust at 32, reinforcing the strength of the prevailing trend.

With these factors in mind, a prudent entry point would be at 1522, accompanied by a stop-loss set at 1498 to mitigate potential downside risk. Anticipated target levels are pegged at 1571, representing a compelling risk-reward proposition for traders and investors alike.

Jubilant FoodWorks

Buy JUBLFOOD in cash @ Rs 536.90, Stop-loss: Rs 525, target: Rs 556.

The stock is currently trading at 536.90 and has exhibited some encouraging signs for potential investors. It successfully breached the 530 level on a closing basis, a key technical level, and did so with robust trading volumes, suggesting underlying strength in the stock.

Furthermore, the stock is currently trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). This indicates a positive trend in the short, medium, and long-term, respectively.

There is a minor resistance level at 545, but if the stock can overcome this barrier, it may have the potential to reach 556 and potentially higher. This breakout could signify a bullish move in the stock.

Additionally, the Relative Strength Index (RSI), a momentum indicator, is hovering around 55. This suggests that there is strength in the stock's current trend, though it's not yet in overbought territory.

With a medium-term outlook, one can buy JUBLFOOD at a CMP of 536.90 with an SL of 525 for a target price of 556.

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.