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These 8 stocks to buy or sell today

04 Aug , 2022   By : Kanchan Joshi

These 8 stocks to buy or sell today

After losing in early morning deals on panic over the US House Speaker Nancy Pelosi’s visit to Taiwan, Indian stock market pared these losses and ended in positive zone on sixth successive session on Wednesday deals. The 50-stock index NSE Nifty ended 42 points higher at 17,388 whereas BSE Sensex shot up 214 points and closed at 58,350 mark. Nifty Bank index finished 34 points north at 37,989 levels. Broad market indices like small-cap and mid-cap indices ended in the negative territory and advance decline ratio ended at about 0.58:1.

According to stock market experts, a small positive candle was formed on the daily chart with long lower shadow. Technically, this pattern indicate a formation of hanging man type candle pattern. But having formed high wave and hanging man type pattern amidst broader range movement in the last two sessions signal choppy movement in the market. Hence, there is no indications of any reversal pattern unfolding at the highs.

Day trading guide for stock market today

"The Nifty is currently placed at the crucial overhead resistance at 17,450 levels and there is a lack of sharp selling participation at the hurdle. The positive chart pattern like higher tops and bottoms is intact and any short term downward correction from here could form a new higher bottom in the market. There is a possibility of further consolidation movement in the next 1 or 2 sessions around 17,400 to 17,250 levels before witnessing a sharp upside breakout of the hurdle. The upside target to be watched at 17,800 levels and immediate support for NSE Nifty is placed at 17,220 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"The stock market rally is getting concentrated to fewer stocks now as we can see that the overall market breadth was weak and it was only the Nifty IT sector which managed to hold the benchmark higher. This usually happens in the last leg of a rally where the broader markets start diverging and only some heavyweights keep the momentum in the index intact. So traders need to be very specific in stock selection for trading and in fact look to lighten up longs in the up move from hereon," said Ruchit Jain, Lead Research at

Speaking on outlook for SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, “Overall trend for SGX Nifty today is positive. Small range of the index can be assumed in between 17,370 to 17,650 whereas broader range of SGX Nifty today may lie in between 17,240 to 17,800 levels."

Day trading stocks

Sharing intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi; Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher and Rajesh Bhosale, Technical Analyst at Angel One — recommended 8 stocks to buy today.

Anuj Gupta's intraday stocks for today

1] ITC: Buy at CMP, target Rs335, stop loss Rs294

2] HDFC Bank: Momentum buy at CMP, target S 1500, stop loss Rs1380

Mehul Kothari's stocks to buy today

3] IRCTC: Buy around Rs642, target Rs670, stop loss Rs626

4] IEX: Buy around Rs167, target Rs178, stop loss Rs162

Vaishali Parekh's day trading stocks to buy today

5] Tech Mahindra or TechM: Buy around Rs1052, target Rs1090, stop loss Rs1030

6] HDFC Ltd: Buy around Rs2368, target Rs2420, stop loss Rs2330

Rajesh Bhosale's shares to buy today

7] BASF India: Buy around Rs2869, target Rs3030, stop loss Rs2787

8] UTI AMC: Buy around Rs727, target rs772, stop loss Rs706.

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