Stocks

Day trading guide for Wednesday: 6 stocks to buy today — August 10

Indian shares closed at a near four-month high on Monday. The 30-share BSE benchmark Sensex climbed 465 points to finish at 58,853, its highest closing since April 11 this year. The Nifty gained 0.7% to end at 17,525. 

In the broader market, the BSE midcap gauge climbed 0.3% and the smallcap gained 0.28%. Nifty’s auto index advanced more than 1%. Automaker Mahindra and Mahindra (M&M) was one of the top performers on the Nifty 50, whereas Nifty metals index gained 1.3%. Indian markets were closed on Tuesday for a holiday.

Day trading guide for stock market today

“The short term trend of Nifty remains positive with range bound action. A sustainable move above 17550 levels could be considered as an upside breakout of the range and that could pull Nifty towards the next important resistance of 17800-17900 levels in the near term. Immediate support is placed at 17430 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“After consolidating last week, Nifty finally managed to cross and close above 17,500 levels. This indicates the inherent strength in the domestic market, despite mixed global cues and increasing geopolitical tensions. We expect positive momentum to continue with nifty inching towards 17700 – 17800 zones. Inflation data for US and India would be key data to watch out for during the truncated trading week,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Stocks to buy today as recommended by analysts –

Rajesh Bhosale, Technical Analyst, Angel One Ltd

Indian Railway Catering and Tourism Corporation (IRCTC): Buy IRCTC, stop loss 642, target 685

Nippon Life India Asset Management: Buy NAM-INDIA, stop loss 296, target 320

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd

Cummins India: Buy CUMMINS, stop loss 1,170, target 1,235

Piramal Enterprises Ltd: Buy PEL, stop loss 1,760, target 1,855

Mehul Kothari, AVP — Technical Research at Anand Rathi

HDFC Bank: Buy HDFC Bank, stop loss 1,430, target 1,520

Can Fin Home: Buy Canfinhom, stop loss 586, target 620

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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