Stock Market Update: Four Stocks Recommended for Day Trading on September 18
Written by Sanjay Kumar
The Indian stock market continued its upward trajectory on the back of robust global cues, extending its winning streak for the third consecutive day on Friday (September 15). The NSE Nifty achieved a record closing high at 20,192 levels, reaching a new all-time peak of 20,222 during the day’s trading. Similarly, the BSE Sensex also registered a record closing high at 67,838 levels after scaling a new pinnacle of 67,927. The Nifty Bank index gained 230 points, closing at 46,231 levels. In the broader market, the small-cap index increased by 0.27 percent, and the mid-cap index also ended in positive territory. After a brief pause, the Indian stock market saw a widespread rally on Friday, with all major indices participating in reinforcing the bullish trend on Dalal Street.
The bullish sentiment was primarily fueled by strong global cues, including better-than-expected economic data from China and the United States, along with optimism that the European Central Bank might soon reach its peak interest rates. Nifty surged to new highs, driven by buying interest in heavyweight index components, and closed with a gain of 89 points at 20,192 levels. The decline in India VIX by 4% to 10.9 further contributed to the positive sentiment. Sector-wise, the market showed a mixed performance, with notable buying interest observed in the Auto, IT, and Pharma sectors.
Nifty has been consistently reaching new highs in recent sessions, with sentiment bolstered by the successful G-20 summit, which is expected to strengthen India’s position in the global economy. Additionally, lower CPI and wholesale inflation in India provided comfort amidst global inflationary concerns. As a result, the overall positive momentum is expected to persist, especially in large-cap stocks, while sectoral rotations are likely to be seen in the broader market, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
Day Trading Guide for the Stock Market Today
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, provided an outlook for Nifty today, stating that the short-term trend remains positive, with the possibility of further upside potential and some volatility in upcoming sessions. The next upside target to monitor is at 20,450 levels, which represents the 38.2% Fibonacci extension, calculated from the March bottom to the July top to the August bottom. Immediate support levels to watch are at 20,050.8
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, shared his perspective on Bank Nifty today, noting that it touched its previous resistance of 46,300 zones and concluded the day at 46,232, up by 231 points. The 46,300 strike still has a higher number of call writers compared to put writers, making it a formidable resistance level. A decisive breakthrough above 46,300 could potentially initiate the next leg of the rally in Bank Nifty.
Day Trading Stocks for Today
In terms of intraday trading strategies, stock market experts have recommended the following four stocks to buy or sell today:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks for Today:
- Wipro: Buy at ₹441.05, target ₹460, stop loss ₹429.
- UPL: Buy at ₹634.65, target ₹672, stop loss ₹616.
Kunal Kamble (Sr. Technical Analyst at Bonanza Portfolio) Stocks to Buy Today:
- IPCA Lab: Buy at ₹927 to ₹932, target ₹1090, stop loss ₹847.
- Maharashtra Scooters: Buy at ₹7550 to ₹7560, target ₹7910, stop loss ₹7370.
Please exercise caution and perform thorough research or consult with a financial advisor before making any trading decisions. Stock prices are subject to rapid fluctuations, and it’s essential to manage risks effectively.
