Stocks to buy or sell: The Indian stock market witnessed healthy gains in the previous session on Tuesday, August 20, amid largely positive global cues driven by strong expectations that US Fed Chair Jerome Powell will give clear hints about the start of rate cuts in September in this week's Jackson Hole economic symposium. Experts believe Powell might signal a 25 bps or even a 50 bps rate cut in the Fed's next policy meeting on September 17-18.
On Tuesday, the Sensex closed with a gain of 0.47 per cent at 80,802.86, while the Nifty 50 settled 0.51 per cent higher at 24,698.85.
The Nifty 50 may see a negative opening on Wednesday, tracking weak global cues. The US stock market ended lower on Tuesday, breaking its eight-day winning streak ahead of the Jackson Hole Economic Symposium.
Indian stock market today: According to experts, the market sentiment remains bullish, but the trend of selling on rises and buying on dips may continue.
Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that in intraday charts, the Nifty is holding higher high and higher low series formation, which supports further uptrend from the current levels.
"We believe that the larger market texture is bullish, but buying on dips and selling on rallies would be the ideal strategy for the day traders," said Chouhan.
"For day traders now, 24,650 and 24,575 are the key support zones, while 24,800 and 24,835 would be the crucial resistance areas. However, below 24,575, traders may prefer to exit from the long trading positions," Chouhan said.
On being asked about the breakout stocks, Sumeet Bagadia, Executive Director at Choice Broking, recommends buying these five stocks intraday in the cash segment: IIFL Securities, Selan Exploration Technology, Synergy Green Industries, IG Petrochemicals and Everest Kanto Cylinder.
IIFL Securities | Previous close: ₹248.95 | Buying price: ₹248.95 | Target price: ₹262 | Stop loss: ₹239
Selan Exploration Technology | Previous close: ₹ 1,022.95 | Buying price: ₹1,022.95 | Target price: ₹1,078 | Stop loss: ₹987
Synergy Green Industries | Previous close: ₹400.20 | Buying price: ₹400.2 | Target price: ₹423 | Stop loss: ₹385
IG Petrochemicals | Previous close: ₹692.45 | Buying price: ₹692.45 | Target price: ₹730 | Stop loss: ₹667
Everest Kanto Cylinder | Previous close: ₹190.68 | Buying price: ₹190.68 | Target price: ₹202 | Stop loss: ₹184
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
