Stock Market Today: Top 5 Stocks to Buy or Sell on Friday, Sept 6 – Nifty 50 Dips, Bank Nifty Gains – Intraday Trading Tips

On Thursday, after rising for 14 consecutive days, the Indian stock market ended lower for the second day in a row. The Nifty 50 index lost 53 points, closing at 25,145, and the BSE Sensex dropped by 151 points, ending at 82,201. However, the Bank Nifty index gained 72 points, closing at 51,473. Trading volumes on the NSE increased by 4.2% compared to the previous day. Despite the market decline, the broad indices stayed positive, with the advance-decline ratio at 1.44:1.

What to Expect Today

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The Nifty 50’s short-term trend remains weak and could fall further to 25,000-24,900 before bouncing back. Key resistance is at 25,300.”

Dhupesh Dhameja, Technical Analyst at SAMCO Securities, shared his outlook for the Bank Nifty index: “Bank Nifty opened with a gap-up of 144 points but traded in a narrow range. The index ended almost flat, down 0.14%, at 51,473. The index is in an upward-sloping channel with strong support at 51,300, while resistance at 51,500 is creating a tight range.”

He added that India’s VIX, a measure of market volatility, decreased by 1.88% to 14.20, which is still above last week’s high, suggesting some volatility but still manageable for market bulls.

Top Stock Picks for Today

Stock market experts, Sumeet Bagadia from Choice Broking and Ganesh Dongre from Anand Rathi, have recommended five stocks to watch:

Sumeet Bagadia’s Recommendations:

1. Alkem Lab:
   • Buy at ₹6,276.55
   • Target price: ₹6,600
   • Stop loss: ₹6,050
     Alkem Lab’s chart shows a pattern of higher highs and lows, signalling a potential strong upward move.
2. Aditya Vision:
   • Buy at ₹552.05
   • Target price: ₹585
   • Stop loss: ₹530
     Aditya Vision’s stock is showing signs of an upside breakout, with positive trading volume supporting this trend.

Ganesh Dongre’s Recommendations:

3. Sonata Software:
   • Buy at ₹677
   • Target price: ₹710
   • Stop loss: ₹663
     Sonata Software is showing a bullish reversal pattern, with a support level around ₹660. The stock is likely to reach ₹710.
4. MTAR Technologies:
   • Buy at ₹1,810
   • Target price: ₹1,875
   • Stop loss: ₹1,775
     MTAR Technologies has broken out at ₹1,810, with the RSI showing increased buying momentum. Traders can buy on dips.
5. Global Health:
   • Buy at ₹1,143
   • Target price: ₹1,220
   • Stop loss: ₹1,110
     Global Health’s stock is forming a bullish pattern, indicating a potential upward trend toward ₹1,220.

These stock picks are based on technical analysis, aiming for short-term gains while managing risk with appropriate stop-loss levels.