The Indian stock market saw solid gains on Tuesday, August 20, thanks to positive global trends and expectations that US Fed Chair Jerome Powell may hint at upcoming rate cuts in the Jackson Hole economic symposium. Experts think Powell might signal a 25 or even 50 basis point rate cut in the next Fed policy meeting in September.
On Tuesday, the Sensex closed up 0.47% at 80,802.86, while the Nifty 50 rose 0.51% to 24,698.85.
Looking ahead, experts believe the Nifty 50 may open lower on Wednesday due to weak global signals. The US stock market ended its eight-day winning streak on Tuesday, with losses ahead of the Jackson Hole event.
According to experts, the market sentiment remains positive, but the trend of selling during rallies and buying during dips might continue. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that the Nifty is showing signs of an upward trend in intraday charts, indicating more gains could be ahead.
Chouhan advises day traders to focus on key support levels at 24,650 and 24,575, and resistance levels at 24,800 and 24,835. He suggests exiting long positions if the Nifty falls below 24,575.
Sumeet Bagadia’s Stock Recommendations for Today
Sumeet Bagadia, Executive Director at Choice Broking, shared his top five stock picks for intraday trading in the cash segment:
- IIFL Securities
- Previous Close: ₹248.95
- Buy at: ₹248.95
- Target Price: ₹262
- Stop Loss: ₹239
- Selan Exploration Technology
- Previous Close: ₹1,022.95
- Buy at: ₹1,022.95
- Target Price: ₹1,078
- Stop Loss: ₹987
- Synergy Green Industries
- Previous Close: ₹400.20
- Buy at: ₹400.20
- Target Price: ₹423
- Stop Loss: ₹385
- IG Petrochemicals
- Previous Close: ₹692.45
- Buy at: ₹692.45
- Target Price: ₹730
- Stop Loss: ₹667
- Everest Kanto Cylinder
- Previous Close: ₹190.68
- Buy at: ₹190.68
- Target Price: ₹202
- Stop Loss: ₹184
These recommendations are for traders looking to make quick gains in the market today.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
