Stocks to buy today: Cipla, HDFC Life among top 6 trading ideas for 12 August 2024
The BSE Sensex was down by 294 points, or 0.37%, trading at 79,411, while the Nifty50 dropped 85 points, or 0.35%, to 24,282 around 9:18 am.
India VIX was negative on Friday down by 7.63% to close at 15.3350 on Friday.
Foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 406 crore on August 9, while domestic institutional investors bought equities worth Rs 3979 crore on the same day.
“Nifty can find support at 24,200 followed by 24,150 and 24,050. On the higher side, 24,500 can be an immediate resistance, followed by 24,550 and 24,600,” Hardik Matalia, Research Analyst at Choice Broking, said.
“The charts of Bank Nifty indicate that it may get support at 50,200, followed by 50,000 and 49,800. If the index advances further, 50,600 would be the initial key resistance, followed by 50,700 and 50,800,” he added.
“Traders holding long positions should hold with the strict stop loss of 24200 on a closing basis. If Nifty manages to hold above 24400 it can further lead towards 24550-24650 levels,” recommended Matalia.
We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Sagar Doshi, Technical Analyst Research at Nuvama Wealth told ETBureau
DCM Shriram: Buy| Target Rs 1224| Stop Loss Rs 1090
Igarashi Motors: Buy| Target Rs 700| Stop Loss Rs 630
AIA Engineering: Buy| Target Rs 5130| Stop Loss Rs 4520
Expert: Nooresh Merani, an independent technical analyst told ETNow
Cipla:
