Buy or Sell: Intraday Stocks Today - 09 August, 2024
Lets delve into the hottest stocks for today with potential buying opportunities, along with those that might be primed for shorting based on technical analysis. Here are the best intraday stocks today on 09 August, 2024
**Equity Market Recap:**
In the preceding session, the market exhibited a volatile trajectory. Initially buoyed by positive sentiment, the Nifty subsequently encountered a period of intense selling pressure, resulting in a bearish close with a substantial loss of 0.74%. Notably, the Nifty Midcap 100 index outperformed its larger counterpart, despite closing with a more moderate decline of 0.34%.
**Sectoral Performance:**
An analysis of sector performance revealed that the Pharma and Media sectors emerged as relative winners during the day's trading. Conversely, the IT and Metals sectors lagged behind, experiencing significant declines.
**Options Market Analysis:**
Within the options market, a notable concentration of open interest was observed at the 24500 Call and 24000 Put strike prices. Sentiment skewed towards a bearish outlook, with higher levels of call writing compared to put writing.
**Trading Range and Indicators:**
The Volume Weighted Average Price (VWAP) range for the session extended from 23875 to 24400. Max Pain was identified at 24200, while the Put-Call Ratio (PCR) stood at 0.662.
**Institutional Activity:**
Institutional participation exhibited a mixed picture. Foreign Institutional Investors (FIIs) emerged as net sellers, offloading shares worth a total of 2626.73 crore rupees. Domestic Institutional Investors (DIIs), on the other hand, acted as net buyers, accumulating assets worth 577.3 crore rupees.
**FPI Multi Index Futures Activity:**
Data on FPI Multi Index Futures activity revealed a negative net position in FINNIFTY and Nifty futures, with net short positions of -62 and -50430, respectively. However, BANKNIFTY and MIDCPNIFTY futures experienced positive sentiment, with net long positions of 1718 and 0, respectively.
Top Stocks to Buy Today:
1) SYNGENE
Buy SYNGENE shares in intraday timeframe at CMP Rs. 835.6
2) HINDPETRO
Buy HINDPETRO shares in intraday timeframe at CMP Rs. 384.85
3) BPCL
Buy BPCL shares in intraday timeframe at CMP Rs. 336
4) SANOFI
Buy SANOFI shares in intraday timeframe at CMP Rs. 6594.1
Top Stocks to Short Today:
1) FACT
Sell FACT shares in intraday timeframe at CMP Rs. 979.35
2) COCHINSHIP
Sell COCHINSHIP shares in intraday timeframe at CMP Rs. 2433.25
3) BORORENEW
Sell BORORENEW shares in intraday timeframe at CMP Rs. 511.7
4) LICI
Sell LICI shares in intraday timeframe at CMP Rs. 1139.95
Disclaimer: Remember, the market is a living beast, and even the most informed predictions can be devoured by unforeseen events. While this analysis is based on a thorough rule-based research, the ultimate decision to buy or sell rests with you. Do your own due diligence, consider your risk tolerance, and craft a strategy that aligns with your financial goals. Stratzy provides insights, not guarantees, and cannot be held responsible for any gains or losses incurred in your trading activities. Invest wisely, trade responsibly, and may the market gods favor you!