Trading ideas: 6 stock recommendations for September 9, Thursday

Indian markets ended a volatile session mildly lower on Wednesday as gains in financial stocks were offset by losses in IT and automobile shares. Today, markets are likely to make a flat-to-negative start following a weak trend in global peers. There will be some cautiousness with a report by India Ratings and Research stating that India Inc resorted to salary cuts to protect their profits in the June quarter, as revenues came under pressure due to the second pandemic wave that affected nearly the entire country. It added the weak wage growth will prove to be a drag on the overall economic recovery in the medium term as it will affect household consumption. Traders may take note of reports that India’s states are restricting religious festivals that start this week and attract huge crowds, fearing that a new Covid-19 wave could be imminent.

Here are 6 money making ideas from technical analysts that may deliver decent returns in the near term.

Recommendations by: Nilesh Jain, Centrum Broking

Federal Bank | Buy | Stop loss: Rs 80.50 | Target price: Rs 88

Coal India | Buy | Stop loss: Rs 145 | Target price: Rs 157

Recommendations by: Sneha Seth, Angel Broking

Amara Raja Batteries | Buy | Stop loss: Rs 711 | Target price: Rs 745

UPL | Buy | Stop loss: Rs 742 | Target price: Rs 787

Recommendations by: Rohit Singre, LKP Securities

Titan | Buy | Stop loss: Rs 2010 | Target price: Rs 2075/2100

Trent | Buy | Stop loss: Rs 999 | Target price: Rs 1,080

Market outlook

Nagaraj Shetti, technical research analyst, HDFC Securities said though Nifty showed intraday weakness on Wednesday, the overall market breadth was resilient. “The present short term consolidation movement is expected to end soon and that could open a decisive upside bounce from the lows in the next 1-2 sessions. The confirmation of higher bottom is likely to pull Nifty towards 17,550-17,600 levels by next week. Immediate support is placed at 17250 levels,” he said.

(Disclaimer: Stocks recommendations by experts or brokerages are their own and not those of the website or its management. Money9.com advises market participants to check with certified experts before taking any buy, sell or hold decisions)