Today’s Trading Guide for Tuesday: 6 Stocks to Buy Today – August 23

The Sensex plunged 872 points while the Nifty ended below 17,500 on Monday, alongside a selloff in global equities on renewed concerns over global growth and the hawkish stance of central banks. The BSE Sensex fell 872 points to close at 58,773.8. Similarly, the Nifty fell 1.5% to 17,490.7.

In the broader market, the BSE mid-cap index fell 1.8% and the small-cap index fell 1.2%. The Nifty Bank index fell nearly 2%, led by falling shares of Punjab National Bank (PNB) and Kotak Mahindra Bank.

Day trading guide for stock market today

"Nifty's short-term trend continues to be down and the overall bearish chart pattern signals greater weakness ahead. Next supports to watch around 17330 (23.6% Fibonacci retracement of the rising leg from June to August) over the next few sessions. On the move below, the next 38.2% retracement support is placed at the 16900 levels. Immediate resistance is at 17600 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

"Nifty has fallen back below the downtrend line indicating a failed breakout. On the lower end, price has corrected towards the 17500-17400 support zone. further correction in the market. On the lower end, support is visible at 17200/17000. On the other hand, the Nifty may rally towards 17700 if it does not fall below 17400," Rupak said De, Principal Technical Analyst at LKP Securities.

Stocks to buy today according to analysts' recommendations -

Rajesh Bhosale, Technical Analyst, Angel One Ltd

Siemens: Buy SIEMENS, stop loss ₹2,820, target ₹2,950

Zee Ent: Buy ZEEL, stop loss ₹251 target ₹273

Mehul Kothari, AVP - Technical Research at Anand Rathi

Kotak Mahindra Bank: Buy Kotakbank, stop loss ₹1,800 target ₹1,875

Rain Industries: Buy Rain, Avoid Losses ₹188 target ₹198

Anuj Gupta, Vice President - Research at IIFL Securities

ICICI Bank: Buy ICICIBANK, stop loss ₹828 target ₹890

Coal India: Buy CoalIndia, stop loss ₹207 target ₹230

The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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