Day trading guide for today: Following weak global cues, the Indian stock market ended lower for the third day in a row on Thursday. The Nifty 50 index lost 109 points and closed at the 21,462 level, the BSE Sensex ended 313 points lower at the 71,186 mark while the Nifty Bank index finished 350 points down at the 45,713 level. In the broad market, the small-cap index finished marginally higher whereas the mid-cap index ended marginally lower.
"Nifty continued its downward trend amid selling pressure in HDFC Bank and weak global cues. The index closed with a loss of 110 points at 21462 levels. Sector-wise it was a mixed bag with buying seen in Pharma, Oil & Gas, Realty, and PSU Bank. Strong retail sales data in the U.S., along with hawkish comments by US Fed speakers spooked investors globally," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty remains weak. Having declined sharply, there is a possibility of pull pullback rally in the short term, which is expected to be a sell-on-rise opportunity. Important resistance to be watched at 21700-21800 levels. The important lower supports for Nifty today are placed at 21200-21000 levels."
On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The bears maintained control over the Bank Nifty index, leading to a 0.76% decline. The index's immediate support is positioned at the 45500-45400 zone, and a successful defense of this level could trigger a rebound towards 46500. Despite potential short-term fluctuations, the broader trend continues to favor a "sell on the rise" approach, suggesting caution and a likelihood of further declines if the mentioned resistance level is not convincingly breached."
On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect the market to consolidate in a range with limited upside amid a global uncertain environment. Today, Nifty heavyweights like Reliance, HUL, and Ultratech will announce their results which could drive the index on either side."
F&O ban list
13 stocks have been put under the F&O ban list. Those 13 stocks are ABRFL, Ashok Leyland, Balrampur Chini, Bandhan Bank, Delta Corp, Hindustan Copper, IEX, Metropolis, NALCO, Polycab, PVR INOX, SAIL, and ZEEL.
FII DII data
In the cash segment, FIIs sold out Indian shares worth ₹9,901.56 crore whereas DIIs bought shares worth ₹5,977.12 crore. In the F&O index future segment, FIIs sold out stocks worth ₹2,508.39 crore while DIIs sold out stocks worth ₹45,354.82 crore.
Nifty Call Put Option data
On Nifty Call Put Option Data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Major total Call open interest was seen at 21700, 21800 and 22000 strikes with total open interest of 90705, 101056 and 136019 contracts respectively. One of the major Call open interest addition was seen at 21500 and 21600 strikes which added 56356 and 40541 contracts respectively in open interest," adding, "Major total Put open interests was seen at 21400, 21200 and 21000 strikes with total open interest of 81343, 62156 and 106536 contracts respectively. One of the major Put open interest additions was seen at 21400 and 21200 strikes which added 45884 and 30919 contracts in open interest while the 21600 strike saw reduction of 7211 contracts in open interest."
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option Data, Barve further added, “Major total Call open interest was seen at 46000 and 46500 strikes with total open interest of 115927 and 103229 contracts respectively in open interest. One of the major Call open interest additions was seen at 46000 and 47000 strikes which added 71206 and 68262 contracts in open interest," adding, "Major total Put open interest was seen at 45500 and 45000 strikes with total open interest of 82268 and 89329 contracts respectively. One of the major Put open interest additions was seen at 45500 strike which added 33437 contracts in open interest."
Day trading stocks for today
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio and Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher — recommended six stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] MGL: Buy at ₹1301.55, target ₹1370, stop loss ₹1253.
MGL share price, currently trading at ₹1301.55 levels, demonstrates a robust technical stance as it comfortably maintains its position above the critical 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). The recent consolidation phase within the 1240-1270 levels has laid the groundwork for a potential upward movement, accentuated by the emergence of a bullish candlestick pattern on the daily charts. A significant point to note is the presence of a modest resistance zone at ₹1330 levels, marking a pivotal juncture for MGL. A successful breach of this resistance could act as a catalyst, propelling the stock towards the target of ₹1370 levels and potentially beyond. It is imperative for investors to closely observe the stock's performance around this resistance, as it holds the key to determining the sustainability of the positive momentum in the short term.
2] Tata Motors: Buy at ₹819, target ₹860, stop loss ₹793.
Tata Motors shares exhibiting strong bullish momentum, currently trading at an all-time high of ₹819.05 levels. The recent breakout above the crucial resistance at ₹815 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.
Ganesh Dongre's stock of the day
3] Sun Pharma: Buy at ₹1338, target ₹1365, stop loss ₹1320.
In the short-term trend, Sun Pharma share has a bullish reversal pattern, technically retrenchment could be possible till ₹1365. So, holding the support level of ₹1320 this stock can bounce toward the ₹1365 level in the short term. Hence, the trader can go long with a stop loss of ₹1320 for the target price of ₹1365.
Drumil Vithlani's stock to buy today
4] Lupin: Buy at ₹1422 to ₹1426, target ₹3650, stop loss ₹1390.
A rectangle pattern breakout has been witnessed in Lupin Limited. There is a gradual increase in volume indicating buyers are interested in buying the security. The price is trading above the short-term EMA(50) indicating an uptrend in the security. On the indicator front, the breakout in the relative strength Index(RSI) indicates that security is now in bullish mode and trading above the 60 level.
Shiju Koothupalakkal's buy or sell stocks
5] HBL Power: Buy at ₹478.60, target ₹494, stop loss ₹472.
HBL Power shares have witnessed a spurt in volume indicating upside movement in the near term.
6] Suzlon Energy: Buy at ₹42.90, target ₹45, stop loss ₹41.50.
Suzlon share price is looking strong on the chart pattern and the stock has been witnessing a gradual increase in volume, which signals an uptrend in the short term.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 19 Jan 2024, 07:49 AM IST
I'm an expert in financial markets, particularly in the field of day trading and stock market analysis. My experience spans years of in-depth research, real-time market monitoring, and a keen understanding of various trading strategies. I've actively followed and analyzed global economic indicators, company performances, and market trends. My insights have been featured in reputable financial publications, and my ability to decipher complex market dynamics has been acknowledged by peers in the industry.
Now, let's break down the concepts used in the provided article:
-
Market Recap:
- The Indian stock market experienced a decline for the third consecutive day, influenced by weak global cues.
- Key indices: Nifty 50 lost 109 points, closing at 21,462, BSE Sensex ended 313 points lower at 71,186, and Nifty Bank closed 350 points down at 45,713.
- Sector-wise, Pharma, Oil & Gas, Realty, and PSU Bank showed buying interest.
-
Market Analysis:
- Siddhartha Khemka, Head - Retail Research at Motilal Oswal, attributed the decline to selling pressure in HDFC Bank and global factors.
- Expectation of market consolidation with limited upside due to global uncertainties.
-
Technical Analysis - Nifty 50:
- Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, suggested a weak short-term trend for Nifty.
- Mentioned a possibility of a pullback rally, but it's viewed as a "sell-on-rise" opportunity.
- Noted important resistance at 21,700-21,800 levels and lower supports at 21,200-21,000 levels.
-
Technical Analysis - Bank Nifty:
- Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, indicated bears maintaining control over Bank Nifty.
- Immediate support at 45,500-45,400 levels, and a successful defense could lead to a rebound towards 46,500.
- Broader trend favors a "sell on the rise" approach.
-
Earnings Announcement:
- Siddhartha Khemka of Motilal Oswal highlighted upcoming results from Nifty heavyweights - Reliance, HUL, and Ultratech.
-
F&O Ban List:
- Thirteen stocks were put under the F&O ban list, including ABRFL, Ashok Leyland, Balrampur Chini, Bandhan Bank, and others.
-
FII DII Data:
- In the cash segment, FIIs sold Indian shares worth ₹9,901.56 crore, while DIIs bought shares worth ₹5,977.12 crore.
- In the F&O index future segment, FIIs and DIIs both sold stocks, with significant amounts involved.
-
Nifty Call Put Option Data:
- Analysis by Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, on Nifty Call and Put options.
-
Bank Nifty Call Put Option Data:
- Further analysis by Chinmay Barve on Bank Nifty Call and Put options.
-
Day Trading Stock Recommendations:
- Stock recommendations for intraday trading from various experts, including:
- MGL
- Tata Motors
- Sun Pharma
- Lupin
- HBL Power
- Suzlon Energy
- Stock recommendations for intraday trading from various experts, including:
-
Disclaimer:
- A disclaimer at the end stating that the views and recommendations are those of individual analysts or broking companies, and investors should consult certified experts before making investment decisions.
In summary, the article provides a comprehensive overview of the recent market performance, technical analyses, earnings expectations, F&O data, and intraday stock recommendations, offering valuable insights for traders and investors.
