Day trading guide for today: Following weak global cues, Indian stock market ended lower for second straight session on Wednesday. Nifty 50 index lost 148 points and closed at 21,517 levels, BSE Sensex crashed 535 points and closed at 71,356 mark whereas Nifty Bank index went off 56 points and finished at 47,704 levels. Broad market indices closed in the positive even as the advance decline ratio closed higher at 1.26:1.
“Domestic equities continued to witness profit booking on the back of weak global cues and a fall in India’s PMI manufacturing to an 18-month low at 54.9 for December. Nifty declined for the second consecutive day and closed with a loss of 140 points at 21526 levels. Sector-wise it was a mixed bag with buying in Realty, PSU Bank, and Pharma. Impressive Q3FY24 update from PNB and Bank of Maharashtra lifted the PSU Bank Index by 2%. Railway stocks rallied after the government announced scaling up production of Amrit Bharat trains. Globally, Investors were cautious after US manufacturing data saw a contraction,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty 50 index continues to be negative. A decisive move below 21,500 levels could open the next downside of 21,255 (20-day EMA) and next 20,980 levels in the near term. Immediate resistance for Nifty today is placed at 21,670 levels.”
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty shrugged off its initial weakness and rose steadily throughout the day to close at 47,705, down 57 points. The put writers (bulls) built aggressive positions at the 47,500 Strike in Bank Nifty, thereby keeping the Index from falling below 47,500 level. The support at 47,500 level has become stronger after today’s trading session. Bank Nifty has formed a hammer candle on the daily chart today which indicates buyer interest at lower levels. Bank Nifty can see an Intraday fall if put writers exit (bulls making exit) and call writers enter (bear entry) at 47,500 Strike.”
Speaking on outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “Overall we expect the market to consolidate and take a pause before the quarterly results starts, leading to more stock-specific action.”
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 21600 and 21700 strikes with total open interest of 275626 and 274997 contracts respectively. Major Call open interest addition was seen at 21600 strike which added 206142 contracts in open interest,” adding, “Major total Put open interest was seen at 21500 and 21400 strikes with total open interest of 201720 and 151535 contracts respectively. Major Put open interest addition was seen at 21500 and 21400 strikes which added 73642 and 68794 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 48000 and 48500 strikes with total open interest of 90704 and 61035 contracts respectively in open interest. Major Call open interest addition was seen at 47700 and 48000 strikes which added 30986 and 29836 contracts respectively in open interest,” adding, “Major total Put open interest was seen at 47500 and 47000 strikes with total open interest of 74494 and 52778 contracts respectively. Major Put open interest addition was seen at 47700 strike which added 34998 contracts in open interest.”
FII DII data
FII sold out shares worth ₹666.34 crore in cash segment whereas in F&O future index, FII sold out shares worth ₹618.54 croew. DIIs too sold out shares tothe tune of ₹863 crore in cash while they sold out ₹79,382.77 crore worth of shares in F&O index future.
F&O ban list
Seven stocks have been put under F&O ban list and those shares are Balrampur Chini Mills, Delta Corp, Hindustan Copper, IEX, National Aluminium, SAIL and ZEEL.
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Dhrumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended six stock to buy today.
Sumeet Bagadia’s intraday stocks for today
1] IRCTC: Buy at ₹899.25, target ₹935, stop loss ₹868.
IRCTC share price is currently trading at ₹899.25 levels, maintaining a robust position above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) Exponential Moving Averages (EMA). The stock has established a formidable support level around ₹868, as indicated. With the momentum indicator Relative Strength Index (RSI) standing at 70 levels, signalling strength, IRCTC exhibits positive sentiment. A minor resistance is noted near ₹915 levels, and a breakthrough could propel the stock towards the target of ₹935 levels and beyond. The stock’s overall technical outlook reflects a bullish trend, supported by consistent trading above crucial moving averages and a strong RSI reading, making IRCTC an interesting prospect for investors eyeing potential upward movements.
2] Trent: Buy at ₹3058, target ₹3210, stop loss ₹2980.
TRENT share price is currently trading at a price of ₹3058. On the daily chart, a price formed morning star candle stick pattern with good volume has occurred. The pattern suggests a target price of ₹3210 in the short term. Buying on dips, particularly in the range of ₹2125 to ₹2120, appears to be a favorable entry point, as ₹3040 and ₹3000 act as crucial support levels for the stock.
Ganesh Dongre’s stocks to buy today
3] Hindustan Petroleum: Buy at ₹422, target ₹440, stop loss ₹412.
In the short-term trend, Hindustan Petroleum share price has a bullish reversal pattern, technically retrenchment could be possible till ₹440. So, holding the support level of ₹412 this stock can bounce toward the 440 level in the short term. Hence, the trader can go long with a stop loss of ₹412 for the target price of ₹440.
4] CESC: Buy at ₹135, taget ₹142, stop loss ₹130.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹130. This stock can bounce toward the ₹142 level in the short term, so the trader can go long with a stop loss of ₹130 for the target price of ₹142.
Dhrumil Vithlani’s buy or sell stocks
5] Greaves Cotton: Buy at ₹161 to ₹162, taget ₹172.50, stop loss ₹155.
Greaves Cotton share has given a breakout of Resistance and close stronger with increase in volume indicating bullishness in the security. Price has close above fast (20) Ema and indicating a positive move in the security’s trading in higher zone indicates bullishness. the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.
6] Borosil Renewables: Buy at ₹466 to ₹477, taget ₹500, stop loss ₹444.
Borosil Renewables share has given a breakout of Rising channel Pattern on a Daily time frame on the upside indicating an uptrend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security. Price. Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.
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 taking any investment decision.
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