“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 US retail sales data, along with dovish comments from 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. It has continued to decline, there is a possibility of a pullback rally in the short term, which is expected to be selling opportunity. Major resistance to be watched at 21700-21800 levels. The major 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 to 46500. Despite possible short-term fluctuations, the broader trend continues to favor a “selling higher” approach, suggesting caution and a probability of further declines if the aforementioned resistance level is not met convincingly broken.”
On the outlook for the stock market today, Motilal Oswal’s Siddhartha Khemka 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 move the index either way.”
List of F&O bans
13 stocks were put on 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 off Indian stocks ₹9,901.56 crore while DIIs bought shares ₹5,977.12 crores. In the F&O index futures segment, FIIs sold asset values ₹2,508.39 crore while DIIs sold off shares worth ₹45,354.82 crores.
Nifty Call Put Option data
On Nifty Call Put Option Data, Chinmay Barve, Head of Technical and Derivatives Research at Profitmart Securities said, “Main 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 interest was seen at 21400, 21200 and 21000 strikes with a total open interest of 81343 .”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option Data, Barve further added, “Significant 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 additions of Call open interest was seen at 46000 and 47000 strikes which added 71206 and 68262 contracts in open interest,” adding, “Major total Put opening interest was seen at 45500 and 45000 strikes with total open interest of 82268 and 89329 contracts. respectively. One of the most important Put-open interest balances were 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 shares for today
1) MGL: Buy at ₹1301.55, purpose ₹1370, stop loss ₹1253.
Share price of MGL, 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 set the stage for a potential upward movement, accentuated by the appearance of a bullish candlestick on the daily charts. A significant point to note is the presence of a modest resistance zone at ₹1330 levels, marking a pivotal junction for MGL. A successful break of this resistance could act as a catalyst, propelling the stock towards the goal of ₹1370 levels and maybe beyond. It is imperative that investors closely monitor 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, purpose ₹860, stop loss ₹793.
Tata Motors shares are exhibiting strong bullish momentum, currently trading at an all-time high of ₹819.05 levels. The recent break above the decisive resistance at ₹815 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The success suggests a possible continuation of the upward trend, offering an optimistic outlook for investors.
Ganesh Dongre’s stock of the day
3) Sun Pharma: Buy at ₹1338, purpose ₹1365, stop loss ₹1320
In the short-term trend, Sun Pharma stock has an advanced reversal pattern, technically a pullback could be possible until ₹1365. So, holding the support level of ₹1320 this stock can bounce back to the ₹1365 level soon. Therefore, the trader can go on for a long time with a stop loss of ₹1320 for the target price of ₹1365.
Drumil Vithlani shares to buy today
4) Lupine: Buy at ₹1422 to ₹1426, purpose ₹3650, stop loss ₹1390.
Right-angled pattern breaking was witnessed in Lupine Limited. There is a gradual increase in volume indicating that 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 break in the relative strength Index (RSI) indicates that the security is now in a bullish mode and is trading above the 60 level.
The purchase or sale of shares of Shiju Koothupalakkal
5) HBL Power: Buy at ₹478.60, purpose ₹494, stop loss ₹472.
HBL Power shares witnessed a surge in volume indicating further movement in the near term.
6) Suzlon Energy: Buy at ₹42.90, goal ₹45, stop loss ₹41.50.
Suzlon’s share price is looking strong on the chart pattern and the stock has seen a gradual increase in volume which signals an uptrend in the near term.
Disclaimer: The views and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 19 Jan 2024, 07:49 IST