“Nifty gained for the second consecutive day after witnessing a sharp fall on Wednesday. The index closed with gains of 94 points at 21349 levels. Majority of the sectors ended in green with buying seen in IT, Realty, Metals and Pharma. Rising bets on US The Fed to cut interest rates early next year pushed the dollar and bond yields lower after the US reported weaker-than-expected Q3 GDP growth of 4.9%. Thus, the underlying tone of the market remains positive. However, as we enter a holiday mood from this weekend, we expect the market to remain tied with specific stocks next week,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Day trading guide for stock market today
On outlook for Nifty50, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, “The Nifty index showed volatile moves on the last day of the week but managed to close above the crucial level of 21300. The downside support for the index is positioned at 21200, presenting a buying opportunity on any dips to this level. A hold above 21300 could pave the way for further upside momentum, targeting the 21500 level.”
On the outlook for Bank Nifty today, Shah said, “The Bank Nifty index faced selling pressure in the last day but managed to hold the key support level of 47400. If the index does not sustain above this support, it could witness further decline towards the support level. 47100 levels. On the upside, the immediate resistance is at 47700, and a break above this level may trigger short covering, pushing the index higher to 48000/48200 levels.”
Stock market today
In the outlook for the stock market today, “The ‘buy on dips’ strategy continues to drive investors through the weak week. Mid and small caps remain in focus, benefiting from ease in oil prices and the prospect of a possible rate cut in CY24, supported by slower-than-expected US GDP growth and weakness in the dollar, signaling early rate cuts Real Estate and Auto sectors shine, while PSU banks outperform peers on balance sheet and profitability improvements Despite premium valuation, the short-term positive trend continues, supported by a strong revival in FII buying and equity specific actions. Entering the festive season and year-end, we can foresee a range bound trading scenario with limited data points.”
Nifty Call Put Option Data
On Nifty Call Put Option Data, Chinmay Barve, Head of Technical and Derivatives Research at Profitmart Securities said, “Major total Call open interest was seen at 21500 and 21600 strikes with total open interest of 164321 and 111832 contracts respectively. Major Call open interest addition was seen at 21500 strike which added 33009 contracts in open interest,” adding, “Major total Put open interest was seen at 21200 and 21000 strikes with total open interest of 123489 and 199091 contracts respectively. Major Put open interest addition was seen at 21500 strike. was seen at 21400 strike which added 52416 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 194895 and 131954 contracts in open interest. Major Call open interest addition was seen at 48200 strike which added 33480 contracts in open interest,” adding, “Major total Put opening interest was seen at 47500 and 47000 strikes with total open interest of 123691 and 141354 contracts respectively. Major Put open interest addition was seen at 48200 strikes. was seen at 47100 strike which added 12222 contracts in open interest.”
Day trading stocks for today
On intraday stocks for today, bag experts – Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio – have recommended six stocks to buy today.
Sumeet Bagadia’s intraday shares for today
- EICHERMOT: Buy at ₹4006, purpose ₹4185, stop loss ₹3905
EICHERMOT, currently trading at ₹4006, recently showed a reversal pattern, finding support as evidenced by the formation of a morning star candlestick at the bottom, accompanied by significant trading volume. The prevailing price signals robust bullish momentum, with expectations of continued upward movement to the ₹4185 level. On the contrary, great support is evident nearby ₹3905.
In addition, EICHERMOT is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day and 200-day EMAs, indicating robust bullish momentum and suggesting the potential for further upward price movement. The Relative Strength Index (RSI) is currently at 55.94, showing an upward trajectory and indicating increasing buying momentum.
Additionally, the Stochastic Relative Strength Index (Stoch RSI) is exhibiting a positive crossover. These technical indicators collectively suggest that EICHERMOT may have the potential to reach a target price of ₹4185 soon.
To manage risk effectively, it is advisable to set a stop-loss (SL) at ₹3905 to protect the investment in the event of an unexpected market turn. A cautious strategy would be to consider buying on dips at levels of ₹3950.
Overall, considering the technical analysis and current market conditions, EICHERMOT presents a promising buying opportunity for those who are targeting. ₹4185 price target, provided that prudent risk management measures are in place.
2. RHIM: Shop at ₹808, purpose ₹833, stop loss ₹790
RHIM’s daily chart analysis reveals a promising outlook for the coming week, signaling continued upward movement. Notably, the stock formed a significant inverse head and shoulders, and the recent upward swing successfully broke the neckline, establishing a new 52-week high for the stock. This breakout suggests the potential for a large follow-up to an upward movement in the stock price.
Adding to the positive momentum, there was an increase in trading volume, indicating growing market interest. The daily Relative Strength Index (RSI) supports this positive sentiment. Furthermore, RHIM is currently trading above its crucial 20-day, 50-day and 200-day Exponential Moving Average (EMA), reinforcing the bullish trend. Considering the general chart pattern, the analysis suggests a favorable long trading opportunity for investors.
Based on above analysis we recommend buying RHIM in cash at CMP of 808 for target of 833 with stop loss of 790.
The shares of Ganesh Dongre to buy today
3. BharatForge: Buy at ₹1203, purpose ₹1220, stop loss ₹1190
In the short-term trend, the stock has a bullish reversal pattern, technically a pullback could be possible up to 1220, so, holding the support level of 1190, this stock can bounce back to the 1220 level soon, so the trader can go long. stop loss of 1190 for the target price of 1220.
4. Ibulhsgfin: Buy at ₹211, purpose ₹218, stop loss ₹206
On the short-term chart, he stock showed a bullish reversal pattern, so holding the support level of 206. this stock can rebound to the 218 level soon, so the trader can go long with a stop loss of 206 for. the target price of 218.
Kunal Kamble buy or sell shares
5. Patanjali Food: Buy at ₹1610-1621.65, goal ₹1885, stop loss ₹1490
Classic Technical Rising Wedge Pattern is formed on Daily time frame in Patanjali Food. Proper Factual nature of a short-term pattern example can be witnessed. The security has taken support from the Slow EMA (200) indicating strong support, while the Fast (50) and Slow EMA are still trending upwards, indicating an uptrend.
On the volume front, the increase in volume during positive price action indicates that buyers want to buy the security at current levels.
On the momentum front RSI is trading in a higher range, which indicates an uptrend. Therefore based on the above technical setup a long position can be created for TP of 1885 with SL of 1490.
6. Lauras Lab: Shop at ₹410-414, purpose ₹460, stop loss ₹397
Lauras Lab gave a breakout of a Symmetrical Pattern on the top indicating a positive move with a volume spike in today’s session confirming the trend, with price trading above the Conversion and Baseline also conforming to the upward move. Based on the above technical setup one can initiate a long position in Laurus Lab with SL of 397 with target price of 460.
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 decision.
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Published: 26 Dec 2023, 06:02 IST