Day trading guide for today: Key benchmark indices of the Indian stock market gave up its five days winning streak and ended the last trade session of 2023 on a flattish note amid profit booking in select heavyweights. Nifty 50 index remained in negative territory throughout the session and closed with minor loss of 22 points at 21,731 levels. BSE Sensex finished 0.23 per cent lowe at 72,240 levels whereas Nifty Bank index lost 0.45 per cent and ended at 48,292 levels. However, broader market outperformed with Nifty Mid-cap 100 and Nifty Small-cap 100 up 0.8 per cent and 0.6 per cent respectively.
“Domestic equities gave up its five day winning streak and ended the last day of the year on a flattish note amid profit booking in select heavyweights. Nifty remained in negative territory throughout the session and closed with minor loss of 22 points at 21731 levels. However, broader market outperformed with Nifty midcap 100 and Nifty Smallcap 100 up 0.8% and 0.6% respectively. Sector wise it was mixed bag with buying seen in Auto, FMCG, Realty and Metals. Auto and EV stocks recorded smart rally after the news that government is working on a plan to replace 800,000 diesel buses with electric over next seven years,” 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 near-term uptrend status of Nifty remains intact. There is a possibility of short-term consolidation or range movement for the next 1-2 sessions before resuming its upside momentum in the coming sessions. Immediate support for Nifty today is placed at 21,550 and the next upside targets are to be watched around 22,000 and 22,200 levels.”
On outlook for Bank Nifty today, Rupak De, Senior Technical Analyst at LKP Securities said, “Bank Nifty slipped lower, forming a small red-bodied candle on the daily chart. Resistance is situated at 48,300 on the higher end. As long as the index stays below 48300, the trend could lean towards favoring the bears. Moreover, a decisive drop below 48,000 might drive the index below 47,500. Conversely, a decisive move above 48,300 could propel the index towards 48,800 to 49,000 on the higher end.”
On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “We expect market to continue its ongoing positive momentum in near term driven by healthy macros, strong FIIs inflow and positive global cues. This week is likely to be eventful as series of economic data globally are set to release. Auto is likely to remain in focus as OEMs will announce sales number for the month of December.”
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 22000 and 22100 strikes with total open interest of 135474 and 65946 contracts respectively. Major Call open interest addition was seen at 22000 strike which added 59968 contracts in open interest,” adding, “Major Put open interest addition was seen at 21700 and 21500 strikes which added 53829 and 44382 contracts respectively 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 48500 strike with total open interest of 166926 contracts in open interest. Major Call open interest addition was seen at 48300 and 48500 strikes which added 70010 and 92363 contracts respectively in open interest,” adding, “Major total Put open interest was seen at 48000 strike with total open interest of 117603 contracts. Major Put open interest addition was seen at 48200 strike which added 50551 contracts in open interest.”
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 Virat Jagad, Technical Analyst at Bonanza Portfolio
Sumeet Bagadia’s intraday stocks for today
1] Zydus Life: Buy at ₹689.20, target ₹720, stop loss ₹672.
The current market status of the stock reveals a favorable position as it trades around ₹689.20 levels. An upward movement from the robust support at ₹672 levels has been observed, showcasing the stock’s resilience. Furthermore, the stock is trading above crucial moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, signifying sustained strength.
2] Voltas: Buy at ₹978, target ₹1029, stop loss ₹949.
The daily chart analysis of Voltas reveals a promising outlook for the upcoming week, signalling a sustained upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.
Ganesh Dongre’s stocks to buy today
3] Bharat Forge: Buy at ₹1238, target ₹1270, stop loss ₹1210.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1270. So, holding the support level of ₹1210 this stock can bounce toward the ₹1760 level in the short term. Hence, the trader can go long with a stop loss of ₹1210 for the target price of ₹1270.
4] Indiabulls Housing Finance: Buy at ₹217, target ₹228, stop loss ₹210.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹210. This stock can bounce toward the ₹228 level in the short term, so the trader can go long with a stop loss of ₹210 for the target price of ₹228.
Virat Jagad’s buy or sell stocks
5] United Spirits: Buy at ₹1115 to ₹1120, target ₹1174, stop loss ₹1090.
On a Daily time frame United Spirits Ltd. has given a breakout of Rectangle Pattern on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 1100 levels.
The Fast (5) EMA trading above the Slow (50) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside. In addition to this the MACD is showing positive crossover, which confirms the buying interest. The volume after the breakout is high, suggesting demand for security.
6] IEX: Buy at ₹168 to ₹169, target ₹180, stop loss ₹162.
After a long run, Indian Energy Exchange Ltd. started trading in the consolidation range. In previous trading session bulls manage to close above the higher band and we observed breakout of the Cup & Handle formation. On the Relative Strength Index, the RSI is about to enter in the overbought area, which supports the bullish stance.
On EMA front the prices is trading above major EMA’s which indicates positive trend. The Slow EMA (50) and Fast EMA (21) are following the trend and trending upward which is indicating a positive trend. The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing move.
