Day Trading Guide for Today: The Indian stock market closed higher for the sixth straight session on Tuesday after buying frontline stocks on enthusiasm for the end of the interest rate hike cycle. The participant rally extended for another session on Tuesday, helping major benchmark indices and broad market indices hit a new lifetime high compared to the previous session.
The Nifty 50 index climbed to a new high of 20,864, BSE Sensex hit a new lifetime high of 69,381 while the Bank Nifty index touched a new high of 47,230. The broad market indices also continued to participate in the current rally. The small cap index hit a new record high of 41,317 while the mid cap index hit a new high of 35,216.
Also read: Indiabulls Housing Finance, ZEEL and two others have been added to the F&O banned list for today
“Nifty continued its winning streak for the sixth consecutive day and closed up 168 points (+0.8%) at the 20855 level. Metals, Banks, Oil & Gas and Consumer Discretionary were among the top gainers this Sector. Adani Group shares rallied after Bloomberg reported that US authorities concluded that the allegations against the conglomerate were not relevant. Upstream oil companies were also in focus after OPEC+ extended its production cuts into Q1CY24. Global and domestic markets staged a smart comeback as investors remained convinced that the rate hike cycle has increased. This, along with strong institutional inflows and economic data, added to the positive sentiment. FIIs continue to be net buyers ₹17133 crs in the last eight trading sessions,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for the stock market today
Commenting on today’s outlook for Nifty 50, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying trend of Nifty 50 is clearly positive. The Nifty is expected to make a decisive move above the immediate resistance of 20,910 (61.8% Fib Forecast) to reach the next upside target of 21,550 (78.6% Fib Forecast, from the 23rd low March to the high point on September 23rd and to the low point on October 23rd – according to the weekly chart). Immediate support for Nifty today is at 20,710 levels.”
Commenting on today’s outlook for Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty recorded a higher close for the third consecutive day, closing 581 points higher at 47,012 the maximum call open interest strike of 47,000 in Bank Nifty. The options activity at 47,000 strike will provide clues about the future direction of Bank Nifty.
Commenting on today’s triggers for the stock market, Motilal Oswal’s Siddhartha Khemka said: “Investors will take a cue from the US PMI and services sector employment data released late in the evening.”
RBI MPC meeting in focus
Sheersham Gupta, director and senior technical analyst at Rupeezy, advised intraday traders to remain cautious in the next few sessions: “Despite a broad-based rally, the fear indicator India VIX is also rising. Traders are advised to be cautious for the next two days until the RBI’s Monetary Policy Committee (MPC) comes to a conclusion. The market is already overheated and a policy change or unfavorable comment could provoke a sharp market reaction.”
Nifty call put options data
Commenting on the Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “A large open call interest was seen at 20,900 and 21,000 strikes with a total of 115,593 and 216,041 contracts respectively. Large open call interest.” The increase was observed at a strike of 21,000, adding 84,080 contracts in open interest,” out of 155,695 and 168,830 contracts, respectively. The increase in put open interest was observed at 20,800 and 20,700 strikes, respectively, adding 139,592 and 110,811 contracts in open interest, respectively.
Bank Nifty Call Put Option details
Commenting on the Bank Nifty call-put options data, Chinmay Barve of Profitmart Securities said, “A large open call interest was observed at strike prices of 47,200 and 47,500 with a total open interest of 226,201 and 212,298 contracts respectively. A large increase in open call positions was observed at a strike price of 47,200, adding 177725 contracts, adding, “As per the data displayed by nseindia.com as of 3:30 p.m. on December 5, 2023, the total number of open put positions was at 46800 and 46500 strikes with total open put positions of 147346 and 161495 contracts respectively. Large open put positions.” At a strike of 46,700, interest increased, adding 123,997 contracts.
Day trading stocks for today
On Intraday Stocks for Today, Stock Market Experts – Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi and Virat Jagad, Technical Analyst at Bonanza Portfolio – recommended six stocks to buy or sell today.
Sumeet Bagadia’s shares to buy today
1) Coromandel International: Buy at ₹1205.50, target ₹1300, stop loss ₹1160.
The Coromandel share price is currently at ₹1205.5, showing a notable price breakout of a round bottom pattern accompanied by robust volume, indicating bullish momentum in the stock. Additionally, the stock is trading above key exponential moving averages (EMAs), including the 20-day, 50-day, 100-day and 200-day EMAs, highlighting its bullish stance and pointing to the potential for further growth Indicates an upward movement in the price.
2) Dabur India: Buy at ₹552, target ₹576, stop loss ₹540.
Dabur share price has several strong supports in a number of areas ₹548 tons ₹540 levels, which also corresponds to the 50-200 and 50-day EMA levels. The share is currently trading at around ₹552. Minor resistance is visible nearby on the charts ₹565 levels. The Dabur stock price is also trading above all major moving averages and therefore may approach the price target of ₹576.
Ganesh Dongre’s intraday stocks for today
3) State Bank of India or SBI: Buy at ₹610, target ₹625, stop loss ₹600.
In the short term trend, SBI stock price is showing a bullish reversal pattern, technically a cut could be possible by then ₹625. So hold the support level of ₹600 this stock can jump towards ₹Reach the level of 625 in the short term. Therefore, the trader can go long with a stop loss ₹600 at the guide price of ₹625.
4) Havell’s India: Buy at ₹1317, target ₹1345, stop loss ₹1300.
On the short-term chart, the stock has shown a bullish reversal pattern and hence is holding the support level of ₹1300. This stock can rise towards ₹Reach the level of 1345 in the short term. Therefore, a trader can go long with a stop loss ₹1300 at the guide price of ₹1345.
Buy or sell Virat Jagad’s shares
5) Aditya Birla Fashion or ABFRL: Buy at ₹241 to ₹242, target ₹254, stop loss ₹235.
After a long period of consolidation, Aditya Birla Fashion started trading in the consolidation space. In previous trading sessions, the bulls managed to close above the upper band and we observed a breakout from the double bottom formation. On the Relative Strength Index, the RSI has entered the overbought territory, supporting the bullish stance.
On the EMA front, prices are trading above the key EMAs, indicating a positive trend. The slow EMA (50) and fast EMA (21) are following the trend and sloping upwards, indicating a positive trend. We may see further buying interest in the coming period if the stock manages to sustain above this level ₹240, which may lead to the uptrend of ₹254 marks.
6) AU Small Finance Bank: Buy at ₹760.95, target ₹880, stop loss ₹740.
On a daily time frame, Asian Paint has made an upward breakout from the round bottom formation, indicating a positive trend in the stock. Buyers need to look more attractive to buy the above security ₹760 levels.
The momentum indicator RSI is showing a bullish sign as it is rising towards the overbought zone. On the directional front, the DI+ line is trading above DI- and ADX is starting to move northwards, showing the strength of the security.
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms and not of Mint. We recommend investors consult certified experts before making an investment decision.
Milestone alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here learn more.