Day trading guide for stock market today: Eight stocks to buy or sell on Monday
“Domestic equities continued with its profit booking trend and plunged once again on monthly F&O expiry day before recovering half of the losses towards the end. Nifty fell more than 200 points during the day but ended the day with a loss of 101 points (-0.5%) to close at 21352 levels. The broader market however ended on a mixed note with Midcap 100 down -0.5% while Smallcap100 was up +0.5%. IT, Pharma, and FMCG witnessed selling pressure while Oil & gas, Realty, and PSUs saw buying interest. Weak results from Tech Mahindra, Axis Bank, and HDFC Bank continue to weigh on IT and Private Banks. FIIs have been mostly sellers in Jan having sold more than 30K so far,” said Siddhartha Khemka, Head — Retail Research at Motilal Oswal.
Day trading guide for stock market today
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty remains choppy with weak bias. The market could encounter strong resistance around 21,500 to 21,600 levels in the coming sessions. Any weakness from here could find support around 21,100 to 21,000 levels in the near term.”
On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “The week concluded with Bank Nifty marking a 2.59% decline, closing at 44,866.15. The 20-day Simple Moving Average (SMA) acts as a sturdy resistance point at 46,400 while the critical support of the 200-day Moving Average (DMA) lies at 44,600. A breach below these levels might test the 44,000 level.”
On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, “Going ahead market is likely to consolidate further ahead of US Fed interest rate decision on Wednesday where Fed is expected to maintain status quo and give some hint with regards to rate cut timeline. Apart from this BoE monetary policy is also due coupled with a few key economic data releases which might keep markets volatile. Further many heavyweights would be releasing their earnings next week, thus stock specific action would continue despite market consolidation.”
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 21500 and 21600 strikes with total open interest of 53111 and 38837 contracts respectively. One of the major Call open interest additions was seen at 21400 and 21500 strikes which added 24558 and 23473 contracts in open interest,” adding, “Major total Put open interests was seen at 21300 and 21200 strikes with total open interest of 39895 and 36537 contracts respectively. One of the major Put open interest additions was seen at 21000 strike which added 32256 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 45000 and 45500 strikes with total open interest of 106317 and 67591 contracts respectively in open interest. One of the major Call open interest additions was seen at 45000 strike which added 68967 contracts in open interest,” adding, “Major total Put open interest was seen at 44500 and 44000 strikes with total open interest of 62832 and 51393 contracts respectively. One of the major Put open interest additions was seen at 45000 strike which added 37795 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; Mitesh Karwa, Research Analyst at Bonanza Portfolio and Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher — recommended eight stocks to buy or sell today.
Sumeet Bagadia’s day trading stocks
1] Amber Enterprises: Buy at ₹4089, target ₹4242, stop loss ₹4010.
Amber Enterprises share price is currently trading at ₹4089. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹3950 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹4242 levels. On the downside, substantial support is evident near ₹4000.
2] BEML: Buy at ₹3200, target ₹3370, stop loss ₹3090.
BEML share price recently experienced a noteworthy transformation, evident in its daily chart analysis. The emergence of a dragonfly doji candlestick pattern on the daily chart marks a significant shift…
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