Stock market today: The Indian stock market indices, Sensex and Nifty, extended their record run for the fifth consecutive session on Monday led by a strong rally in IT, energy, pharma and banking stocks. The Sensex surged 759.49 points, or 1.05%, to end at 73,327.94, while the Nifty 50 ended 202.90 points, or 0.93%, higher at 22,097.45. The Bank Nifty index rallied 449 points to close at 48,158. Broad market indices also supported gains.
“The market gained momentum, led by the uptick in the IT index with the growing optimism about increased discretionary spending and strong deal wins. The US bond yield edged lower as market participants bet on the Fed easing cycle, which is expected to start in March. Investors are likely to take a more measured approach due to the release of Chinese GDP and UK inflation data this week,” said Vinod Nair, Head of Research, Geojit Financial Services.
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, “Nifty 50 formed a reasonable positive candle on the daily chart with gap up opening and with lower shadow. Technically, this pattern indicates confirmation of sharp upside breakout of the important hurdle. If Monday’s opening upside gap remains unfilled at 21,900 levels for the next 2-3 sessions, then that gap could be considered as a bullish runaway gap, which are normally formed in the middle of the sustainable uptrends. The short-term trend of Nifty continues to be positive. The next upside levels to be watched are around 22,200-22,300. Immediate support is placed at 22,000 levels.”
On the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, “The Bank Nifty bulls maintained control as the index successfully surpassed the critical resistance of 48,000 on a closing basis. Market participants are closely watching the upcoming HDFC Bank results, as a positive outcome could fuel additional upside towards the 50,000 mark. The lower end support for the index is positioned at 47,700, and a breach below this level may dampen the prevailing bullish sentiment.”
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On the outlook for the stock market today, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd. said, “Q3 earning season had a positive start and is further expected to be propelled by the BFSI segment, where lot many heavyweights are likely to post their results this week. This will support the overall ongoing market momentum and stock-specific action.”
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 and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 16
Sumeet Bagadia’s intraday stocks for today
1] Shriram Finance: Buy at ₹2,316.2, Target ₹2,388, Stop Loss ₹2,292
Currently stock is trading above all the important moving averages. On daily charts the stock has formed a strong green candle which indicates bullishness in the stock. Now any dip in the stock around ₹2,305 levels will be a buying opportunity. A small resistance can be witnessed near ₹2,325 levels, and once stock crosses the mentioned level Shriram Finance can now further move towards ₹2,388 levels and higher.
Read More: Day trading guide for stock market today: Six stocks to buy or sell on Tuesday —