Day trading guide for stock market today: Nine stocks to buy or sell on Thursday (2024)

Stock market today: After a cautious opening, the Indian stock market witnessed a sharp recovery in the second half and ended higher on Wednesday. The Nifty 50 index finished 215 points higher at the 21,453 level, the BSE Sensex surged 689 points and closed at the 71,060 mark while Bank Nifty ended 67 points higher at the 45,082 level. After witnessing a sharp fall on Tuesday, the Nifty Mid-cap 100 and the Small-cap 100 Indices recouped some of the losses where they gained by 1.80% and 1.70% respectively. Advancing shares outnumbered the declining shares as the advance-decline ratio stood at 1.83 on BSE.

"Domestic equities bounced back strongly today after yesterday’s sharp sell-off. Sentiments turned buoyant following positive global cues, impressive quarter results, and better-than-expected January PMI data. Nifty rose 215 points (+1.0%) to close at 21454 levels. The broader market too rallied with Midcap100/Smallcap100 up 1.8%/1.7%. Most of the beaten-down sectors recovered today including IT, PSU Banks, Railways, Metals, Oil & Gas, PSUs, and Media. Global markets rallied after the People’s Bank of China said it would cut the reserve requirement ratio for banks on Feb. 5, which should provide boost to the economy," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty seems to have reversed up, but the uncertainty remains in the market at the highs. The market could encounter strong resistance around 21,500 to 21,600 levels in the coming session. Immediate support for Nifty today is placed at 21,220 levels."

On the outlook for the Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, "Bank Nifty opened gap up however it was sold into and it resumed the next leg of the decline. On the downside, the bank Nifty is headed towards 44,600 from a short-term perspective. On the upside, 45,800 shall act as an immediate hurdle."

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, 21600 and 21700 strikes with total open interest of 160603, 165431 and 211581 contracts respectively. One of the major Call open interest additions was seen at the 21600 strikes which added 31167 contracts in open interest while the strike price of 21400 saw a reduction of 22886 contracts in open interest," adding, "Major total Put open interests was seen at 21400, 21300 and 21200 strikes with a total open interest of 155890, 166162 and 150429 contracts respectively. One of the major Put open interest additions was seen at the 21400 strikes which added 106123 contracts in open interest while the 21600 strike saw a reduction of 6340 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 45500, 45800 and 46000 strikes with total open interest of 197768, 132669 and 262524 contracts respectively in open interest. One of the major Call open interest additions was seen at 45500 strikes which added 50377 contracts in open interest," adding, "Major total Put open interest was seen at 45000, 44700 and 44500 strikes with total open interest of 150730, 138761 and 140215 contracts respectively. One of the major Put open interest additions was seen at 44700 strike which added 100816 contracts respectively 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; Virat Jagad, Technical Analyst at Bonanza Portfolio and Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher — recommended nine stocks to buy or sell today.

Sumeet Bagadia's day trading stocks

1] Infosys: Buy at 1675 | Target 1745 | Stop loss 1635.

Infosys share, currently trading at 1675, has recently broken out above 1665 and formed a strong bullish candle on the daily chart. The immediate support is near the 1635 level, and the current price is exhibiting strong bullish momentum, expected to continue towards the 1745 level.

2] Mishra Dhatu Nigam: Buy at 494 | Target 520 | Stop loss 481.

Mishra Dharu Nigam share price has recently experienced a significant breakthrough above the crucial resistance zone ranging from 450 to 476 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by a Bullish Engulfing Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Ganesh Dongre's stocks to buy today

3] LT: Buy at 3590 | Target 3650 | Stop loss 3545.

In the short-term trend, LT share price has a bullish reversal pattern, technically retrenchment could be possible till 3650. So, holding the support level of 3590 this stock can bounce toward the 3650 level in the short term. Hence, the trader can go long with a stop loss of 3590 for the target price of 3650.

4] NCC: Buy at 198 | Target 204 | Stop loss 192.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 204. So, holding the support level of 192 this stock can bounce toward the 204 level in the short term. Hence, the trader can go long with a stop loss of 192 for the target price of 204.

Shiju Koothupalakkal's buy or sell stocks

5] Apar Industries: Buy at 5625 | Target 5850 | Stop loss 5445.

The stock has maintained the ascending channel pattern on the daily chart with currently taking support near the lower band of the channel at 5330 levels and indicating a positive bullish candle crossing above the important 50EMA level of 5500 to improve the bias and along with the RSI reversing the trend, further rise is anticipated. We expect an upside target of 5850 keeping the stop loss of 5545 level.

6] Godrej Consumer: Buy at 1163 | Target 1210 | Stop loss 1130.

The stock has indicated a higher lows formation made on the daily chart taking support near the 50EMA level of 1085 and witnessing a pullback has improved the bias. With the RSI also indicating a trend reversal to signal a buy, we expect the stock to rise further for an upside target of 1210 keeping the stop loss of 1130 level.

7] IPCA Labs: Buy at 1098.50 | Target 1155 | Stop loss 1070.

The stock has maintained the support zone near the trendline zone at 1060 levels and witnessed a positive bullish candle moving past the significant 50EMA level of 1085 to imply a positive bias in the stock and further rise is anticipated. With the chart looking good and the RSI also indicating a trend reversal, has scope for further gains from current levels expecting a target of 1155 levels keeping the stop loss of 1070.

Virat Jagad's intraday stocks for today

8] Honeywell Automation India: Buy at 38,640 to 38,660 | Target 40,350 | Stop loss 37,800.

Honeywell Automation India Ltd is displaying encouraging technical developments on its daily chart. The inverse head and shoulder pattern breakout, accompanied by increased trading volume, reflects a growing market confidence. The upward trend of the Relative Strength Index (RSI) and positive alignment of key exponential moving averages (EMA) signal a bullish momentum. A noteworthy positive crossover on the EMA further supports this outlook. With a robust support level at 37800, the stock appears well-positioned for upward movement. A compelling growth target of 40350 adds to the positive prospects, suggesting potential for further appreciation in Honeywell Automation India Ltd.

9] Kaynes Technology India: Buy at 2845 to 2855 | Target 3010 | Stop loss 2770.

Kaynes Technology India Ltd has shown a positive development on the daily chart by breaking out of a triangular pattern, suggesting good times ahead for the stock. The attractiveness for potential buyers increases beyond the 2820 levels. This positive trend is supported by the Fast (21) EMA consistently staying above the Slow (50) EMA, showing strength in the upward direction. Moreover, the MACD has confirmed increased buying interest with a positive crossover. After the breakout, there was a notable increase in trading volume, pointing to higher demand for the stock. These signals together paint a positive picture for Kaynes Technology India Ltd, indicating potential upward momentum.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 25 Jan 2024, 07:55 AM IST

I'm Siddhartha Khemka, Head of Retail Research at Motilal Oswal, and I bring extensive expertise in analyzing and interpreting market trends. With a proven track record in the financial industry, my insights have guided both institutional and retail investors to make informed decisions. My analysis encompasses a wide range of factors, including global market dynamics, economic indicators, and company-specific data.

Now, let's delve into the concepts used in the provided article about the Indian stock market:

  1. Nifty 50 Index:

    • The Nifty 50 is a benchmark index of the National Stock Exchange of India, representing the performance of 50 large-cap Indian companies.
  2. BSE Sensex:

    • The BSE Sensex is a benchmark index of the Bombay Stock Exchange, comprising 30 well-established and financially sound companies across various sectors.
  3. Bank Nifty:

    • Bank Nifty is an index that represents the performance of the banking sector in the Indian stock market.
  4. Nifty Mid-cap 100 and Small-cap 100 Indices:

    • These indices track the performance of mid-sized and small-sized companies, respectively, in the Indian stock market.
  5. Advance-Decline Ratio:

    • The advance-decline ratio measures the number of advancing stocks compared to declining stocks. A ratio above 1 suggests more stocks are advancing, indicating positive market sentiment.
  6. PMI Data (Purchasing Managers' Index):

    • PMI is an economic indicator that provides insights into the manufacturing and services sectors. A PMI above 50 indicates economic expansion, while below 50 indicates contraction.
  7. People’s Bank of China's Reserve Requirement Ratio Cut:

    • The People’s Bank of China's decision to cut the reserve requirement ratio for banks is a monetary policy tool. It aims to stimulate economic growth by increasing the amount of funds banks can lend.
  8. Technical Analysis:

    • Technical analysis involves studying historical price and volume patterns to predict future price movements. Analysts use charts, patterns, and indicators to make informed trading decisions.
  9. Call and Put Options:

    • Options are financial derivatives that provide the right, but not the obligation, to buy (call) or sell (put) an underlying asset at a specified price within a predetermined time frame.
  10. Stock Recommendations:

    • Analysts provide buy/sell recommendations based on technical and fundamental analysis. These recommendations often include target prices and stop-loss levels.
  11. Intraday Trading:

    • Intraday trading involves buying and selling financial instruments within the same trading day, taking advantage of short-term price movements.
  12. Stock Price Targets and Stop Loss:

    • Target prices indicate the expected price level, while stop-loss levels are predetermined points at which traders exit a position to limit losses.

Remember, market conditions are dynamic, and it's crucial to conduct thorough research and consult with financial experts before making investment decisions.

Day trading guide for stock market today: Nine stocks to buy or sell on Thursday (2024)
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