Day trading guide for today: On account of strong global market sentiments, Indian stock market finished higher on Friday. Nifty 50 index ended higher for sixth straight week at 20,969 after hitting a new high of 21,006. BSE Sensex went up 303 points and closed at 69,825 levels while Bank Nifty index shot up 420 points and ended at 47,262 mark. However, broad market indices ended negative even as the advance decline ratio softened to 1.03:1.
“Nifty hit the 21K-mark after the RBI hiked GDP growth forecast to 7% and left inflation projection unchanged at 5.4% for FY24. The RBI maintained its status quo and kept repo rate unchanged at 6.5% for the fifth time. The index closed with gains of 68 points at 20969 levels. IT, Banking, Financials and Realty sectors were major gainers today,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
On outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The near-term uptrend status of the market remains intact and present consolidation or minor weakness could eventually result in Nifty resuming its sharp upside further in the short term. The next overhead resistance to be watched around 21,550 (78.6% Fibonacci extension) and immediate support for Nifty today is at 20,850 levels.”
On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty recorded new high scaling 47,300 levels with bias maintained strong and with most of the frontline banking stocks well poised for further upward move, one can anticipate further rise in the coming days with 46,300 zone as the support zone visible from current levels.”
On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “Indian stock markets today may react to US Nonfarm Payroll and Unemployment rate data released on Friday. Further, major central banks globally are lined up next week to announce their policy decision, which is likely to keep the market range bound.”
Nifty Call Put Option data
Speaking 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 21000 and 21100 strikes with total open interest of 143075 and 77600 contracts respectively. Major Call open interest addition was seen at 21000 strike which added 42871 contracts in open interest,” adding, “As per data shown by nseindia.com at 3.30 pm on 08 December 2023, major total Put open interest was seen at 20900 and 20800 strikes with total open interest of 121500 and 102446 contracts respectively. Major Put open interest addition was seen at 20900 strike which added 34851 contracts in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 47500 and 48000 strikes with total open interest of 171888 and 124246 contracts respectively. Major Call open interest addition was seen at 47500 strike which added 32761 contracts,” adding, “As per data shown by nseindia.com at 3.30 pm on 08 December 2023, major total Put open interest was seen at 47000 and 46800 strikes with total open interest of 229831 and 121628 contracts respectively. Major Put open interest addition was seen at 47000 strike which added 151115 contracts.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended five buy or sell stocks for today.
Sumeet Bagadia’s day trading stocks
1] Kotak Mahindra Bank: Buy at ₹1838.45, target ₹1960, stop loss ₹1775.
The technical analysis of Kotak Mahindra Bank share reveals several positive indicators. The stock recently rebounded from a significant support level at ₹1810 and surpassed the initial resistance at ₹1835, currently trading at ₹1838.45. This demonstrates strength in the stock’s price action, as its overcoming key price barriers.
Additionally, the formation of a hammer candlestick pattern on the daily chart suggests a potential for further up move. Also the stock is trading above all the important moving averages indicating strength.
2] Jindal Steel: Buy at ₹686.25, target ₹720, stop loss ₹665.
Jindal Steel share has formed a bullish candle on daily chart. Currently Jindal Steel share price is trading at ₹686.25 levels. The Stock has successfully surpassed the important level of ₹665 which was a prior resistance and also 20 Day EMA. A small resistance is placed around ₹698 levels. Once stock closes above the mentioned levels it can move towards ₹720 levels and above. Jindal Steel share has a strong support at around ₹665 levels which is also close to its 20 Day EMA levels. The RSI indicator is trading around 63 levels indicating strength.
3] State Bank of India or SBI: Buy at ₹615, target ₹625, stop loss ₹605.
In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹705. So, holding the support level of ₹675 this stock can bounce toward the ₹705 level in the short term. Hence, the trader can go long with a stop loss of ₹675 for the target price of ₹705.
4] Aptus: Buy at ₹316 to ₹318, target ₹328, stop loss ₹305.
Aptus share price is seen to be breaking out of bullish pattern and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto ₹328. One can initiate buy on dip in the range of ₹316 to ₹318 with stoploss below ₹305 on daily closing basis.
5] Ujjivan Small Finance Bank: Buy at ₹58.5 to ₹59.5, target ₹65, stop loss ₹57.
Ujjivan Small Finance Bank share is seen to be breaking out of a resistance on the daily timeframe and making a bullish candlestick after breakout which is buying is recommended for targets upto ₹65. One can initiate a buy trade in between the range of ₹58.5 to ₹59.5 with stoploss of ₹57 on daily closing basis.
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 taking any investment decision.
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