Today's day trading guide: Indian stocks fell for a second consecutive day as global market sentiment weakened following disappointing Chinese economic data and geopolitical tensions in the Middle East. The Nifty 50 index suffered its biggest intraday decline since June 13, 2022 due to all-out panic selling led by bank stocks. The 50-stock index plunged 460 points to close at 21,571 levels, the BSE Sensex plunged 1,628 points to close at 71,500 levels, while the Bank Nifty index plunged 2,060 points to close at 46,064 points. Despite the fall to 0.36:1 ratio, the overall market index did not fall as much as the Nifty.
“Domestic equities fell 2% on weak global environment and decline in HDFC Bank.Nifty fell sharply due to strong intraday selling and closed down 460 points (-2.1%) at 21572 level. Barring IT, all sectors ended in the red due to heightened volatility.The banking sector was the worst hit, with Nifty Bank The Nifty has fallen sharply after recently peaking above the 22,000 level. Siddhartha Khemka, head of retail research at Motilal Oswal, said, “Fed's hawkish comments, Middle East “Increasing tensions and sharp rises in bond yields have worsened investor sentiment.”
Today's stock market day trading guide
Commenting on the outlook for the Nifty 50 index today, Nagaraj Shetty, Senior Technical Research Analyst at HDFC Securities, said, “The short-term trend of the Nifty 50 index appears to have reversed sharply.Nifty is likely to fall further.'' Ta. “The next lowest support in the short term is the 21,000 level. Immediate resistance to a sell-off on the upside is near the 21,750 to 21,850 level.”
Commenting on today's outlook for Bank Nifty, Jatin Gedia, Technical Research Analyst at Sharekan, BNP Paribas, said, “Bank Nifty is on the upswing on the daily chart, indicating a reversal of the trend from downs to ups. It has started to form a downside and we expect this positive momentum to continue.” For the time being, he will continue to 48,000 cases, which may be extended to 48,500 cases beyond that. ”
Commenting on the outlook for the stock market today, Vaishali Parekh, vice president, technical research, Prabhudas Liladhar, said, “After heavy selling on Wednesday, Dalal Street “Overall sentiment has weakened.” 20 DMA levels. ”
Prohibited food and drink list
Thirteen stocks were placed on the futures and options (F&O) prohibited list for the trading day of January 18, 2024. The 13 stocks are Aditya Birla Fashion and Retail, Ashok Leyland, Bandhan Bank, Chambal Fertilizers and Chemicals, Delta Corp and Hindustan. Copper, IEX, Metropolis Healthcare, National Aluminum Company, Polycab, PVR INOX, SAIL, and ZEEL.
FII DII data
In the cash sector, FIIs sold equivalent amounts of Indian stocks. INRDII bought $10,578.13 million worth of shares on Wednesday. INR4,006,440,000. In the F&O index futures sector, FII and DII remained net sellers. FII sold the equivalent amount of shares. INRDII sold a significant number of shares compared to 5,048.4 million shares in F&O index futures. INR56,898,070,000.
Today's day trading stocks
Today on Intraday Stocks, Indian stock market experts — Sumeet Bagadia, Executive Director, Coice Broking. Ganesh Dongre, senior technical research manager at Anand Rathi, and Kunal Kumble, senior technical analyst at Bonanza Portfolio, have recommended his 6 stocks to buy today. The six stocks are Cochin Shipyards, SDBL, BEL, Indian Power Grid Corporation, IOC and LT Finance.
Nifty call put option data
Commenting on the Nifty call and put option data, Chinmay Babu, Head of Technical and Derivatives Research, Profitmart Securities, said, One of the major call open interest additions was seen at 21,700 and 21,800 strikes, respectively, where he added open interest of 182,068 contracts and 264,530 contracts. “The major put open interest was seen at 21500 and 21300 strikes, and the total open interest was 142554 and 109908'' contracts respectively. One of the major put open interest additions was the 21400 strike, which added 27074 contracts to open interest, while the 21700 strike decreased open interest by 67441 contracts. ”
Bank Nifty Call Put Option Data
Regarding Bank Nifty's call-put option data, Barb further said, “The major call open interest was seen with exercise of 46,500 and 47,000 contracts, and the total open interest was 74,313 and 132,004 contracts respectively.” he added. One major call open interest addition was seen at the 47,000 strike, which added 123,142 contracts to open interest, while “major total put open interest was seen at the 46,000 strike and 45,500 strike, for a total open interest of 76,703 contracts and 49,807 contracts, respectively. ” One of the major put open interest additions was seen at the 46,000 strike, which added 35,907 contracts to open interest. ”
Sumeet Bagadia's Intraday Stocks Today
1]IOC: buy at INR144.40, target INR148, stop loss INR142.80.
IOC stock recently experienced a significant jump on the daily chart. This breakout was accompanied by a bullish candlestick with strong upward movement, featuring higher highs and higher lows. The strong bullish sentiment is further supported by a notable spike in trading volumes.
2]LT Finance: buy at INR169.70, target INR180, stop loss INR164.
Recommendation to purchase LT Finance shares in cash at prevailing market price. INR169.70, combined with stop loss INR164 and goal setting INR180 is fully justified by detailed analysis of the daily chart. Examining the chart, we can see that the market dynamics have changed significantly, moving from a period of slight declines and sideways consolidation to a period of auspicious rise. The current trading session shows an upward trajectory, indicating a possible break out of the narrow range momentum. This positive development is reinforced by a notable spike in trading volumes and seamlessly aligns with positive short-term trends indicating increased market interest.
Ganesh Dongre Stocks to Buy Today
3]Power grid: buy at INR240, target INR248, stop loss INR235.
In the short-term trend, Power Grid stock is showing a bullish reversal pattern and layoffs could technically be possible until the next period. INR248. Therefore, maintaining the support level INR235 This stock is INR248 level in the short term. Therefore, traders can set a stop loss and go long. INRTarget price is 235 INR248.
4]Bell: buy at INR187, target INR195, stop loss INR180.
In the short-term trend, the BEL stock price shows a bullish reversal pattern, and technically, INR195. Therefore, maintaining the support level: INR180 This stock is INR195 level in the short term. Therefore, traders can set a stop loss and go long. INR180 for target price INR195.
Kunal Kumble stock buying and selling
5]Cochin Shipyard: buy at INRFrom 849.10 INR850.10, target INR970, stop loss INR787.
In daily time, Frame Cochin Shipyards breached an all-time high, indicating a continuation of the upward trend. The security closed near its high, indicating that buyers are eager to purchase the security. Increased volume supports price trends and indicates that buyers are keen to purchase securities at current market prices. The average price front is trading above the 50 and 200 EMAs, indicating an uptrend. On the momentum side, the RSI is trading in a higher range indicating an uptrend.
6]SDBL: buy at INR297.45～ INR298, target INR317, stop loss INR386.
SDBL on the daily time frame formed a descending triangle and closed above the downtrend line indicating an upside breakout. A steady increase in volume indicates that buyers are eager to purchase the security. The price is trading above the fast (50) ima and slow (200) ima, indicating an uptrend in security. The momentum indicator RSI is trading in a higher zone, indicating that the security is trading in an upward direction. In terms of direction, DI+ is trading above DI-, which indicates an uptrend, while ADX is trading above DI-, indicating strength of the move. .
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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