Day trading guide for stock market today: Six stocks to buy or sell on Friday — 12th January
Stock market today:
Day trading guide for stock market today
Reflecting strong global market sentiment ahead of the US inflation data release, the Indian stock market ended higher for the third consecutive session on Thursday. The Nifty 50 index added 28 points to close at the 21,647 level, the BSE Sensex rose 63 points to close at 71,721, while the Bank Nifty index ended 77 points higher at the 47,438 level. Broad market indices rose more than the Nifty even as the pre-fall ratio increased to 1.65:1 Day trading guide for stock market today
“Nifty traded sideways during the session and closed marginally positive at the 21647 level ahead of US inflation data and the start of earnings season for Q3 2024 from Thursday. Among the sectors were oil and gas, consumer durables, automobiles and PSU Bank were the top gainers on Thursday. Cement stocks witnessed fresh buying on expectations of improved demand ahead of the Union elections,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
Day trading guide to today’s stock market
On the outlook for Nifty 50 today, Nagaraj Shetti, Senior
Technical research analyst at HDFC Securities said, “The market is now at the hurdle of a downtrend line, which linked recent lower highs at 21,725 levels. After showing a false downside breakout at 21,500 levels on Wednesday, the Nifty is set to “expects the highest trajectory from 21,750 to 21,850 levels in the near term. A decisive move above the 21,850 hurdle could open sharp upside momentum. The immediate support for Nifty is at 21,590 levels today.”Day trading guide for stock market today
On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty consolidated within a range for the second consecutive day during the day and closed at 47,438, up 78 points. entry) at 47,200 Strike at Bank Nifty ensured that the intraday decline did not extend beyond 47,200. The support has become even stronger at 47,200 after today’s close. The call writers (bears) further strengthened their position at the maximum call open interest strike ( resistance) of 47,500 in Bank Nifty. The options activity at the 47,500 level will provide clues about the future direction of Bank Nifty.”
Sumeet Bagadia’s intraday stocks for today
1] RBL Bank: Buy at ₹295, target ₹310, stop loss ₹285.
RBL Bank stock is currently trading at ₹ 295. The stock has seen a strong break above the ₹ 292 level. This break is supported by strong volumes which indicate strength. Additionally, RBL Bank stock is currently trading above the critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day EMAs, reinforcing bullish momentum and suggesting potential for further upward price movement.Day trading guide for stock market today
2] TVS Motor:
Buy at ₹2082, target of ₹2131, stop loss ₹2045. TVS Motor stock is currently trading at ₹2082. After a period of small declines and sideways consolidation, the stock has recently broken the neckline level of ₹2060 and quickly rises on the upside with significant volume. There are expectations of a further upward move, possibly reaching a level of ₹2131. On the other hand, there is substantial support around ₹2045.
Ganesh Dongre’s Stocks to Buy Today
3] CALL: Buy at ₹187, target ₹195, stop loss ₹180.
In the short term, the BEL share price shows a bullish reversal pattern; Technically, a cut could be possible up to ₹195. So, with the support level of ₹180, this stock could bounce towards the ₹195 level in the near term. So the trader can go long with a stop loss of ₹180 for the target price of ₹195 Day trading guide for stock market today
4] Adani Enterprises: Buy at ₹3080, target ₹3140, stop loss ₹3040.
On the short-term chart, Adani Enterprises stock is showing a bullish reversal pattern, keeping the support level at ₹3040. This stock may bounce towards the ₹3140 level in the short term, so the trader can go long with a stop loss of ₹3040 at the target price of ₹3140.
Day trading guide for stock market today