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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Five stocks to buy or sell on Friday — 5th January
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Day trading guide for stock market today: Five stocks to buy or sell on Friday — 5th January

Day trading stocks: Market experts have recommended five stocks to buy today — UBL, India Cements, BEL, Adani Enterprises, and Greenpanel Industries

Stock market today: Nifty sustaining above 21,550 to 21,600 levels could open the next upside towards 21,850 to 21,900 levels and higher in the near term, say experts. (Photo: Bloomberg)Premium
Stock market today: Nifty sustaining above 21,550 to 21,600 levels could open the next upside towards 21,850 to 21,900 levels and higher in the near term, say experts. (Photo: Bloomberg)

Stock market today: After showing weakness in the last couple of sessions, the Indian stock market shifted into a sustainable upside bounce on Thursday and closed higher on Thursday. The Nifty 50 index gained 141 points and closed at the 21,658 levels, the BSE Sensex surged 490 points and ended at the 71,847 mark whereas the Nifty Bank index finished 490 points higher at 48,195 levels. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.98:1.

"After two days of decline, Nifty regained strength and closed with gains of 141 points (+0.7%) at 21659 levels. The broader market outperformed with the Nifty midcap 100 and Nifty Smallcap 100 up 1%. All sectors ended in green with Realty, PSU Bank, and Financials being top gainers. Real Estate saw a sharp rally of 6% on the back of a strong launch pipeline. Niche sectors like Defence, Power Finance, and Hotels were too in the limelight. Impressive quarterly business updates from financial heavyweights lifted domestic equities today, despite weak global cues," said Siddhartha Khemka, Head — Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 index today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of the Nifty 50 index seems to have reversed on the upside after two sessions of minor weakness. Nifty sustaining above 21,550 to 21,600 levels could open the next upside towards 21,850 to 21,900 levels and higher in the near term. Immediate support for Nifty today is placed at the 21,550 mark.

On the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The Bank Nifty witnessed a robust comeback by the bulls, decisively surpassing the hurdle at 48,000 on a closing basis. This breakthrough confirms the resumption of the uptrend, indicating a potential move towards the target of 50,000. The bullish crossover in the RSI further supports the positive momentum. In case of any pullback, the index has solid support at the 47,700 mark, serving as a cushion for the index."

On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, "Overall market showed strong resilience today, which is likely to strengthen further as we head into the result season and more companies announce their business updates."

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 21700 and 22000 strikes with total open interest of 68137 and 74486 contracts respectively. Major Call open interest addition was seen at 21900 strikes which added 33717 contracts in open interest," adding, "Major total Put open interest was seen at 21600 and 21500 strikes with total open interest of 67031 and 73842 contracts respectively. Major Put open interest addition was seen at 21500 and 21400 strikes which added 44763 and 35889 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 48300 and 48500 strikes with a total open interest of 73400 and 95110 contracts respectively in open interest. Major Call open interest addition was seen at 48200 and 48300 strikes which added 60790 and 53403 contracts respectively in open interest," adding, "Major total Put open interest was seen at 48000 and 47500 strikes with a total open interest of 167492 and 125847 contracts respectively. Major Put open interest addition was seen at 48000 strike which added 118463 contracts in open interest."

FII DII data

In the cash segment, FIIs purchased shares worth 1,513.41 crore while they bought shares worth 121.92 crore in the F&O index future. However, DIIs turned net sellers in the cash market as they sold out Indian shares worth 1,387.36 crore while in the F&O index future segment, they sold out shares worth 98,290.95 crore.

F&O ban list

Eleven stocks have been put under the F&O ban list. Those eleven shares are Balrampur Chini, Chambal Fertilizers, Delta Corp, Escorts, GNFC, Hindustan Copper, IEX, India Cements, NALCO, SAIL, and ZEEL.

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended five stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] UBL: Buy at 1894, target 1940, stop loss 1842.

The daily chart analysis of UBL shares reveals a promising outlook for the upcoming week, signaling a sustained upward movement. Notably, the stock has formed a significantly higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.

2] India Cements: Buy at 273, target 290, stop loss 264.

India Cements' share price, presently at 273.10 levels, has showcased a commendable upward movement from the support at 264 levels. The stock's resilience is emphasized by its sustained trading above essential short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs.

Momentum, as depicted by the Relative Strength Index (RSI) at 65 levels, is indicative of the stock's inherent strength and positive directional movement. The confirmation of this strength is reinforced by the stock's ability to overcome minor hurdles, with a resistance observed around 277 levels.

Ganesh Dongre's stocks to buy today

3] BEL: Buy at 187, target 195, stop loss 180.

In the short-term trend, BEL share price has a bullish reversal pattern, technically retrenchment could be possible till 195. So, holding the support level of 180, this stock can bounce toward the 195 level in the short term. Hence, the trader can go long with a stop loss of 180 for the target price of 195.

4] Adani Enterprises: Buy at 2995, target 3100, stop loss 2950.

On the short-term chart, Adani Enterprises' share has shown a bullish reversal pattern, so holding the support level of 2950. This stock can bounce toward the 3100 level in the short term. Hence, the trader can go long with a stop loss of 2950 for the target price of 3100.

Mitesh Karwa's buy or sell stock

5] Greenpanel Industries: Buy at 438 to 440, target 480, stop loss 415.

Greenpanel share is seen to be breaking out of a bullish pattern and closing in green with a bullish candlestick, which is why a buy recommendation is initiated for targets up to 480. One can initiate a buy on a dip in the range of 438 to 440 with a stop loss below 415 on a 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 making any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 05 Jan 2024, 07:48 AM IST
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