Day trading guide for stock market today: Five stocks to buy or sell on Thursday — 21st December
- Day trading stocks: Market experts have recommended five stocks to buy or sell today — AU Small Finance Bank, Radico Khaitan, Tata Power, SBI and V-Mart Retail
Day trading guide for today: Despite strong IMF commentary on Indian economy and strong global cues, Indian stock market witnessed sharp sell off on Wednesday. All key benchmark indices including small-cap and mid-cap indices ended lower, which signals selling across segments on Dalal Street. Nifty 50 index crashed 302 points and closed at 21,150 levels, BSE Sensex nosedived 930 points and closed at 70,506 mark whereas Bank Nifty index corrected 425 points and ended at 47,445 levels. In broad market, small-cap index crashed 3.42 per cent while mid-cap index tanked 3.12 per cent.
"Domestic equities opened on a strong note and Nifty made a new high of 21593 on back of positive commentary by IMF where it called India a ‘star performer’ and projected India to contribute 16% to global growth. However, profit booking at higher levels dragged Nifty down to close with loss of 303 points (-1.4%) at 21150 levels. All sectors ended in red including mid-cap and small-cap indices. Volatility index India VIX surged by 4% to 14.45. Domestic equities are witnessing sell off after a sharp run up of more than 12% in last seven weeks," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, "Further downsides are likely once the immediate support of 21,087 is broken. We believe that the Nifty could play down towards the next major supports at 21,026 to 20,769 in the coming sessions. Any pullback rallies could find resistance at 21,325 lecvels."
Speaking on outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "The Bank Nifty index experienced intense selling pressure, resulting in the formation of a bearish engulfing candle on the daily chart. The immediate resistance for the index is situated at the 47,600 to 47,700 zone, and a breakthrough above this level could pave the way for further upside, targeting 48,000. However, the overall sentiment remains bearish, suggesting a cautious approach with a preference for selling on any upward movements."
Stock market today
On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect market to consolidate in the near term as investor resort to profit booking and access the potential risk of rising covid cases especially in Kerala and Karnataka, making them cautious in the market. Overall, we remain positive on the market and expect recovery after a pause supported by global macros along with interest rates peaking out and healthy domestic macros. IPO market is currently is seeing strong traction with two IPOs listing at premium while seven IPOs open for subscription."
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 21200, 21400 and 21500 strikes with total open interest of 155449, 209601 and 342679 contracts respectively. Major Call open interest addition was seen at 21300 strike which added 157032 contracts in open interest," adding, "Major total Put open interest was seen at 21000 and 20800 strikes with total open interest of 168326 and 119844 contracts respectively. Major Put open interest addition was seen at 21000 strike which added 51623 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 73134 and 168840 contracts in open interest. Major Call open interest addition was seen at 48000 strike which added 67332 contracts," adding, "Major total Put open interest was seen at 47000 strike with total open interest of 91154 contracts. Major Put open interest addition was seen at 47000 strike which added 24125 contracts in open interest."
FII DII data
In cash segment, FIIs sold out Indian shares worth ₹1,322 crore while DIIs bought over ₹4,754 crore worth of shares during Wednesday deals.
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 Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended five stock to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] AU Small Finance Bank: Buy at ₹760, target ₹830, stop loss ₹737.
AU Small Finance Bank share is currently trading at ₹760. The stock has recently formed an inverted head and shoulders breakout, accompanied by significant volume. There are expectations of further upward movement, potentially reaching ₹830 levels. On the downside, substantial support is evident near ₹737.
Furthermore, AU Small Finance Bank share is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 59.3, signaling an upward trajectory and confirming an increase in buying momentum.
2] Radico Khaitan: Buy at ₹1580, target ₹1682, stop loss ₹1537.
Radico Khaitan share is currently trading at ₹1580. The stock has recently broken out of a rounding bottom pattern with a retest and demonstrated a strong reversal from the breakout level, supported by significant trading volume. There are expectations of further upward movement, potentially reaching ₹1682 levels. On the downside, substantial support is evident near ₹1537.
Furthermore, Radico Khaitan share is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 54.96, signaling an upward trajectory and confirming an increase in buying momentum.
Ganesh Dongre's buy or sell stocks
3] Tata Power: Buy at ₹320, target ₹335, stop loss ₹310.
In the short-term trend, Tata Power share has a bullish reversal pattern, technically retrenchment could be possible till ₹335. So, holding the support level of ₹310 this stock can bounce toward the ₹335 level in the short term. Hence, the trader can go long with a stop loss of ₹310 for the target price of ₹335.
4] State Bank of India or SBI: Buy at ₹635, target ₹650, stop loss ₹620.
On the short-term chart, SBI share price has shown a bullish reversal pattern, so holding the support level of ₹620. This stock can bounce toward the ₹650 level in the short term, so the trader can go long with a stop loss of ₹620 for the target price of ₹650.
Virat Jagad's stock of the day
5] V-Mart: Buy at ₹1945 to ₹1950, target ₹2050, stop loss ₹1895.
After a long consolidation, V-Mart Retail Ltd. started trading in the consolidation range. In previous trading session bulls manage to close above the higher band and we observed breakout of the Double Bottom formation. On the Relative Strength Index, the RSI is about to enter in the overbought area, which supports the bullish stance.
On EMA front the prices is trading above major EMA’s which indicates positive trend. The Slow EMA (50) and Fast EMA (21) are following the trend and trending upward which is indicating a positive trend. In the coming period, we can see further buying interest if stock is manage to sustain above ₹1950 which may result into the upside of ₹2050 mark.
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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