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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Four stocks to buy or sell on Friday — December 8
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Day trading guide for stock market today: Four stocks to buy or sell on Friday — December 8

Stocks market today: Experts have recommended four stocks to buy today — Kotak Mahindra Bank, NAM-India, JSW Energy and Zydus Life

Stock market today: PSU bank, financial and consumer durable shares may continue to provide upside movement and fuel Nifty 50 index above 21,000 levels, say experts.Premium
Stock market today: PSU bank, financial and consumer durable shares may continue to provide upside movement and fuel Nifty 50 index above 21,000 levels, say experts.

Stock market today: Following weak global sentiments after a retreat on Wall Street, Indian stock market snapped seven days winning streak on Thursday. Nifty 50 index ended 36 points lower at 20,901 levels, BSE Sensex lost 132 points and closed at 69,521 mark whereas Bank Nifty finished marginally higher at 46,841 levels. In broad market, both small-cap and mid-cap indices climbed to a new high. Small-cap index gained 0.28 per cent while mid-cap index gained 0.66 per cent.

"After a sharp rally seen over the last seven days, market saw some profit booking ahead of RBI policy and US Nonfarm payroll data. Nifty opened lower but recovered later to close with minor loss of 37 points at 20901 levels. Sector wise it was a mixed bag with buying seen in Consumer durables, Oil & Gas and Pharma. Power stocks witnessed smart rally amid sharp rise in consumption and increase in investment towards green energy," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty 50 today, Laxmikant Shukla, Technical Research Analyst at Yes Securities said, "Appearance of doji candle near the psychological levels of 21,000-21,100 zone implies a possible enervation in recent strength. However, sustainability above 20,700-20,500 zone is critical to maintain the positive tone."

Asked about the sectors that may fuel Indian stock market in near term, Yes Securities expert listed out the following segments:

a) Nifty PSU banks: Cup and handle breakout is seen on weekly chart bringing an end to recent consolidation activity at top.

b) Nifty Financial Services: Ascending triangle breakout on weekly chart ensures shift of range on upside.

c) Nifty Midcap: Series of ascending tops and bottom remain intact on monthly chart

d) Nifty Consumer Durable: Pole and Flag breakout on weekly chart would provide much needed ammunition to ascend higher.

However, Yes Securities expert maintained that Nifty FMCG may remain under sell off pressure.

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On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "Market may take breather before the next leg of rally. Domestically, all eyes will be on RBI policy outcome that is schedule on Friday. Its commentary would hold importance with regards to interest rate movement. Globally as well investors await key US Nonfarm payroll and unemployment rate data that will be released on Friday and will be important for US fed’s decision making. Overall, the undertone of the market remains positive over medium to long term given the return of FIIs, strong macro data and healthy corporate earnings."

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 21200 strikes with total open interest of 101049 and 51596 contracts respectively. Major Call open interest addition was seen at 21000 strike which added 52721 contracts in open interest," adding, "As per data shown by nseindia.com at 3.30 pm on 07 December 2023, major total Put open interest was seen at 20900 and 20800 strikes with total open interest of 86436 and 76970 contracts respectively. Major Put open interest addition was seen at 20900 strike which added 57636 contracts in open interest."

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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 47000 and 47500 strikes with total open interest of 153759 and 145312 contracts respectively. Major Call open interest addition was seen at 47500 strike which added 51388 contracts," adding, "As per data shown by nseindia.com at 3.30 pm on 07 December 2023, major total Put open interest was seen at 46500 strike with total open interest of 137823 contracts respectively. Major Put open interest addition was seen at 46500 strike which added 74383 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 four buy or sell stocks for today.

Ganesh Dongre's stocks to buy today

1] Kotak Mahindra Bank: Buy at 1825, target 1850, stop loss 1800.

In the short-term trend, Kotak Mahindra Bank share has a bullish reversal pattern, technically retrenchment could be possible till 1850. So, holding the support level of 1800 this stock can bounce toward the 1850 level in the short term. Hence, the trader can go long with a stop loss of 1800 for the target price of 1850.

2] NAM-India: Buy at 442, target 460, stop loss 430.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 430. This stock can bounce toward the 460 level in the short term. Hence, the trader can go long with a stop loss of 430 for the target price of 460.

Mitesh Karwa's buy or sell stocks

3] JSW Energy: Buy at 456 to 458, target 488, stop loss 440.

JSW Energy share is seen to be breaking out of resistance zone and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto 488. One can initiate buy on dip in the range of 456 to 458 with stoploss below 440 on daily closing basis.

4] Zydus Life: Buy at 655 to rs 657, target 670, stop loss 645.

Zydus Life share price is seen to be making higher highs and higher lows on the daily timeframe and making a bullish candlestick after breakout which is buying is recommended for targets upto 670. One can initiate a buy trade in between the range of 655 to 657 with stoploss of 645 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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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. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 08 Dec 2023, 07:13 AM IST
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