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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Four stocks to buy or sell on Tuesday — 5th December
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Day trading guide for stock market today: Four stocks to buy or sell on Tuesday — 5th December

Day trading stocks: Market experts have recommended four stocks to buy today — ICICI Bank, Kotak Mahindra Bank, OIL, NAM-India

Stock market today: Nifty 50 index is poised to touch 20,900 levels in near term, say experts.Premium
Stock market today: Nifty 50 index is poised to touch 20,900 levels in near term, say experts.

Day trading guide for today: Celebrating BJP's victory in three states, Indian stock market extended the participatory rally for yet another session on Monday. Nifty 50 index climbed to a new peak of 20,702 levels, BSE Sensex touched new all-time high of 68,918 mark whereas Nifty Bank index climbed to a new high of 46,484 levels. In broad market, small-cap index climbed to a new peak of 41,221 mark while mid-cap index hit record high of 35,124 levels on the previous session.

"Indian equities celebrated BJP's sweeping victory in the three states by rallying more than 400 points to hit fresh high of 20702 levels. Nifty opened gap up and saw a one side movement to close with gains of 419 points (+2%) at 20689 levels. All sectors ended in green, barring pharma. Oil & Gas, Banking and financials were top gainers up 3% each. Government related sectors like Infra, Capital Goods, Power, Railways, defence and PSU stocks were in momentum today. The outcome overwhelmingly in favour of the incumbent BJP, strong macroeconomic data and easing global interest rate expectations boosted the market momentum. Nifty has rallied by 1865 points or 10% from its low of 18837 made in October 23," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The next upside levels to be watched are around 20,900 levels, which is a 61.8% Fibonacci extension (taken from the March bottom, September top, and October bottom-weekly chart). Immediate supports are placed around 20,500 and 20,290 levels."

On oputlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty witnessed a big positive candle gaining more than 3.5% to create history hitting the All-Time High and has opened the gates for further fresh upside targets of 48,000 to 48,200 levels in the coming days. The bias has improved significantly after a long time with frontline banking stocks showing decent prominent strength to take the index to higher levels."

On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect market sentiment to strengthen further as the ongoing pre-election rally is quite strong now. Given the government’s focus approach towards long-term capex across key areas, we expect BFSI, Industrials, Real Estate, Auto and Consumer Discretionary to do well going forward."

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 Calll open interest was seen at 20800 and 21000 strikes with total open interest of 103824 and 144252 contracts respectively. Major Call open interest addition was seen at 20900 strike which added 35807 contracts in open interest," adding, "Major total Put open interest was seen at 20600 and 20500 strikes with total open interest of 133172 and 155229 contracts respectively. Major Put open interest addition was seen at 20500 and 20600 strikes which added 146428 and 130742 contracts in open interest respectively."

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 46500 and 47000 strikes with total open interest of 176585 and 218413 contracts respectively. Major Call open interest addition was seen at 46500 and 47000 strikes which added 51891 and 86101 contracts respectively," adding, "Major total Put open interest was seen at 46000 and 45700 strikes with total open interest of 243423 and 164602 contracts respectively. Major Put open interest addition was seen at 46000 strike which added 239717 contracts."

Day trading stocks for today

On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended four buy or sell stocks for today.

Ganesh Dongre's intraday stocks for today

1] Oil India Ltd or OIL: Buy at 328, target 345, stop loss 320.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 345. So, holding the support level of 320 this stock can bounce toward the 345 level in the short term. Hence, the trader can go long with a stop loss of 320 for the target price of 345.

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.

Kunal Kamble's stocks to buy today

3] ICICI Bank: Buy at 988 to 992, target 1050, stop loss 945.

On a daily time, frame ICICI Bank share price has given a breakout of classical Cup and Handle pattern breakout indicating uptrend. The gap up opening is indicating a breakaway gap which is rarely fill.

The breakout is supported with higher volume supporting the price action. On the momentum front RSI is trading in higher zone which indicates that the security is in uptrend. On the average front price is trading above the Fast (50) EMA and Slow (200) EMA indicating uptrend. On the directional front DI+ is trading above DI- which indicates uptrend whereas the ADX trading above DI- indicates strength in the upward move. Hence based on above technical setup a long position can be created for a TP of 1050 with a SL of 945.

4] Kotak Mahindra Bank: Buy at 1812 to 1820, target 1940, stop loss 1760.

On a Daily time, frame Kotak Mahindra Bank share has given a breakout of Falling wedge on the upside indicating an uptrend. The security has closed near its high indicating buyers are keen to buy the security. On the average front price is trading above its 50 and 200 EMA indicating uptrend. On the momentum front RSI is trending towards the northern direction and has given a breakout of a range, which is supporting the price action. On the directional front DI+ is trading above DI- indicating uptrend whereas ADX trading above DI- is indicating strength in the move. Hence based on above technical setup a long position can be created for a TP of 1940 with a SL of 1760.

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: 05 Dec 2023, 07:34 AM IST
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