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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Six stocks to buy or sell on Friday — 15th December
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Day trading guide for stock market today: Six stocks to buy or sell on Friday — 15th December

Day trading stocks: Market experts have recommended six stocks to buy today — AU Small Finance Bank, Glenmark Pharma, AB Capital, Shriram Finance, Naukri and LTI Mindtree

Stock market today: There is a possibility of Nifty 50 index reaching towards the important resistance of 21,550 levels, say experts. (Mint)Premium
Stock market today: There is a possibility of Nifty 50 index reaching towards the important resistance of 21,550 levels, say experts. (Mint)

Day trading guide for today: Following Wall Street rally on US Fed rate cut signal, Indian stock market climbed to a new peak on Thursday. All three key benchmark indices — Nifty 50, BSE Sensex and Nifty Bank — touched a new high respectively. Nifty 50 index closed at 21,182 after touching a new high of 21,210. BSE Sensex ended at 70,514 after hitting new record high of 70,602. Similarly, Bank Nifty index finished at 47,732 after climbing to a new peak of 47,943 during Thursday deals. 

In broad market, both small-cap and mid-cap indices hit a new peak. Small-cap index climbed to a new peak of 41,983 while mid-cap index touched record high of 36,264.

"Indian equities commenced the weekly expiry day on a firm note at a record level of 21,100. As the day progressed, the Index kept registering new highs under the leadership of Tech and Banking stocks to settle at 21,182.70 with gains of 256.35 points. Realty was the top outperformer of the day by ending the day with gains of 3.88% while Media was the only laggard. A mixed trend was observed in the Broader markets where Midcaps more or less moved in tandem with the Frontline Index while Smallcaps underperformed," said Aditya Gaggar, Director at Progressive Shares.

Day trading guide for stock market today

Speaking on outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The near-term trend of market continues to be positive. There is a possibility of Nifty reaching towards the important resistance of 21,550 levels-78.6% Fibonacci extension (taken from March bottom, Sept top and Oct bottom) in the coming week. Immediate support is placed at 21,050 levels."

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that Nifty 50 has given breakout at 21,000 levels and the 50-stock index is now heading for an immediate target of 21,600 levels. Prabhudas Lilladher expert went on to add that NNifty 50 is now set to enter a new territory of 21,600 to 22,300 levels. Expecting bull trend to continue in frontline banking shares, Vaishali Parekh went on to add that Bank Nifty index has given breakout at 47,500 levels and the index is now heading for next target of 49,200 and 50,000 respectively.

On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty has indicated a clear breakout above the crucial 47,500 levels to strengthen the trend overall and has opened the gates for further targets of 49,200 and 50,000 levels in the coming days. From current levels, the zone near 46,300 level shall be maintained as the important support zone from current levels," Parekh said.

Parekh went on to add that immediate support for Nifty today is placed at 21,100 while the resistance is seen at 21,350 levels. Bank Nifty would have a daily range of 47,500 to 48,200 levels.

On outlook for stock market today, Aditya Gaggar of Progressive Shares said, "With a bullish gap, the key benchmark index has breached its congestion zone which implies continuation of the current uptrend with the downside being protected at 21,020, and on the flip side, 21,400 can act as a resistance."

Day trading stocks for today

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] AU Small Finance Bank: Buy at 760, target 804, stop loss 739.

AU Small Finance Bank share is currently trading at 760 and has recently formed a rounding bottom pattern, indicating a strong bullish trend. A potential breakout above 765 could propel the stock towards the 804 level, with an immediate resistance at 780. On the flip side, 740 serves as a crucial support level.

2] Glenmark Pharma: Buy at 829, target 870, stop loss 810.

Glenmark share price is presently trading at 829.05 levels, demonstrating a robust upward movement from the support level of 810. The stock's positioning above all significant moving averages underscores its current strength. The momentum indicator, Relative Strength Index (RSI), further validates the positive sentiment, presently trading at 60 and indicating strength in the stock.

Ganesh Dongre's stocks to buy today

3] Aditya Birla Capital or AB Capital: Buy at 166, target 172, stop loss 163.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 172. So, holding the support level of 163 this stock can bounce toward the 172 level in the short term. Hence, the trader can go long with a stop loss of 163 for the target price of 172.

4] Shriram Finance: Buy at 2110, target 2200, stop loss 2070.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 2070. This stock can bounce toward the 2200 level in the short term, so the trader can go long with a stop loss of 2070 for the target price of 2200.

Kunal Kamble's buy or sell stocks

5] Naukri: Buy at 5148 to 5153, target 6050, stop loss 4703.

A significant breakout of a Cup and Handle pattern in Naukri share has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security. Moreover, the price of Naukri share price is trading above the major Exponential Moving Averages (EMA's), indicating a sustained uptrend. This alignment with the EMA's adds more confidence to the bullish scenario. Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation. The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing move. Hence based on above technical setup a long position can be created for a TP of 6050 with a SL of 4703.

6] LTI MINDTREE: Buy at 5934 to 5944, target 6925, stop loss 5473.

Classical Technical Rising Wedge Pattern is forming on a Daily time frame in LTI MINDTREE. Proper Factual nature of short term pattern example can be witnessed. The security has taken support of the Slow EMA (200) indicating a strong support, whereas the Fast (50) and Slow EMA is still trending upward which is indicating an uptrend. On the volume front the rise in volume during positive price action is indicating buyers are keen to buy the security at current level. On the momentum front RSI is trading in higher range which indicates uptrend. Hence based on above technical setup a long position can be created for a TP of 6925 with a SL of 5473.

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. Download The Mint News App to get Daily Market Updates.
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Published: 15 Dec 2023, 08:00 AM IST
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