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

Day trading stocks: Market experts have recommended six stocks to buy today — Trent, SOBHA, Paytm, Bank of India, OFSS, and Tata Consumer

Stock market today: Nifty 50 today has immediate suppot placed at 21,750 level and the 50-stock index may soon go up to 22,200 mark, say experts.Premium
Stock market today: Nifty 50 today has immediate suppot placed at 21,750 level and the 50-stock index may soon go up to 22,200 mark, say experts.

Stock market today: Despite weak global cues, the Indian stock market extended its winning streak for the fourth straight session on Friday. Nifty 50 index finished at the 21,894 level after climbing to a new peak of 21,928. BSE Sensex ended at the 72,568 mark after hitting a new peak of 72,568. The Nifty Bank index gained 271 points and closed at 47,709 level. Broad market indices rose less than the Nifty even as the focus remained on large-cap IT stocks, Bank stocks, and Reliance. The advance-decline ratio remained positive at 1.09:1.

"Rally in the IT sector and a 19% surge in India’s net direct tax collection supported domestic equities to make new highs on Friday. Nifty made a fresh all-time high of 21928 levels during the session and closed with handsome gains of 247 points (+1.1%) at 21894 levels. A sharp 5% up-move was seen in the IT sector after TCS and Infosys surprised the streets with their better-than-expected Q3 results. Nifty is now just 100 points away from crossing another milestone of the 22k zone," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "Nifty 50 on the weekly chart formed a reasonable bull candle with long lower shadow. The bearish doji pattern implication of last week has been nullified this week, as Nifty closed above the high of last week at 21,834 levels. The next upside level to be watched is around 22,200. Immediate support for Nifty today is at 21,750."

On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty shrugged off its initial weakness and rose steadily throughout the day to close at 47,710, up 271 points. Heavy put writing (bulls’ entry) at 47,500 Strike, led to an Intraday rise in Bank Nifty. The resistance for the Index now shifts to the 48,000 level after today’s close. The option activity at the 47,500 level will provide cues about Bank Nifty’s future direction."

Also Read: Medi Assist IPO opens today. GMP, review, other details. Buy or not?

On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, "In this week, the market will take cues from Q3 results, India’s inflation, and US PPI data. HDFC Bank, HUL, Ultratech, ICICI Bank, Asian Paints, and several mid-cap companies will announce their Q3 results this week. Thus, we might see stock-specific action. US markets will remain closed on Monday."

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] Trent: Buy at 3212, target 3288, stop loss 3179.

Trent share price is currently trading at 3212. On the daily chart, a price-formed rising wedge candle stick pattern with good volume has occurred. The pattern suggests a target price of 3288 in the short term. Buying on dips, particularly in the range of 3200 to 3195, appears to be a favorable entry point and 3179 acts as a crucial support level for the stock.

2] SOBHA: Buy at 1348, target 1435, stop loss 1311.

SOBHA share price has recently experienced a significant breakthrough above the crucial resistance zone ranging from 1300 to 1340 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Ganesh Dongre's stocks to buy today

3] Paytm: Buy at 690, target 715, stop loss 680.

In the short-term trend, Paytm share price has a bullish reversal pattern, technically retrenchment could be possible till 715. So, holding the support level of 680 this stock can bounce toward the 715 level in the short term. Hence, the trader can go long with a stop loss of 680 for the target price of 715.

4] Bank of India: Buy at 128, target 135, stop loss 120.

Bank of India share has shown a bullish reversal pattern, so holding the support level of 120. This stock can bounce toward the 135 level in the short term. Hence, the trader can go long with a stop loss of 120 for the target price of 135.

Kunal Kamble's buy or sell stocks

5] OFSS: Buy at 4656 to 4658, target 5290, stop loss 4330.

A Cup and Handle pattern breakout has been witnessed in OFSS. An increase in volume indicates buyers are more interested in buying the security. The price is trading above the major EMA's indicating an uptrend in the security. The RSI has given a breakout of the falling trend line supporting the price action.

6] Tata Consumer: Buy a 1159 to 1161, target 1295, stop loss 1090.

On a Daily time, frame Tata Consumer has given a breakout of its all-time high indicating a continuation of the uptrend. The security has closed near its high indicating buyers are keen to buy the security. The volume increase is supporting price action which indicates buyers are keen to buy the security at cmp. On the average front price is trading above its 50 and 200 EMA indicating an uptrend. On the momentum front RSI is supporting the price action.

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: 15 Jan 2024, 08:59 AM IST
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