Day trading guide for stock market today: Six stocks to buy or sell on Monday — 4th December
- Day trading stocks: Market experts have recommended six stocks to buy today — PNB, Tata Power, Kotak Mahindra Bank, ICICI Bank, Craftsman Automation and Asian Paints
Day trading guide for today: On account of of strong GDP data, Indian stock market ended higher for fourth straight session on Friday. Nifty 50 index touched new life-time high of 20,291 and finished 134 points higher at 20,267 levels. BSE Sensex gained 492 points and closed at 67,481 mark whereas Bank Nifty index ended 332 points higher at 44,814 levels. In broad market, small-cap index gained 0.48 per cent whereas mid-cap index shot up 0.96 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be positive, and one may expect further upside in the coming week. The next upside levels to be watched around 20510 (50% Fibonacci projection, taken from March 23 bottom-Sept 23 top-Oct 23 bottom). Immediate support is at 20140."
On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty witnessed a pullback to move past the 44,800 levels to maintain the bias intact and further ahead, as mentioned earlier, needs a decisive close above 45,000 to establish a confirmation to anticipate for further rise in the coming days.
Assembly election results in focus
On outlook for stock market today, Manish Chowdhury, Head of Research at StoxBox said, "With the results of state elections giving a big victory to BJP in three states and some in-roads in Telangana as well, we expect markets to open with a gap up of atleast 200-250 points on Monday."
Chowdhury went on to add that image of the BJP as a pro-reformist and the performance of the economy on various fronts, especially during the COVID period and gloomy global economic situation, have provided market participants confidence that a dual-aided right-wing government is beneficial in the longer term. As we move closer to the 2024 general elections, we believe that the decisive win by the BJP in key states has sent a strong message to investors betting on India’s rising growth potential and position the country on a stronger footing as compared to its peers.
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 20400 and 20500 strikes with total open interest of 111075 and 89489 contracts respectively. Major Call open interest addition was seen at 20400 and 20500 strikes which added 36057 and 33159 contracts in open interest respectively," adding, "Major total Put open interest was seen at 20200 and 20000 strikes with total open interest of 109968 and 138942 contracts respectively. Major Put open interest addition was seen at 20200 and 20100 strikes which added 77635 and 43807 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 44900 and 45000 strikes with total open interest of 101655 and 181885 contracts respectively. Major Call open interest addition was seen at 45000 strike which added 106222 contracts," adding, "Major total Put open interest was seen at 44800 and 44500 strikes with total open interest of 108267 and 154864 contracts respectively. Major Put open interest addition was seen at 44800 strike which added 91263 contracts."
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 six stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Punjab National Bank or PNB: Buy at ₹80.70, target ₹87, stop loss ₹77.50.
PNB share price is currently trading at ₹80.7, having experienced a breakout from a daily falling trendline after consolidating at a support level. This breakout is accompanied by robust trading volume and has formed a Bullish candle, indicating strong bullish momentum in the stock. Furthermore, the stock is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, suggesting the potential for sustained upward price movement.
2] Tata Power: Buy at ₹276, target ₹298, stop loss ₹265.
Tata Power share is currently trading at ₹276, price formed rounding bottom pattern breakout with good volume , indicating strong bullish momentum in the stock.
Furthermore, the stock is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, suggesting the potential for sustained upward price movement.
Ganesh Dongre's stocks to buy today
3] Kotak Mahindra Bank: Buy at ₹1750, target ₹1780, stop loss ₹1730.
In the short-term trend, Kotak Mahindra Bank share has a bullish reversal pattern, technically retrenchment could be possible till ₹1780. So, holding the support level of ₹1730 this stock can bounce toward the ₹1780 level in the short term. Hence, the trader can go long with a stop loss of ₹1730 for the target price of ₹1780.
4] ICICI Bank: Buy at ₹947, target ₹960, stop loss ₹938.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹938. This stock can bounce toward the ₹960 level in the short term. Hence, the trader can go long with a stop loss of ₹938 for the target price of ₹960.
Virat Jagad's buy or sell stocks
5] Craftsman Automation: Buy at ₹5,090 to ₹5,100; target ₹5,385, stop loss ₹4,944.
On the daily chart, Craftsman Automation Ltd has established a robust hurdle zone around ₹4950, where buyers have been actively breach that level and the stock close above the hurdle mark where we observed throw back on the daily chart.
The recent positive price action confirms the dominance of buyers, result in the retest of the rounding bottom formation breakout zone suggesting the potential for further upward movement.
Additionally, the stock is currently trading above significant moving averages, supporting the bullish momentum, and today's closing above the previous resistance line reinforces the positive trend.
6] Asian Paints: Buy at ₹3173.40, target ₹3300, stop loss ₹3108.
On a Daily time frame Asian Paint has given a breakout of the downward trading channel on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above ₹3160 levels.
Momentum indicator RSI is indicating bullish sign as it is climbing towards the overbought zone. On the directional front, DI+ line is trading above DI- and ADX start moving in the north direction which is showing strength in the security. Momentum Indicator RSI trading near the over bought region which confirms the bullishness in the script.
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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