Day trading guide for stock market today: Six stocks to buy or sell on Thursday — December 7
- Day trading stocks: Market experts have recommended six stocks to buy today — Infosys, Glenmark Pharma, Whirlpool, Jindal Steel, LIC and Lemon Tree
Day trading guide for today: Following strong global market cues on rate cut buzz in near term, key benchmark indices of Indian stock market scaled new highs on Wednesday. Nifty 50 index climbed to a new peak of 20,961 levels, BSE Sensex touched new life-time high of 69,744 whereas Bank Nifty index hit a new high of 47,259. In broad market, small-cap index added 0.18 per cent while mid-cap index touched a new peak of 35,245.
"Domestic equities continue its northbound journey with Nifty just 40 points away to cross 21k mark. The index closed with gains of 83 points (+0.4%) at 20938 levels. Sector wise it was mixed bag with buying seen in Oil & Gas, FMCG and IT. Niche sector like Fertilizer witnessed fresh buying as government seeks parliament approval to increase fertilizer subsidy," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be positive. Having moved up sharply in the last few sessions and the placement of hurdle around 20,910 levels (61.8% Fibonacci extension), there is a possibility of consolidation or minor correction from near 21,000 levels in the short term. Immediate support for Nifty today is placed at 20,800 levels."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty came under intense selling pressure since the market open but later consolidated throughout the day to close at 46,835, down 178 points. The Index has formed a bearish engulfing candle on the daily chart, which is considered to be bearish reversal signal. Heavy call writing was observed at 47,000 Strike in Bank Nifty and the option activity at this strike will provide cues about Bank Nifty’s future direction."
On triggers for stock market today, Siddhartha Khemka of Motilal Oswal said, "With RBI two day meeting commencing today investor will focus on governor’s commentary and clue for rate cut. Thus, rate sensitive sectors will remain in focus. Markets saw a smart rally of ~11% since the low of October end. Despite this sharp up-move, Nifty is trading at a 12-month forward P/E ratio of 18.4x, which is at a 9% discount vs. its long-period average (LPA). Hence, we expect focus to shift towards the large-cap stocks."
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 21100 strikes with total open interest of 259944 and 179566 contracts respectively. Major Call open interest addition was seen at 21100 strike which added 95071 contracts in open interest," adding, "Major total Put open interest was seen at 20900 and 20800 strikes with total open interest of 185386 and 209488 contracts respectively. Major Put open interest addition was seen at 20900 strike which added 157189 contracts in open interest."
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 126044 and 91666 contracts respectively. Major Call open interest addition was seen at 47000 strike which added 77105 contracts," adding, "As per data shown by nseindia.com at 3.30 pm on 06 December 2023, major total Put open interest was seen at 46500 strike with total open interest of 62954 contracts respectively. Major Put open interest addition was seen at 46500 strike which added 35778 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 Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.
Sumeet Bagadia's intraday stocks for today
1] Infosys: Buy at ₹1475, target ₹1564, stop loss ₹1430.
Infosys shares, currently trading at ₹1475, has recently broken out above ₹1467 and formed a rounding bottom pattern on the daily chart. The immediate resistance is near the ₹1510 level, and the current price is exhibiting strong bullish momentum, expected to continue towards the ₹1564 level. On the flip side, there is strong support near ₹1440.
2] Glenmark Pharmaceuticals: Buy at ₹806.50, target ₹855, stop loss ₹780.
Glenmark share is currently trading at ₹806.50 levels. Glenmark share price has a strong support at ₹780 levels which is also close to its 20 and 50 Day EMA levels. The stock has closed above the initial resistance of ₹805 and hence indicates a breakout from the consolidation range of ₹780 to ₹805 levels. Momentum indicator RSI is also moving higher and currently trading at 59 levels indicating strength. The stock is also trading above all the important moving averages.
Ganesh Dongre's stocks to buy today
3] Whirlpool: Buy at ₹1332, target ₹1370, stop loss ₹1315.
In the short-term trend, Whirlpool share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1370. So, holding the support level of ₹1315, Whirlpool share price can bounce toward the ₹1370 level in the short term. Hence, a trader can go long with a stop loss of ₹1315 for the target price of ₹1370.
4] Jindal Steel: Buy at ₹687, target ₹705, stop loss ₹675.
On the short-term chart, Jindal Steel share has shown a bullish reversal pattern, so holding the support level of ₹675. This stock can bounce toward the ₹705 level in the short term. Hence, the trader can go long with a stop loss of ₹675 for the target price of ₹705.
Mitesh Karwa's buy or sell stocks
5] LIC: Buy at ₹744 to ₹746, target ₹780, stop loss ₹726.
LIC share price 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 ₹780. One can initiate buy on dip in the range of ₹744 to ₹746 with stoploss below ₹726 on daily closing basis.
6] Lemon Tree: Buy at ₹117 to ₹118, target ₹127, stop loss ₹113.
Lemon Tree share is seen to be making higher highs and higher lows on the weekly timeframe and making a bullish candlestick after retesting the breakout zone which is buying is recommended for targets upto ₹127. One can initiate a buy trade in between the range of ₹117 to ₹118 with stoploss of ₹113 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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