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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 9th January
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Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 9th January

Day trading stocks: Market experts have recommended six stocks to buy or sell on Tuesday — HCL Tech, Sundaram Finance, Paytm, Bank of India, Shriram Finance, Astral

Stock market today: The short-term trend of Nifty has turned down from the highs after a small rise and the selling pressure seems to have started to emerge from near 21,750 to 21,850 level, say experts. (Mint)Premium
Stock market today: The short-term trend of Nifty has turned down from the highs after a small rise and the selling pressure seems to have started to emerge from near 21,750 to 21,850 level, say experts. (Mint)

Stock market today: On account of weakness in the global market, the Indian stock market finished lower on Monday. The Nifty 50 index slipped 197 points and closed at 21,513 level, BSE Sensex nosedived 670 points and closed at the 71,355 mark whereas the Bank Nifty index crashed 708 points and finished at 47,450 level. The small-cap index fell 0.36%, outperforming the Nifty 50 index, even as the advance-decline ratio fell sharply to 0.64:1.

"Domestic equities saw profit booking ahead of key inflation data globally and the start of corporate earnings this week. Nifty opened positive but soon succumbed under selling pressure and closed near the day’s low with a loss of 198 points (-0.9%) at 21513 levels. The broader market too ended in red; down 1%. Except for Realty, all other sectors ended in red. Better-than-expected US job data last Friday, led to the concerns that the US Fed might delay the rate cut," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Day trading guide for stock market today

On the outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty has turned down from the highs after a small rise and the selling pressure seems to have started to emerge from near 21,750 to 21,850 level. The next lower supports are to be watched at 21,350 — 20-day EMA. Immediate resistance for Nifty today is placed at 21,650 level."

Also Read: Stock market today: Bandhan Bank, Escorts, Piramal Enterprises, 10 other shares placed under F&O ban list

On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty fell sharply on an Intraday basis for the second consecutive day to close at 47,450, down 709 points. Heavy call writing (bears entry) was observed at 48,000 Strike in Bank Nifty, leading to an Intraday fall in the Index. The level of 48,000 acted as a strong support for Bank Nifty. The bears dethroned the bulls from the 48,000 Strike today. This level, which acted as a support earlier, will act as a resistance now. The options activity at 47,500 Strike will provide cues about Bank Nifty’s Intraday direction on Tuesday."

On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, "The inflation data from the US, China, and India due this week will be of key importance. This led to a rise in the dollar index along with the 10-year bond yield. Thus, overall sentiments are currently subdued in the market and could lead to more consolidation over the next few days."

FII DII data

In the cash market, FIIs bought shares worth 16.03 crore whereas DIIs bought shares worth 155.96 crore. In the F&O index future segment, both DIIs and FIIs remained net sellers. FIIs sold out shares worth 1,419.20 crore while DIIs sold out shares worth 40,858.51 crore.

F&O ban list

A total of thirteen stocks have been put under the ban for trade on Tuesday, January 09, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). Those 13 shares are Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, Delta Corp, Escorts, GNFC, Hindustan Copper, Indian Energy Exchange Ltd, India Cements, National Aluminium Company, Piramal Enterprises Limited, SAIL, and ZEEL.

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 Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.

Sumeet Bagadia's shares to buy today

1] HCL Technologies: Buy at 1447.90, target 1495, stop loss 1420.

HCL Technologies shares have been on an upward trajectory, currently trading at a market price (CMP) of 1447.90. This suggests a strong bullish sentiment surrounding the stock. What's particularly encouraging is that HCL Tech is trading above its 20-day, 50-day, and 200-day moving averages. This alignment of the stock's price with multiple moving averages is a positive sign for investors, indicating a consistent and sustained uptrend.

2] Sundaram Finance: Buy at 3719, target 3912, stop loss 3590.

Sundaram Finance's share price is currently positioned at 3719 levels, reflecting a solid foundation established at the support level of 3590. The consolidation and base formation at this support level signify stability in the stock's performance. Additionally, SUNDARMFIN exhibits resilience by trading above crucial moving averages, affirming its inherent strength.

Ganesh Dongre's stocks to buy today

3] Paytm: Buy at 692, target 715, stop loss 680.

In the short-term trend, Paytm's 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 119, target 125, stop loss 114.

On the short-term chart, the Bank of India's share has shown a bullish reversal pattern, so holding the support level of 114. This stock can bounce toward the 125 level in the short term, so the trader can go long with a stop loss of 114 for the target price of 125.

Virat Jagad's buy or sell stocks

5] Shriram Finance: Buy at 2195 to 2200, target 2270, stop loss 2141.

Shriram Finance Ltd has reached levels which are close to its high and this marks an important achievement with one of the highest closings recorded over the last 52 weeks. The bulls demonstrated their dominance, overcoming the selling pressure to close on the positive side, despite early attempts by the bears to drive prices lower.

The ongoing movements are further supported as it closed above the upward-moving channel’s upper band. The increased volume demonstrates the strength of this trend and constitutes additional confidence to market participants. On the momentum front, the Relative Strength Index RSI is trading at higher levels in conjunction with overall price action. This alignment in RSI supports the view that the upward momentum is well supported and can continue in the near term.

6] Astral: Sell at 1810 to 1805, target 1700, stop loss 1865.

Astral share price has formed a rounding top sort of pattern on the daily chart. In addition to this, Astral share price has closed near the low forming a Bearish Marubozu candlestick which is indicating weakness in the stock. Prices fall below the Fast (50) EMA and Slow (200) EMA indicating a negative trend. Volume increase during the selling day is indicating sellers are active in the stock.

On the momentum front RSI is trading near the oversold region indicating that the trend is bearish. On the Directional front DI- is trading above DI+ indicating a negative trend and ADX trading above DI's indicates strength in the negative move.

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: 09 Jan 2024, 08:18 AM IST
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