Day trading guide for stock market today: Eight stocks to buy or sell on Monday (2024)

"Domestic equities continued with its profit booking trend and plunged once again on monthly F&O expiry day before recovering half of the losses towards the end. Nifty fell more than 200 points during the day but ended the day with a loss of 101 points (-0.5%) to close at 21352 levels. The broader market however ended on a mixed note with Midcap 100 down -0.5% while Smallcap100 was up +0.5%. IT, Pharma, and FMCG witnessed selling pressure while Oil & gas, Realty, and PSUs saw buying interest. Weak results from Tech Mahindra, Axis Bank, and HDFC Bank continue to weigh on IT and Private Banks. FIIs have been mostly sellers in Jan having sold more than 30K so far," 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, "The short-term trend of Nifty remains choppy with weak bias. The market could encounter strong resistance around 21,500 to 21,600 levels in the coming sessions. Any weakness from here could find support around 21,100 to 21,000 levels in the near term."

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "The week concluded with Bank Nifty marking a 2.59% decline, closing at 44,866.15. The 20-day Simple Moving Average (SMA) acts as a sturdy resistance point at 46,400 while the critical support of the 200-day Moving Average (DMA) lies at 44,600. A breach below these levels might test the 44,000 level."

On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, "Going ahead market is likely to consolidate further ahead of US Fed interest rate decision on Wednesday where Fed is expected to maintain status quo and give some hint with regards to rate cut timeline. Apart from this BoE monetary policy is also due coupled with a few key economic data releases which might keep markets volatile. Further many heavyweights would be releasing their earnings next week, thus stock specific action would continue despite market consolidation."

Nifty Call Put Option data

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 21500 and 21600 strikes with total open interest of 53111 and 38837 contracts respectively. One of the major Call open interest additions was seen at 21400 and 21500 strikes which added 24558 and 23473 contracts in open interest," adding, "Major total Put open interests was seen at 21300 and 21200 strikes with total open interest of 39895 and 36537 contracts respectively. One of the major Put open interest additions was seen at 21000 strike which added 32256 contracts in open interest."

Bank Nifty Call Put Option data

On Bank Nifty Call Put Option Data, Barve further added, “Major total Call open interest was seen at 45000 and 45500 strikes with total open interest of 106317 and 67591 contracts respectively in open interest. One of the major Call open interest additions was seen at 45000 strike which added 68967 contracts in open interest," adding, "Major total Put open interest was seen at 44500 and 44000 strikes with total open interest of 62832 and 51393 contracts respectively. One of the major Put open interest additions was seen at 45000 strike which added 37795 contracts in open interest."

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; Mitesh Karwa, Research Analyst at Bonanza Portfolio and Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher — recommended eight stocks to buy or sell today.

Sumeet Bagadia's day trading stocks

1] Amber Enterprises: Buy at ₹4089, target ₹4242, stop loss ₹4010.

Amber Enterprises share price is currently trading at ₹4089. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹3950 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹4242 levels. On the downside, substantial support is evident near ₹4000.

2] BEML: Buy at ₹3200, target ₹3370, stop loss ₹3090.

BEML share price recently experienced a noteworthy transformation, evident in its daily chart analysis. The emergence of a dragonfly doji candlestick pattern on the daily chart marks a significant shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. The ongoing trading session further bolsters this positive trend, highlighting an upward movement that hints at a potential breakout from a narrow-range momentum.

Ganesh Dongre's stocks to buy today

3] MOTHERSON: Buy at ₹115, target ₹120, stop loss ₹111.

In the short-term trend, Motherson share price has a bullish reversal pattern, technically retrenchment could be possible till ₹120. So, holding the support level of ₹111 this stock can bounce toward the ₹120 level in the short term. Hence, the trader can go long with a stop loss of ₹111 for the target price of ₹120.

4] GAIL: Buy at ₹165, target ₹172, stop loss ₹160.

In the short-term trend, GAIL share price has a bullish reversal pattern, technically retrenchment could be possible till ₹172. So, holding the support level of ₹160 this stock can bounce toward the ₹172 level in the short term. Hence, the trader can go long with a stop loss of ₹160 for the target price of ₹172.

Shiju Koothupalakkal's buy or sell stocks

5] Texmaco Rail: Buy at ₹210, target ₹232, stop loss ₹202.

Texmaco share price has significantly gained strength along with other rail stocks in the last 2 months and with positive bias maintained, has once again regained momentum after the short dip witnessed, to expect for further rise in the coming days. The RSI also which is well placed currently, has further steam left to carry on with the positive move and hence, we suggest a buy recommendation in this stock for an upside target of ₹232 keeping the stop loss at ₹202 level.

6] West Coast Paper: Buy at ₹727, target ₹762, stop loss ₹713.

West Coast Paper share has maintained strong support near the significant 50EMA level of ₹708 zone and once again indicating a positive candle formation with decent volume participation has improved the bias expecting further gains in the coming session. With the RSI also well placed, we expect the stock to rise further for an upside target of ₹762 keeping the stop loss of ₹713 level.

7] Amara Raja Energy: Buy at ₹813, target ₹844, stop loss ₹800.

Amara Raja Energy share price has been in consolidation for quite some time and once again taking support near the ₹785 levels, has shown signs of improvement with momentum picking up and is anticipated to carry on the positive move still further ahead in the coming sessions. With the chart looking good, we expect a target of ₹844 levels keeping the stop loss of ₹800.

Mitesh Karwa's stock of the day

8] JSW Steel: Buy at ₹816 to ₹818, target ₹850, stop loss ₹795.

JSW Steel share is seen to be taking support from an important support zone on the weekly timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹850. One can initiate a buy on a dip in the range of ₹816 to ₹818 with a stop loss below ₹795 on a 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 making any investment decisions.

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Published: 29 Jan 2024, 08:27 AM IST