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

On Friday, positive global sentiments helped key benchmark indices of the Indian stock market to register a decent recovery. After losing for three straight sessions, the Nifty 50 index gained 160 points and closed at the 21,622 level, and the BSE Sensex shot up 496 points and closed at the 71,683 mark. However, the Bank Nifty index ended marginally lower at 45,701 level.

"Nifty ended its three-day losing streak as the global market took a breather. The index closed with gains of 160 points (+0.8%) at 21622 levels. All sectors ended in the green. Buying was seen in Oil & Gas, Metals, and Financials," 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 upside bounce of Friday could be a cheering factor for bulls to make a comeback. But, as long as the sharp opening downside gap of Wednesday remains open at 21970, there is a higher probability of a sell on rise in the market for the short term. Immediate support is at 21550 levels."

On the outlook for the Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty opened with a gap up but the momentum fizzled out quickly as Bank Nifty fell 12 points to close at 45,701. Heavy call writing (bear entry) was observed at 46,200 Strike in the index, with the bears further strengthening their position. The Index has a strong put writing (Bull's support) at 45,500 Strike. If Put writers exit from the 45,500 Strike, Bank Nifty can extend its fall even further until 45,000 levels."

On triggers to the stock market today, Siddhartha Khemka of Motilal Oswal said, "Investors will track the results of key index heavyweights like Reliance, HUL, ICICI Bank, and Kotak Bank which will be released over the weekend. The market will take cues from global factors including Bank of Japan and European Central Bank meetings and economic data from the US, China, and Japan. Next week the result season will pick up pace with a host of key large and mid-cap companies releasing their numbers. Overall we expect domestic equities to trade in a broader range with positive bias."

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 21700, 21800 and 22000 strikes with total open interest of 116322, 124988 and 148510 contracts respectively. One of the major Call open interest additions was seen at 21700 and 21800 strikes which added 26308 and 25305 contracts respectively in open interest," adding, "Major total Put open interests was seen at 21600 and 21500 strikes with total open interest of 106317 and 136048 contracts respectively. One of the major Put open interest additions was seen at 21600 and 21500 strikes which added 72912 and 57960 contracts in open interest while the 21100 strike saw reduction of 13388 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 46000 and 46500 strikes with total open interest of 166788 and 157438 contracts respectively in open interest. One of the major Call open interest additions was seen at 46100 and 46500 strikes which added 58357 and 54209 contracts in open interest," adding, "Major total Put open interest was seen at 45500 and 45000 strikes with total open interest of 86758 and 107831 contracts respectively. One of the major Put open interest additions was seen at 45700 strike which added 20085 contracts in open interest."

Day trading stocks for today

On stocks to buy today, stock market experts — Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell on Saturday.

Ganesh Donbgre's intraday stocks for today

1] GAIL: Buy at ₹168, target ₹172, stop loss ₹164.

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 ₹164 this stock can bounce toward the ₹172 level in the short term. Hence, the trader can go long with a stop loss of ₹164 for the target price of ₹172.

2] Tata Steel: Buy at ₹135, target ₹142, stop loss ₹130.

In the short-term trend, Tata Steel share has a bullish reversal pattern, technically retrenchment could be possible till ₹142. So, holding the support level of ₹130 this stock can bounce toward the ₹142 level in the short term. Hence, the trader can go long with a stop loss of ₹130 for the target price of ₹142.

Shiju Koothupalakkal's stocks to buy

3] INOX Green: Buy at ₹137.50, target ₹144, stop loss ₹134.

The stock has regained strength after the short correction forming a flag pattern on the daily chart with new round momentum witnessed with a bullish candle. With the support taken near the ₹127 zone, the stock has indicated a trend reversal to anticipate further rise in the coming day, and with a decisive breach above the previous peak level of 150, a fresh breakout would be triggered for next targets of ₹162 and ₹177 visible. The RSI also has cooled off from the highly overbought zone and currently is well placed to support our view.

4] Exide Industries: Buy at ₹327, target ₹341, stop loss ₹321.

The stock after witnessing the strong upward move has taken a breather near ₹342 zone and with a short correction almost completed, has indicated a positive candle pattern on the daily chart to form a higher low taking support near ₹309 levels. The RSI has indicated a trend reversal to signal a buy and with much upside potential visible, further rise can be expected.

5] TD Power: Buy at ₹277.90, target ₹292, stop loss ₹273.

The stock has indicated signs of improvement moving past the significant 50 EMA level of ₹272 to improve the bias and expect further gains in the coming sessions. The RSI also has shown positive indications to support our view and with the chart looking good, one can take a long position for the target of ₹290 to ₹292 levels.

Virat Jagad's buy or sell stock

6] Ceat: Buy at ₹2195 to ₹2200, target ₹2270, stop loss ₹2141.

Ceat Ltd. exhibits a promising technical development with a rounding bottom pattern on the daily chart, breaking out with increased volume, reflecting growing market confidence. The Relative Strength Index (RSI) is on an upward trend, and key exponential moving averages (EMA) are positively aligned, particularly with strong support at the 21-day EMA (2440). A bullish signal is confirmed by a positive crossover on the Moving Average Convergence Divergence (MACD) indicator, aligning with overall positive momentum. These indicators suggest further upside potential, with solid support at ₹2500 and a compelling growth target of ₹2800 for Ceat Ltd.

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: 20 Jan 2024, 07:58 AM IST