Day trading guide for stock market today: Six stocks to buy or sell on Friday — December 29

Day trading guide for today: On account of strong sentiments in Asian stock market, Dalal Street ended higher for fifth straight session on Thursday. Nifty 50 index ended at 21,778 levels after climbing to a new peak of 21,801. BSE Sensex finished at 72,410 levels after hitting record high of 72,484. Bank Nifty closed at 48,508 mark after touching new life-time high of 48,636. The Midcap index rose more than the Nifty while Smallcap index rose less even as the advance decline ratio fell to 0.80:1.

“Nifty touched fresh all-time highs and finally closed near day’s high with gains of 124 points (+0.6%) at 21779 levels. Broader market ended in green in line with benchmark. All sectors closed in positive territory, barring consumer durables. Oil & Gas, Metals and Pharma were major gainers. Jewellery stock were in momentum after gold prices climbed to over three-week highs amid fall in dollar and bond yields to multi-month low. Markets has been gaining for five consecutive trading session on back of optimism over expected growth next year. Global markets too were supportive as investors hope for early rate cut in 2024. Also, FIIs have turned net buyers after being seller for six consecutive days,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

On outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC securities said, “The near-term trend of Nifty 50 continues to be positive. Having moved above the initial hurdle of 21,650 levels, the Nifty is expected to advance towards the next overhead resistance of 22,200 levels in the near term, which is near the 100% Fibonacci extension of major bottom-top-bottoms. Immediate support for Nifty today is placed at 21,550 levels.”

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty moved sideways throughout the day and closed 226 points higher at 48,509. The put writers dethroned the call writers from the 48,500 Strike in Bank Nifty. Bank Nifty has formed a doji candle, which signifies indecision, on the daily chart. The option activity at 48,500 will provide cues about Bank Nifty’s Intraday direction Friday.”

Speaking on outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “Overall we expect positive momentum to continue and markets to end the year on a buoyant note.”

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 22000 and 22100 strikes with total open interest of 74519 and 60875 contracts respectively. Major Call open interest addition was seen at 22000 and 22100 strikes which added 41635 and 48609 contracts respectively in open interest,” adding, “As per data shown by nseindia.com at 3.30 pm on 28 December 2023, major total Put open interest was seen at 21600 and 21500 strikes with total open interest of 56761 and 86725 contracts respectively. Major Put open interest addition was seen at 21800 and 21500 strikes which added 39844 and 45235 contracts respectively 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 49000 strike with total open interest of 68259 contracts in open interest. Major Call open interest addition was seen at 48500 and 49000 strikes which added 43588 and 41898 contracts respectively in open interest,” adding, “As per data shown by nseindia.com at 3.30 pm on 28 December 2023, major total Put open interest was seen at 48000 strike with total open interest of 83160 contracts. Major Put open interest addition was seen at 48500 strike which added 43330 contracts in open interest.”

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended six stock to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Cipla: Buy at ₹1260.80, target ₹1315, stop loss ₹1226.

Cipla share price is presently trading at ₹1260.80 levels. On the daily chart, the stock has formed a strong bullish candle, signifying a resurgence of strength in its price action.

A robust support level is situated at 1226 levels, which conveniently aligns with the 20-Day Exponential Moving Average (EMA). This confluence of support factors enhances the stock’s stability and resilience. Furthermore, CIPLA is trading above all the important moving averages, which underscores its overall bullish posture and trend.

2] IGL: Buy at ₹414, target ₹434, stop loss ₹404.

IGL share price is currently trading around ₹413.85 levels. The stock was facing multiple resistances in the range of ₹404 to ₹409 levels. The stock is trading above its short term (20 Day) and medium term (50 Day) EMA levels. The stock has strongly moved on higher side and hence we can witness a breakout on charts. This breakout is supported with decent volumes which indicate strength. Now any dip in the stock around ₹409 levels will be a buying opportunity. The stock can now further move towards ₹434 levels and higher. The investors holding from lower levels should keep trailing stop loss.

Ganesh Dongre’s stocks to buy today

3] Exide Industries: Buy at ₹308, target ₹320, stop loss ₹300.

In the short-term trend, Exide share price has a bullish reversal pattern, technically retrenchment could be possible till ₹320. So, holding the support level of ₹300 this stock can bounce toward the ₹320 level in the short term.

4] Kotak Mahindra Bank: Buy at ₹1922, target ₹1950, stop loss ₹1900.

On the short-term chart, Kotak Mahindra Bank share has shown a bullish reversal pattern, so holding the support level of ₹1900. This stock can bounce toward the ₹1950 level in the short term, so the trader can go long with a stop loss of ₹1900 for the target price of ₹1950.

Kunal Kamble’s buy or sell stocks

5] IEX: Buy at ₹160.50 to ₹161.50, target ₹200, stop loss ₹141.

A notable 170-day dominant cycle on the security has been consistently acknowledged by IEX. The low point of the cycle, which occurred in November, was not only a significant turning point, but also an enduring low of the security. The Increase in volume after the cycle low is indicating buyers are interested to buy the security. Moreover, a breakout from a descending trend line has been observed, underscoring a shift in sentiment towards a more optimistic market stance. Golden cross is also indicating bullishness. RSI trading in upper zone indicates uptrend.

6] BHEL: Buy at ₹191.60 to ₹192.60, target ₹220, stop loss ₹178.

On a Daily time, frame BHEL had formed a Flag and pole pattern. Usually flag and pole is a continuous pattern. In current formation the security has formed a bullish price action indicating buyers been keen to buy the securities and are expecting the stock to move higher. On EMA front the prices is trading above major EMA’s which indicates positive trend. The Slow EMA (50) is following the trend and trending upward which is indicating a positive trend. The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing 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 taking any investment decision.