“Domestic equities were lacklustre ahead US Fed’s decision late today. Nifty remained in negative territory for most part of the day but last hour buying helped indices to close in green with marginal gains of 20 points at 20926 levels. Majority of the sectors ended in green with buying seen in Realty, Pharma and Auto. Power stocks saw strong buzz after electricity generation rose by 20.4% for the month of October. Strong Mining output growth of 13.1% for the month of Oct led to rally in mining stocks. Market has been consolidating at higher levels for the past few sessions post the recent run-up,” 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 upside recovery of Wednesday from the immediate supports signal chances of further upside for the Nifty in the short term. There is a higher possibility of Nifty moving again into all-time highs of 21040+ levels in the near term. Immediate support for Nifty today is placed at 20,770.”
Speaking on outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty overall witnessed a sluggish session hovering near the 47,000 to 47,100 zone with no major movement from among the frontline banking stocks. As for the index, it needs a decisive breach above 47,500 zone to trigger for a breakout with 46,300 level maintained as the support zone from current levels.”
On outlook for stock market today, Osho Krishan, Sr. Analyst – Technical & Derivative Research at AngelOne said, “As we advance, we maintain our positive stance with a ‘buy on dips’ approach in the current market conditions. Even though the indices might witness a range-bound move, there are still ample opportunities in the broader space, keeping the buzz for traders’ fraternity. Hence, it is advisable to have a stock-centric approach while staying vigilant regarding global developments.”
“Overall, we expect the market momentum to continue on higher side supported by lower than expected inflation data, 16-month high IIP data, fall in crude oil price to 7 month low and FIIs buying,” said Siddhartha Khemka of Motilal Oswal.
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 320834 and 226216 contracts respectively. Major Call open interest addition was seen at 21100 and 21200 strikes which added 90049 and 61154 contracts respectively in open interest,” adding, “Major total Put open interest was seen at 20900 and 20800 strikes with total open interest of 177215 and 198576 contracts respectively. Major Put open interest addition was seen at 20800 strike which added 88728 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 47500 strike with total open interest of 71575 contracts in open interest. Major Call open interest addition was seen at 47500 strike which added 28779 contracts,” adding, “Major total Put open interest was seen at 47000 and 46500 strikes with total open interest of 94642 and 51099 contracts respectively. Major Put open interest addition was seen at 47000 strike which added 46146 contracts in open interest.”
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 Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.
Sumeet Bagadia’s intraday stocks for today
1] Aurobindo Pharma: Buy at ₹1035.85, target ₹1080, stop loss ₹1008.
Aurobindo Pharma share is currently trading at ₹1035.85 levels. The stock has bounced back from the support range of ₹1005 to ₹1008 levels, which is also close to its 20 Day EMA levels. Currently the stock is trading above all the important moving averages. Momentum indicator has bounced and moving higher currently trading at 61 levels. On higher side we can witness a resistance close to its all-time high levels. Once stock surpasses the mentioned resistance it can move higher towards the target price of ₹1080 and above.
2] Eicher Motors: Buy at ₹4032.75, target ₹4200, stop loss ₹3915.
Eicher Motors share price is currently trading at 4032.75 levels. On daily charts the stock has formed a bullish candle after forming a base near to ₹3915 levels which is also close to 20 Day EMA levels. RSI indicator is comfortably trading at 62 levels indicating strength. On the higher side a minor resistance is placed at ₹4120 levels. Once stock surpasses the above mentioned resistance it can move towards the target of ₹4200 and above.
3] Jindal Stainless Ltd or JSL: Buy at ₹558, target ₹578, stop loss ₹548.
In the short-term trend, JSL share price has a bullish reversal pattern, technically retrenchment could be possible till ₹578. So, holding the support level of ₹548 this stock can bounce toward the ₹578 level in the short term. Hence, the trader can go long with a stop loss of ₹548 for the target price of ₹578.
4] State Bank of India or SBI: Buy at ₹520, target ₹532, stop loss ₹513.
On the short-term chart, SBI share price has shown a bullish reversal pattern, so holding the support level of ₹513. This stock can bounce toward the ₹532 level in the short term, so the trader can go long with a stop loss of ₹513 for the target price of ₹532.
Virat Jagad’s buy or sell stocks
5] GlaxoSmithKline Pharmaceuticals: Buy at ₹1733 to ₹1740, target ₹1820, stop loss ₹1690.
After a strong run, Glaxosmithkline Pharmaceuticals Ltd was consolidating between ₹1670 to ₹1715. Where, on the daily chart, we’ve seen a breakout of the pennant formation. This tells us that the bulls are in charge of security. On the indicator front, the MACD is showing positive crossover, which confirms the buying interest. We could see further buying interest in Glaxosmithkline Pharmaceuticals Ltd till the ₹1820 marks, with immediate support of ₹1690. Another buying pressure would have been possible if it had managed to hold above the threshold.
6] Sheela Foam: Buy at ₹1220 to ₹1225, target ₹1300, stop loss ₹1180.
Sheela Foam Ltd has given a breakout of Falling Parallel channel on a daily basis indicating an uptrend with volume supporting the breakout. On the indicator front, RSI is heading towards the overbought area, which shows a positive trend in the script.
Hence based on above technical setup a long position can be made in Sheela Foam Ltd with a support of ₹1180 for a next hurdle of ₹1300. Momentum indicator RSI is indicating bullish sign as it is climbing towards the overbought zone. On the directional front, DI+ line is trading above DI- and ADX start moving in the north direction which is showing strength in the security.
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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Published: 14 Dec 2023, 09:09 AM IST