Day trading guide for stock market today: Four stocks to buy or sell on Friday — December 8
“After a sharp rally seen over the last seven days, market saw some profit booking ahead of RBI policy and US Nonfarm payroll data. Nifty opened lower but recovered later to close with minor loss of 37 points at 20901 levels. Sector wise it was a mixed bag with buying seen in Consumer durables, Oil & Gas and Pharma. Power stocks witnessed smart rally amid sharp rise in consumption and increase in investment towards green energy,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
On outlook for Nifty 50 today, Laxmikant Shukla, Technical Research Analyst at Yes Securities said, “Appearance of doji candle near the psychological levels of 21,000-21,100 zone implies a possible enervation in recent strength. However, sustainability above 20,700-20,500 zone is critical to maintain the positive tone.”
Asked about the sectors that may fuel Indian stock market in near term, Yes Securities expert listed out the following segments:
a) Nifty PSU banks: Cup and handle breakout is seen on weekly chart bringing an end to recent consolidation activity at top.
b) Nifty Financial Services: Ascending triangle breakout on weekly chart ensures shift of range on upside.
c) Nifty Midcap: Series of ascending tops and bottom remain intact on monthly chart
d) Nifty Consumer Durable: Pole and Flag breakout on weekly chart would provide much needed ammunition to ascend higher.
However, Yes Securities expert maintained that Nifty FMCG may remain under sell off pressure.
On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “Market may take breather before the next leg of rally. Domestically, all eyes will be on RBI policy outcome that is schedule on Friday. Its commentary would hold importance with regards to interest rate movement. Globally as well investors await key US Nonfarm payroll and unemployment rate data that will be released on Friday and will be important for US fed’s decision making. Overall, the undertone of the market remains positive over medium to long term given the return of FIIs, strong macro data and healthy corporate earnings.”
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 21200 strikes with total open interest of 101049 and 51596 contracts respectively. Major Call open interest addition was seen at 21000 strike which added 52721 contracts in open interest,” adding, “As per data shown by nseindia.com at 3.30 pm on 07 December 2023, major total Put open interest was seen at 20900 and 20800 strikes with total open interest of 86436 and 76970 contracts respectively. Major Put open interest addition was seen at 20900 strike which added 57636 contracts in open interest.”
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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 47000 and 47500 strikes with total open interest of 153759 and 145312 contracts respectively. Major Call open interest addition was seen at 47500 strike which added 51388 contracts,” adding, “As per data shown by nseindia.com at 3.30 pm on 07 December 2023, major total Put open interest was seen at 46500 strike with total open interest of 137823 contracts respectively. Major Put open interest addition was seen at 46500 strike which added 74383 contracts.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended four buy or sell stocks for today.
1] Kotak Mahindra Bank: Buy at ₹1825, target ₹1850, stop loss ₹1800.
In the short-term trend, Kotak Mahindra Bank share has a bullish reversal pattern, technically retrenchment could be possible till ₹1850. So, holding the support level of ₹1800 this stock can bounce toward the ₹1850 level in the short term. Hence, the trader can go long with a stop loss of ₹1800 for the target price of ₹1850.
2] NAM-India: Buy at ₹442, target ₹460, stop loss ₹430.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹430. This stock can bounce toward the ₹460 level in the short term. Hence, the trader can go long with a stop loss of ₹430 for the target price of ₹460.
Mitesh Karwa’s buy or sell stocks
3] JSW Energy: Buy at ₹456 to ₹458, target ₹488, stop loss ₹440.
JSW Energy share is seen to be breaking out of resistance zone and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto ₹488. One can initiate buy on dip in the range of ₹456 to ₹458 with stoploss below ₹440 on daily closing basis.
4] Zydus Life: Buy at ₹655 to rs 657, target ₹670, stop loss ₹645.
Zydus Life share price is seen to be making higher highs and higher lows on the daily timeframe and making a bullish candlestick after breakout which is buying is recommended for targets upto ₹670. One can initiate a buy trade in between the range of ₹655 to ₹657 with stoploss of ₹645 on 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 taking any investment decision.
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Published: 08 Dec 2023, 07:13 AM IST
