Today’s stock market day trading guide: 6 stocks to buy and sell on Tuesday (January 2)

Today’s day trading guide: A slow sell-off in the Indian stock market on Monday caused Dalal Street’s main benchmark index to shave off most of its intrada gains in the first trading session of 2024. The Nifty 50 index ended 10 points higher at 21,741 level. The BSE Sensex added 31 points to end at 72,271 levels, while the Nifty Bank index fell 57 points to end at 48,234 levels. The broader market index gained more than the Nifty even as the advance/decrease ratio increased to 1.82:1.

“The market started the new year on a weak note, but PSU bank stocks and IT stocks took the lead, supporting the index’s recovery from losses. FMCG and metal counters drove the gains in the last session. However, Due to large profits, the index erased its gains due to the decline in the previous session and closed the first session of the new year at 21,741.90 with a slight increase of 10.50 points. It outperformed the index,” said director Aditya Gaggar. At Progressive Shares.

Commenting on the outlook for Nifty 50 today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The short-term uptrend situation for Nifty remains intact.However, the market remains high near new highs.” “It has started showing volatility, which suggests a possible Nifty 50.” Another round of downward correction from the highs. A decisive move above the 21,850 level is expected to negate the current bearish effect and it could open further upside in the short term. Today’s Immediate support for Nifty is placed at the 21,550 level.

Commenting on the outlook for Bank Nifty today, Vaishali Parekh, Vice President, Technical Research, Prabhudas Liladhar said, “Bank Nifty has been hovering around the 48,300 zone since the last few trades and will continue its upward trend. “We will need to break through the 48,600 zone for this to happen.” On the downside, the level around 46,300 remains a strong support zone, below which the trend will weaken. ”

FII DII data

In the spot market, FIIs sold equivalent amounts of Indian stocks. INRF&O Index Futures continued to be a net seller on Monday with 285.35 million shares worth of shares sold compared to 855.8 million shares. However, DII will continue to support the Indian stock market in both segments. In the spot market, DII he bought shares worth 41.046 billion, while in the F&O index futures segment he bought shares worth 21.17532 billion.

Prohibited food and drink list

There are two stocks in the F&O prohibited list on January 2, 2024 and they are Balrampur Chini Mills and Hindustan Copper.

Today’s day trading stocks

Stock market experts on what stocks to buy today – Sumeet Bagadia, Executive Director, Choice Broking. Ganesh Dongre, senior manager of technical research at Anand Rathi, and Virat Jagad, technical analyst at Bonanza Portfolio, recommended six stocks to day trade today.

Sumeet Bagadia’s Intraday Stocks Today

1]India Cements: buy at INR261.30, target INR274, stop loss INR254.

India Cements stock price, current INR261.30 level, which showed a commendable rise from support. INR254 level, close to the 20-day exponential moving average (EMA). The stock’s resilience is underlined by continued trading above the requisite short-term (20 days), medium-term (50 days) and long-term (200 days) EMAs.

2]Sun Pharma Advanced Research (SPARC): buy at INR307, target INR322, stop loss INR297.

SPARC’s daily chart analysis shows a steady rise with good prospects for the coming week. Notably, the stock has produced a notable high-low pattern, with the company’s recent upward swing effectively breaking through the neckline and establishing a new weekly high. This breakout indicates the potential for a significant increase in the stock price.

Ganesh Dongre Stocks to Buy Today

3]SBI: buy at INR642, target INR670, stop loss INR630.

In the short-term trend, SBI stock price is showing a bullish reversal pattern and technically, INR670. Therefore, maintaining the support level: INR630 This stock is INR670 level in the short term. Therefore, traders can set a stop loss and go long. INRTarget price is 630 INR670.

4]Reliance Industries Limited or RIL: buy at INR2590, target INR2630, stop loss INR2560.

On the short-term chart, Reliance stock is showing a bullish reversal pattern and should hold support levels. INR2560. This stock is INRIn the short term, the 2630 level allows traders to go long with a stop loss. INRTarget price is 2560 INR2630.

Buying and selling shares of Virat Jagad

5]Sterling & Wilson Renewable Energy: buy at INRFrom 445 INR446, target INR460, stop loss INR439.

In the daily time frame, Sterling & Wilson Renewable Energy Inc. formed a pennant pattern. It is a continuous pattern. In its current formation, the security is forming a bullish price action, indicating that buyers are eager to purchase the security and expect the stock price to rise.

In terms of EMAs, the price is hovering above the major EMAs, suggesting an uptrend. The Slow EMA 50 is trending upwards and continues to show signs of a positive trend. DMI+ sits above DMI-, confirming the existence of a positive trend, while ADX trading above DMI- reflects the underlying strength of the ongoing move. .

6]Root Mobile: buy at INRfrom 1668 INR1670, goal INR1750, stop loss INR1625.

Route Mobile’s shares are breaking out of a rectangle pattern to the upside on a daily time series, indicating a positive trend for the stock. Buyers need to look more attractive to buy securities above the 1100 level. The strength of the uptrend can be seen with the Fast (21) EMA trading above the Slow (50 EMA) and the price trading above both his EMA indicating a positive trend. Masu.

In terms of momentum, the RSI is currently in a higher band, indicating that the trend has turned out to be positive. Directionally, DI+ staying above DI indicates a positive trend, while ADX moving above DI indicates strength of the move. Volume after the breakout is high, suggesting demand for safety.

Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.