Day trading guide for stock market today: Six stocks to buy or sell on Monday — 8th January

Despite weak global market sentiments, two out of three key benchmark indices of the Indian finished higher on Friday. Nifty 50 index added 52 points and closed at the 21,710 level, and Sensex regained the 72,000 mark by adding 178 points in the last session of the week gone by. However, the Bank Nifty index went off 36 points and finished at 48,159 level.

The small cap index rose more than the Nifty even as the advance decline ratio remained high at 1.18:1. "Nifty opened positive for the second consecutive day and closed with gains of 52 points at 21711 levels. India’s service PMI expanded to 59 in December and revived the positivity. Declining VIX further boosted the sentiments.

Sector wise it was a mixed bag with buying seen in IT & Auto," said Siddhartha Khemka, Head Retail Research at Motilal Oswal. Day trading guide for stock market today On the outlook for today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short term uptrend status of Nifty remains intact, but the market is likely to find resistance around 21,800 to 21,850 levels in the coming sessions.

A decisive move only above 21,850 to 21,900 levels could open the next upside target of 22,200 levels. Any dips from here could find support around 21,500." On the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "Exhibiting a robust recovery from the 47,500 support level, Bank Nifty showcases active bullish activity, rebounding from the 14 day moving average support at 47,800.

A closing above 48,200 is crucial, as it could propel the index towards 48,500 and 48,800 levels. The immediate support for Bank Nifty today stands at 47,800 level, indicating a key level to monitor in the current market scenario." Q3 results 2024 in focus On the outlook for the , Siddhartha Khemka of Motilal Oswal said, "We expect the market to take cues from the upcoming earning season which will be kick started by TCS and Infosys on 11th January.

HCL Tech, , and HDFC Life are a few others that will announce their results next week. Healthy pre quarterly business updates indicate that the earnings growth momentum is likely to continue in Q3 as well. Overall we expect markets to remain in a positive range. Stock specific action will gather pace with the start of earning season." FII DII data In the cash segment, FIIs bought shares worth 1,696.86 crore on Friday whereas they bought 485.32 crore worth of shares in the F&O index future segment.

However, DIIs bought 26,024.54 crore worth of shares in the F&O index future segment on Friday while they sold out Indian shares worth 3,497.62 crore in the cash market. F&O ban list Eleven shares have been put under the F&O ban on Monday. Those stocks are Balrampur Chini, Chambal Fertilisers, , Escorts, GNFC, IEX, India Cements, NALCO, SAIL, PEL, and ZEEL.

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 21800 strikes with a total open interest of 115848 contracts. Major Call open interest addition was seen at 21800 strikes which added 59949 contracts in open interest," adding, "Major total Put open interest was seen at 21500 strike with total open interest of 108654 contracts respectively.

Major Put open interest addition was seen at 21700 and 21500 strikes which added 49392 and 32828 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 48500 and 49000 strikes with total open interest of 181505 and 148521 contracts respectively in open interest.

Major Call open interest addition was seen at 48500 strike which added 92376 contracts in open interest," adding, "Major total Put open interest was seen at 48000 and 47500 strikes with total open interest of 161399 and 113467 contracts respectively. The strike price of 47800 saw open interest reduction of 12936 contracts." 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 Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended six .

Sumeet Bagadia's intraday stocks for today Buy at 3521.90, target 3675, stop loss 3420. LT share price is currently trading at 3521.90 levels. The stock has a strong support at 3420 levels which is also close to its 20 Day EMA levels and the stock has shown a strong bounce from the same support mentioned.

LT can now progress even further towards new all time high levels and beyond. The strength for the stock to climb upwards is demonstrated by the RSI indicator, which is comfortably trading at 65 levels. The stock is also moving above all important moving averages. Once stock crosses the previous all time high of 3560 it can move towards the level of 3675 and above.

Buy at 1693, target 1744, stop loss 1661. Zydus Wellness's daily chart indicates a significant shift in market dynamics, transitioning from a period of slight declines and sideways consolidation to a promising upward movement. The current trading session shows an upward momentum, breaking out of a narrow range and forming a rounding bottom pattern on the daily chart.

Any upside move above 1700 could potentially signal a breakout to the upside. This development aligns with a positive short term trend, supported by a notable increase in trading volume. Ganesh Dongre's stocks to buy today Buy at 1396, target 1420, stop loss 1380. In the short term trend, ICICI Lombard share has a bullish reversal pattern, technically retrenchment could be possible till 1420.

So, holding the support level of 1380 this stock can bounce toward the 1420 level in the short term. Hence, the trader can go long with a stop loss of 1380 for the target price of 1420. Buy at 648, target 665, stop loss 635. On the short term chart, Sonocoms share price has shown a bullish reversal pattern, so holding the support level of 635.

This stock can bounce toward the 665 level in the short term, so the trader can go long with a stop loss of 635 for the target price of 665. Kunal Kamble's buy or sell stocks Buy at 458 to 460, target 500, stop loss 440. Poonawalla Fincorp share has formed a Flag and Pole Pattern on a Daily time frame.

Today's closing has given a confirmation of a breakout from the pattern on the upside with volume increasing which indicates that the buyers are regaining control. The security has closed strongly near the high which indicates positive price action with positive sentiments. On the Momentum front, RSI has given a breakout of the falling trend line conforming to the price action.

Buy at 65.50 to 66, target 71, stop loss 63.50. On a Daily time, frame Motherson Sumi Wiring's share has given a breakout of a Rectangle Pattern on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 65 levels. The Short (9) EMA has crossed the Fast (21) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside.

The breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation. The volume after the breakout is high, suggesting demand for security. Livemint tops charts as the fastest growing news website in the world to know more.

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