Stock Recommendations for Today: Focus on Technical Analysis and Market Trends

Screenshot 2024 01 17 110257 Stock

Even though it’s a Saturday, trading on Dalal Street will take place from 9 AM to 3:30 PM due to the upcoming Ram Temple ‘Pran Pratishtha’ ceremony in Ayodhya on Monday, January 22. Friday witnessed positive global sentiments, aiding key benchmark indices’ recovery after three consecutive sessions of losses. The Nifty 50 gained 160 points, closing at 21,622, and the BSE Sensex rose by 496 points, closing at 71,683. However, the Bank Nifty index ended slightly lower at 45,701.

According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, Nifty ended its three-day losing streak, closing with gains of 160 points (+0.8%) at 21,622 levels. All sectors ended in the green, with buying seen in Oil & Gas, Metals, and Financials.

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Table of Contents

Day Trading Guide for Stock Market Today

Nifty 50

  • The upside bounce on Friday could be encouraging for bulls.
  • As long as the sharp opening downside gap of Wednesday remains open at 21,970, there is a higher probability of a sell on rise in the short term.
  • Immediate support is at 21,550 levels.

Bank Nifty

  • Bank Nifty opened with a gap up but lost momentum quickly, closing at 45,701.
  • Heavy call writing (bear entry) observed at 46,200 Strike in the index.
  • Strong put writing (Bull’s support) at 45,500 Strike.
  • If Put writers exit from the 45,500 Strike, Bank Nifty can extend its fall until 45,000 levels.

Market Triggers Today

  • Investors will track the results of key index heavyweights like Reliance, HUL, ICICI Bank, and Kotak Bank released over the weekend.
  • Market cues from global factors, including Bank of Japan and European Central Bank meetings, and economic data from the US, China, and Japan.
  • Next week, the result season will pick up pace with key large and mid-cap companies releasing their numbers.

Nifty Call Put Option Data

  • Major total Call open interest at 21,700, 21,800, and 22,000 strikes.
  • Major Call open interest additions at 21,700 and 21,800 strikes.
  • Major total Put open interest at 21,600 and 21,500 strikes.
  • Major Put open interest additions at 21,600 and 21,500 strikes, with a reduction at 21,100.

Bank Nifty Call Put Option Data

  • Major total Call open interest at 46,000 and 46,500 strikes.
  • Major Call open interest additions at 46,100 and 46,500 strikes.
  • Major total Put open interest at 45,500 and 45,000 strikes.
  • Major Put open interest additions at 45,700 strikes.

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Intraday Stock Recommendations

Ganesh Dongre’s Picks

  1. GAIL: Buy at ₹168, target ₹172, stop loss ₹164.
  2. Tata Steel: Buy at ₹135, target ₹142, stop loss ₹130.

Shiju Koothupalakkal’s Picks

  1. INOX Green: Buy at ₹137.50, target ₹144, stop loss ₹134.
  2. Exide Industries: Buy at ₹327, target ₹341, stop loss ₹321.

Virat Jagad’s Pick

  1. TD Power: Buy at ₹277.90, target ₹292, stop loss ₹273.

Virat Jagad’s Buy/Sell Stock

  1. Ceat: Buy at ₹2195 to ₹2200, target ₹2270, stop loss ₹2141.

These recommendations are based on technical analysis and market trends. Traders are advised to exercise caution and do their research before making investment decisions.

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