Day trading guide for today: Following weak global market sentiments on disappointing Chinese economic data and geopolitical tension in the Middle East, the Indian stock market fell on the second day in a row. Nifty 50 index registered the biggest intraday fall since 13th June 2022 due to the panic selling across the board led by banking stocks. The 50-stock index crashed 460 points and closed at a 21,571 level, BSE Sensex tanked 1,628 points and closed at a 71,500 level whereas the Bank Nifty index nosedived 2,060 points and finished at 46,064 mark. Broad market indices fell less than the Nifty even as the advance-decline ratio fell to 0.36:1.
“Domestic equities plunged – 2% amid a weak environment globally and a selloff in HDFC Bank. Nifty saw a sharp decline as selling intensified during the day and closed with a loss of 460 points (-2.1%) at 21572 levels. Barring IT, all sectors ended in red amid heightened volatility. The banking sector took the biggest hit with Nifty Bank down 4% as Q3 results of HDFC Bank showed stagnant growth for the company. After making a recent fresh high above 22k levels, Nifty saw a steep fall and turned weak in the near term impacted by negative global and domestic cues. Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield spike dented investor sentiment,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of the Nifty 50 index seems to have reversed down sharply. There is a higher possibility of Nifty sliding further down to the next lower support of 21,000 levels in the near term. Immediate resistance for sell on the rise is around 21,750 to 21,850 levels.”
On the outlook for Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, “Bank Nifty started to form higher tops and higher bottoms on the daily charts indicating trend reversal from down to up. We expect the positive momentum to continue till 48,000 on an immediate basis and above that it can extend till 48,500 mark.”
On the outlook for the stock market today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “After heavy selling on Wednesday, overall sentiment on Dalal Street has turned weak as the Nifty 50 index has broken down below the 21,630 zone of the 20 DMA level.”
F&O ban list
Thirteen (13) stocks have been put under the future & option (F&O) ban list for trade date 18th January 2024. Those 13 stocks are Aditya Birla Fashion and Retail, Ashok Leyland, Bandhan Bank, Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, IEX, Metropolis Healthcare, National Aluminium Company, Polycab, PVR INOX, SAIL, and ZEEL.
FII DII data
In the cash segment, FIIs sold out Indian shares worth ₹10,578.13 crore on Wednesday whereas DIIs bought shares worth ₹4,006.44 crore. In the F&O index future segment, both FIIs and DIIs remained net sellers. FIIs sold out shares worth ₹5,048.40 crore in the F&O index future whereas DIIs sold out shares worth ₹56,898.07 crore.
Day trading stocks for today
On intraday stocks for today, Indian stock market experts — Sumeet Bagadia, Executive Director at Coice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended six stocks to buy today. Those six stocks are Cochin Shipyard, SDBL, BEL, Power Grid Corporation of India, IOC, and LT Finance.
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 21700 and 21800 strikes with total open interest of 202795 and 288151 contracts respectively. One of the major Call open interest additions was seen at 21700 and 21800 strikes which…
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