Day Trading Guide for Stock Market on January 11, 2024: Six Stocks to Watch
Written by Sanjay Kumar
On the back of Reliance Industries Ltd’s record-breaking surge, the Indian stock market continues its upward trajectory, with the Nifty 50 index closing at 21,618 and the BSE Sensex at 71,657. Amid global economic uncertainties, Indian markets remain resilient.
In a smart recovery, Nifty gained 74 points, closing at 21,619, led by positive sentiment in Media, IT, Metals, and Consumer Durable stocks. Railway stocks also gained traction due to increased government spending on railway infrastructure.
Siddhartha Khemka, Head – Retail Research at Motilal Oswal, highlighted the market’s strength despite global volatility and the upcoming US inflation data, anticipating a consolidation with a positive bias.
Market Outlook: Nifty 50 and Bank Nifty
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, suggests a reversal in the short-term trend for Nifty 50, projecting a retest of 21,750 to 21,850 levels. Immediate support is identified at 21,450.
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, notes Bank Nifty’s consolidation and strong support at 47,000. Bulls may challenge bears at the 47,500 level, creating an intriguing scenario for Thursday (January 11).
FII DII Data:
In the cash segment, FIIs sold ₹1,721.35 crore worth of Indian shares, while DIIs bought shares worth ₹2,080 crore. In the F&O index future segment, FIIs sold ₹640.83 crore worth of shares, with DIIs selling shares worth ₹68,356.41 crore.
Stock Recommendations for Today:
Sumeet Bagadia, Executive Director at Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio, offer their insights on stocks for today:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks:
- Tata Motors: Buy at ₹809, target ₹830, stop loss ₹790.
- RITES: Buy at ₹524.60, target ₹555, stop loss ₹505.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Recommendations:
- Bharti Airtel: Buy at ₹1063, target ₹1085, stop loss ₹1045.
- HDFC Bank: Buy at ₹1658, target ₹1690, stop loss ₹1640.
Drumil Vithlani (Technical Research Analyst at Bonanza Portfolio) Buy or Sell Stocks:
- Rico Auto Industries: Buy at ₹94.50 to ₹95, target ₹101, stop loss ₹92.
- Amber Enterprises: Buy at ₹3500 to ₹3510, target ₹3650, stop loss ₹3425.
As the market navigates through various factors influencing sentiment, traders are advised to remain vigilant, considering key support and resistance levels for Nifty and Bank Nifty outlined by experts. Additionally, the recommended day trading stocks provide opportunities for intraday gains in the current market scenario.
