Profitable Tuesday: A Comprehensive Day Trading Guide for January 2
Written by Sanjay Kumar
Late selling in the Indian stock market on Monday (January 1) led to a trimming of intraday gains on the first trading session of 2024 for Dalal Street’s key benchmark indices. The Nifty 50 index closed 10 points higher at 21,741 levels, while the BSE Sensex added 31 points, closing at 72,271. The Nifty Bank index retreated 57 points to finish at 48,234 levels. Despite this, broad market indices outpaced the Nifty with an advance-decline ratio of 1.82:1.
“The markets kicked off the new year on a tepid note, with PSU Banks and IT stocks leading the way, helping the Index recover its losses. FMCG and Metal counters fueled the rally in the last session; however, a sharp profit-booking fall erased the gains, concluding the first trading session of the new year at 21,741.90, with a marginal gain of 10.50 points. Mid and Smallcaps extended their morning gains, outperforming the Frontline Index,” said Aditya Gaggar, Director at Progressive Shares.
Day Trading Guide for Stock Market Today: Outlook
For Nifty 50, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the near-term uptrend remains intact. However, high volatility around the new highs signals the possibility of another downward correction. A move above 21,850 levels could negate the bearish effect, opening up more upside. Immediate support for Nifty today is at 21,550 levels.
Regarding Bank Nifty, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, mentioned that a break above the 48,600 zone is necessary for the uptrend’s continuation. On the downside, levels near 46,300 serve as a strong support zone.
FII DII Data
In the cash market, FIIs sold Indian shares worth ₹855.80 crore, with a net selling of ₹285.35 crore in the F&O index future segment on Monday. On the other hand, DIIs continued to support the Indian stock market, buying shares worth ₹410.46 crore in the cash market and ₹21,175.32 crore in the F&O index future segment.
F&O Ban List
Two stocks have been placed on the F&O ban list for January 2, 2024: Balrampur Chini Mills and Hindustan Copper.
Day Trading Stocks for Today
Stock market experts have recommended six-day trading stocks for today:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks:
- India Cements: Buy at ₹261.30, target ₹274, stop loss ₹254.
- Sun Pharma Advanced Research (SPARC): Buy at ₹307, target ₹322, stop loss ₹297.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy:
- SBI: Buy at ₹642, target ₹670, stop loss ₹630.
- Reliance Industries Ltd (RIL): Buy at ₹2590, target ₹2630, stop loss ₹2560.
Virat Jagad (Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks:
- Sterling & Wilson Renewable Energy: Buy at ₹445 to ₹446, target ₹460, stop loss ₹439.
- Route Mobile: Buy at ₹1668 to ₹1670, target ₹1750, stop loss ₹1625.
Investors are advised to remain vigilant and stay informed about market developments, considering the ongoing positive momentum and global economic factors.
