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Market Mastery: A Comprehensive Day Trading Guide for January 9th  – Top Stock Picks

Market Mastery: A Comprehensive Day Trading Guide for January 9th  – Top Stock Picks

Written by Sanjay Kumar

On January 8, 2024, the Indian stock market witnessed a downward trend influenced by global market weakness. The Nifty 50 index experienced a notable decline of 197 points, closing at 21,513, while the BSE Sensex plummeted by 670 points, concluding at 71,355.

The Bank Nifty index also faced a significant drop of 708 points, ending the day at 47,450. Despite a 0.36% fall in the small-cap index, it outperformed the Nifty 50 index, with the advance-decline ratio sharply dropping to 0.64:1.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, attributed the decline to profit booking ahead of global inflation data and the commencement of corporate earnings. The market opened positively but succumbed to selling pressure, with Nifty closing near the day’s low at 21,513, down 198 points (0.9%).

Technical Analysis and Outlook: Nifty and Bank Nifty

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted a downturn in the short-term trend of Nifty, indicating selling pressure between 21,750 and 21,850 levels. Immediate resistance for Nifty today is noted at 21,650, with support expected at 21,350, represented by the 20-day EMA.

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, emphasized the sharp fall in Bank Nifty for the second consecutive day. Heavy call writing at the 48,000 Strike acted as a bearish signal, turning the previously supportive level into a resistance. Options activity at the 47,500 Strike will guide Bank Nifty’s intraday direction on Tuesday.

Global Factors Impacting Market Sentiment

Siddhartha Khemka highlighted the significance of upcoming inflation data from the US, China, and India, contributing to a rise in the dollar index and 10-year bond yield. Overall market sentiments are currently subdued, leading to expectations of more consolidation in the coming days.

Foreign Institutional Investments (FII) and Domestic Institutional Investments (DII) Data

In the cash market, FIIs bought shares worth ₹16.03 crore, while DIIs bought shares worth ₹155.96 crore. However, in the F&O index future segment, both FIIs and DIIs remained net sellers, with FIIs selling shares worth ₹1,419.20 crore and DIIs selling shares worth ₹40,858.51 crore.

F&O Ban List for January 9, 2024

The National Stock Exchange (NSE) has placed thirteen stocks under the ban for trade on Tuesday, January 9, 2024, in the futures and options (F&O) segment. These include Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, Delta Corp, Escorts, GNFC, Hindustan Copper, Indian Energy Exchange Ltd, India Cements, National Aluminium Company, Piramal Enterprises Limited, SAIL, and ZEEL.

Day Trading Stock Recommendations for Today

Sumeet Bagadia (Executive Director at Choice Broking) Shares to Buy Today:

  1. HCL Technologies: Buy at ₹1447.90, target ₹1495, stop loss ₹1420.
  2. Sundaram Finance: Buy at ₹3719, target ₹3912, stop loss ₹3590.

Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy Today:

  1. Paytm: Buy at ₹692, target ₹715, stop loss ₹680.
  2. Bank of India: Buy at ₹119, target ₹125, stop loss ₹114.

Virat Jagad (Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks:

  1. Shriram Finance: Buy at ₹2195 to ₹2200, target ₹2270, stop loss ₹2141.
  2. Astral: Sell at ₹1810 to ₹1805, target ₹1700, stop loss ₹1865.

Investors are advised to perform due diligence and consider risk factors before making trading decisions based on these recommendations.

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