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Day Trading Guide for January 3: Six Stocks to Watch

Day Trading Guide for January 3: Six Stocks to Watch

Written by Sanjay Kumar

The Indian stock market faced headwinds on Tuesday (January 2), with the Sensex closing 379 points lower at 71,892.48, and the Nifty 50 settling at 21,665.80, down 76 points. Geopolitical tensions and a surge in crude oil prices contributed to the negative sentiment, prompting investors to secure profits ahead of the December quarter earnings.

Midcap and Smallcap Indices:

BSE midcap and smallcap indices touched record highs but ended almost flat during the session at 37,193.29 and 43,196.17, respectively.

Nifty 50 Performance:

The Nifty 50 index opened slightly higher at 21,751 levels but experienced a sell-off, reaching an intraday low of 21,555. Market experts attribute this to the upcoming results season and the overbought condition of key benchmark indices, triggering profit booking.

Expert Views:

Ajit Mishra, SVP – Technical Research, Religare Broking Ltd: Suggests a decisive close above 21,800 in Nifty for a positive outlook and recommends defensive sectors like FMCG and pharma.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd: Highlights potential volatility ahead, with Nifty’s aggressive upside targets at 22,000 and a critical support level at 21,487.

Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities: Stresses the importance of breaking above the 48,300 resistance level for Bank Nifty to resume an upward trend.

Option Data:

Nifty Call Put Option Data (Chinmay Barve, Profitmart Securities): Major call open interest at 21,700 and 21,800 strikes, with corresponding put open interest at 21,600 and 21,500 strikes.

Bank Nifty Call Put Option Data (Chinmay Barve, Profitmart Securities): Emphasizes major call open interest at 48,000 and put open interest at 47,600 and 47,000 strikes.

Global Cues and Oil Prices:

Reports of a US helicopter repelling an attack by Iran-backed Houthi militants on a Maersk container vessel in the Red Sea raised concerns about regional escalation. The conflict boosted crude oil prices, with Brent Crude trading 2.34% higher near $79 per barrel, posing a potential threat to the Indian economy.

Stocks to Watch:

Adani Group: Judgement expected today on allegations of fraud against Adani Group companies following the Hindenburg Research report.

F&O Ban List:

Six stocks – SAIL, IEX, ZEEL, Hindustan Copper, Balrampur Chini Mills, and Delta Corp – are under the F&O ban for Wednesday.

Intraday Stocks Recommendations:

Sumeet Bagadia (Executive Director at Choice Broking):

  1. Cipla: Buy at ₹1,281.55, Stop Loss: ₹1,245, Target: ₹1,340
  2. OFSS: Buy at ₹4,471, Stop Loss: ₹4,340, Target: ₹4,740

Ganesh Dongre (Senior Manager – Technical Research at Anand Rathi):

  1. Welspun Corp: Buy at ₹574, Stop Loss: ₹560, Target: ₹590
  2. Nykaa: Buy at ₹170, Stop Loss: ₹165, Target: ₹180

Kunal Kamble (Senior Technical Analyst at Bonanza Portfolio):

  1. Mahindra Logistics: Buy at Rs.432-434, Stop Loss: 416, Target: Rs.465
  2. Glaxosmithkline Pharmaceuticals Ltd: Buy at Rs.2,045-2,050, Stop Loss: Rs.1,900, Target: Rs.2,350.

Investors are advised to remain vigilant and stay informed about market developments, considering the ongoing positive momentum and global economic factors.

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