Wednesday Wealth: Unlocking Day Trading Opportunities with Six Key Stock Picks
Written by Sanjay Kumar
Domestic equity markets, Sensex and Nifty 50, snapped their five-day winning streak as profit booking in heavyweight stocks led to a negative trend. Despite achieving new record highs during the session, both indices closed lower on January 16. Analysts suggest cautious trading amidst volatility.
Market Closing:
- Nifty 50 closed 0.29% lower at 22,032.30 after touching a record high of 22,124.15.
- Sensex settled at 73,128.77, down 0.27%, erasing gains after reaching a record high of 73,427.59.
Sectoral Performance:
- Nifty IT saw a 1.28% loss, ending a two-day winning streak.
- Metal and FMCG sectors witnessed buying interest.
- China’s reported consideration of a $139 billion stimulus through sovereign bonds impacted the metal sector positively.
Analysts’ Views:
- Ajit Mishra (SVP – Technical Research, Religare Broking Ltd): Mishra expects Nifty consolidation in the 21,750-21,900 zone with caution in stock selection due to volatility.
- Kunal Shah (Senior Technical & Derivative Analyst, LKP Securities): Shah emphasizes breaking above 22,150 for upward movement in Nifty and maintains support at 21,950.
- Chinmay Barve (Head of Technical and Derivative Research, Profitmart Securities): Barve highlights Call and Put Option data for Nifty and Bank Nifty.
Global Market Highlights:
- US dollar index rose, impacting bullion attractiveness; US 10-year Treasury yields climbed above four percent.
- European shares declined, with STOXX 600 falling 0.6%.
- Asian markets showed mixed results with Hang Seng down 2.2%, Shanghai Composite up 0.3%, and Nikkei 225 down 0.8%.
Commodity Update:
Oil prices dipped over 1%, US benchmark at $72.03, and Brent Crude at $77.91, influenced by rising dollar and reduced expectations of interest rate cuts.
Stocks in Focus Today:
HDFC Bank, Bank of Maharashtra, L&T Technology, and others announced Q3FY24 results post-market hours on Tuesday.
Companies like Asian Paints, Happiest Minds Technologies, and others will release their Q3FY24 results today.
F&O Ban List:
15 stocks placed under the F&O ban include Aditya Birla Fashion, Ashok Leyland, Bandhan Bank, and others.
Intraday Stocks Recommendations:
- Westlife Foodworld Ltd (Recommended by Sumeet Bagadia – Executive Director, Choice Broking): Buy at ₹867.9, Stop Loss: ₹854, Target Price: ₹901.
- Pidilite Industries (Recommended by Sumeet Bagadia): Buy at ₹2,795.55, Stop Loss: ₹2,766, Target Price: ₹2,843.
- Tata Steel (Recommended by Ganesh Dongre – Senior Manager, Anand Rathi): Buy at ₹137.50, Stop Loss: ₹132, Target Price: ₹143.
- Asian Paints (Recommended by Ganesh Dongre): Buy at ₹3,295, Stop Loss: ₹3,240, Target Price: ₹3,400.
- IDBI Bank (Recommended by Virat Jagad – Technical Analyst, Bonanza Portfolio): Buy in the range ₹2,195-2,200, Stop Loss: ₹2,141, Target Price: ₹2,270.
- JM Financial Ltd (Recommended by Virat Jagad): Buy in the range ₹107-108, Stop Loss: ₹105, Target Price: ₹112.
Disclaimer: Trading involves risk, and readers are advised to do their research before making any investment decisions.
