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Wednesday Wealth: Unlocking Day Trading Opportunities with Six Key Stock Picks

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:

  1. Westlife Foodworld Ltd (Recommended by Sumeet Bagadia – Executive Director, Choice Broking): Buy at ₹867.9, Stop Loss: ₹854, Target Price: ₹901.
  2. Pidilite Industries (Recommended by Sumeet Bagadia): Buy at ₹2,795.55, Stop Loss: ₹2,766, Target Price: ₹2,843.
  3. Tata Steel (Recommended by Ganesh Dongre – Senior Manager, Anand Rathi): Buy at ₹137.50, Stop Loss: ₹132, Target Price: ₹143.
  4. Asian Paints (Recommended by Ganesh Dongre): Buy at ₹3,295, Stop Loss: ₹3,240, Target Price: ₹3,400.
  5. 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.
  6. 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.

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