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Friday Frenzy: A Tactical Guide to Day Trading on January 12th

Friday Frenzy: A Tactical Guide to Day Trading on January 12th

Written by Sanjay Kumar

In a reflection of strong global market sentiments, the Indian stock market saw gains for the third consecutive session on Thursday (January 11), with the Nifty 50 index adding 28 points to close at 21,647, and the BSE Sensex rising 63 points to close at 71,721. The Bank Nifty index also ended 77 points higher at 47,438. The broader market indices outperformed the Nifty, with an advance-decline ratio of 1.65:1.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted that Nifty traded sideways, closing marginally positive ahead of the release of US inflation data and the beginning of the Q3FY24 earnings season.

Key gainers among sectors included Oil and Gas, Consumer Durables, Auto, and PSU Banks, while Cement stocks witnessed fresh buying on expectations of increased demand ahead of the Union Election.

Technical Analysis and Outlook: Nifty and Bank Nifty

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, pointed out that the Nifty is currently facing resistance at the down-sloping trend line, connecting recent lower highs at 21,725 levels. A decisive move above 21,850 could lead to sharp upside momentum, with immediate support at 21,590 levels.

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, noted that Bank Nifty consolidated in a range, closing at 47,438 with strong support at 47,200. Option activity at the 47,500 level is expected to provide insights into Bank Nifty’s future direction.

Market Triggers and Focus Areas for Today

Siddhartha Khemka highlighted that market reactions today will be influenced by the release of US and China inflation data, along with India’s own inflation data. The IT sector is expected to be in focus as investors respond to the Q3 results of TCS and Infosys.

Option Data and FII DII Activity

Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, analyzed Nifty Call Put Option data, noting major open interest at 21700 and 21900 strikes for calls and 21500 and 21400 for puts. For Bank Nifty, major call open interest was observed at 47500 and 48000, with major put open interest at 47000.

In terms of FII DII activity, FIIs sold Indian shares worth ₹865 crore in the cash market, while DIIs bought shares worth ₹1,607.08 crore. In the F&O index future segment, FIIs bought shares worth ₹74.52 crore, and DIIs sold shares worth ₹76,149.06 crore.

Intraday Stock Recommendations for Today

Sumeet Bagadia’s Recommendations:

  1. RBL Bank: Buy at ₹295, Target ₹310, Stop Loss ₹285.
  2. TVS Motor: Buy at ₹2082, Target ₹2131, Stop Loss ₹2045.

Ganesh Dongre’s Recommendations:

  1. BEL: Buy at ₹187, Target ₹195, Stop Loss ₹180.
  2. Adani Enterprises: Buy at ₹3080, Target ₹3140, Stop Loss ₹3040.

Mitesh Karwa’s Recommendations:

  1. Narayana Hrudayalaya (NH): Buy at ₹1268 to ₹1271, Target ₹1324, Stop Loss ₹1240.
  2. SSWL: Buy at ₹273 to ₹274, Target ₹300, Stop Loss ₹260.

Disclaimer: These stock recommendations are for intraday trading and may involve risks. Investors are advised to conduct their own research before making any investment decisions.

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