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Mastering the Markets: Your Ultimate Day Trading Guide for January 10th

Mastering the Markets: Your Ultimate Day Trading Guide for January 10th

Written by Sanjay Kumar

Equity benchmarks, Sensex and Nifty 50, exhibited a day of mixed performance on Tuesday (January 9), with the Sensex closing at 71,386.21, up 31 points, or 0.04%, and the Nifty 50 settling at 21,544.85, up 32 points, or 0.15%. The BSE Midcap index saw a slim gain of 0.07%, while the Smallcap index achieved a fresh all-time high of 44,110.68, closing with a gain of 0.37%.

Expert Insights on Market Movement

Siddhartha Khemka, Head – Retail Research at Motilal Oswal, noted, “Nifty opened strong, surpassing 21700 on positive global cues. However, profit booking towards the end of the day erased gains, with Nifty closing marginally higher at 21545 levels.”

Kunal Shah’s Technical Analysis

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, provided insights into the Nifty and Bank Nifty outlook. He highlighted the selling pressure within the 21700-21750 zone for Nifty, with 21500 being a crucial support level. Shah also noted continued bear dominance in the Bank Nifty, emphasizing a strong hurdle at 48000.

Sector-wise Trends

Vinod Nair, Head of Research at Geojit Financial Services, highlighted positive sentiments in the Indian IT sector, driven by a US tech rally. Auto and realty sectors continued to be favored due to strong demand. Market optimism regarding potential US inflation softening and expectations of near-term rate cuts were noted, though profit booking emerged due to mixed Asian market cues and high valuation concerns.

FII DII Data and Call Put Option Analysis

In the cash market, FIIs bought shares worth ₹10.03 crore, while DIIs bought shares worth ₹10.47 crore. On the Nifty Call Put Option front, major total Call open interest was seen at 21700 and 21800 strikes, with a notable addition at the 21800 strike. For Bank Nifty, significant Call open interest was observed at 47500 and 48000 strikes, with a noteworthy addition at the 47300 strike.

Day Trading Stock Recommendations

Market experts provided recommendations for day trading:

Sumeet Bagadia (Executive Director at Choice Broking):

  1. Sun Pharma: Buy at ₹1324.95, target ₹1361, stop loss ₹1306
  2. Apollo Hospital: Buy at ₹5797.65, target ₹6025, stop loss ₹5645

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

  1. Kotak Bank: Buy at ₹1825, target ₹1875, stop loss ₹1800
  2. State Bank of India: Buy at ₹626, target ₹640, stop loss ₹616

Kunal Kamble (Senior Technical Analyst at Bonanza Portfolio):

  1. Abbot India: Buy at ₹24220-2432, target ₹25780, stop loss ₹23449
  2. Nykaa: Buy at ₹185.50-187.50, target ₹214, stop loss ₹171

Closing Thoughts

As the market navigates through various factors influencing sentiment, traders are advised to remain vigilant, considering key support and resistance levels for Nifty and Bank Nifty outlined by experts. Additionally, the recommended day trading stocks provide opportunities for intraday gains in the current market scenario.

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