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Monday Market Movers: Your Comprehensive Day Trading Guide for January 15th

Monday Market Movers: Your Comprehensive Day Trading Guide for January 15th

Written by Sanjay Kumar

On Friday (January 12), the Indian stock market sustained its winning streak for the fourth consecutive session, defying weak global cues. The Nifty 50 index reached a new peak of 21,928, finishing at the 21,894 level, while the BSE Sensex also hit a new high at 72,568 and concluded the day at the same level.

The Nifty Bank index saw a gain of 271 points, closing at 47,709. Although broad market indices rose less than the Nifty, the focus remained on large-cap IT stocks, bank stocks, and Reliance. The advance-decline ratio remained positive at 1.09:1.

Rally in IT Sector and 19% Surge in Net Direct Tax Collection Propel Markets to New Highs

The IT sector witnessed a significant rally with a 19% surge in India’s net direct tax collection, supporting domestic equities in reaching new highs on Friday. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, highlighted, “Nifty made a fresh all-time high of 21,928 levels during the session and closed with handsome gains of 247 points (+1.1%) at 21,894 levels.” He attributed the 5% up-move in the IT sector to better-than-expected Q3 results from TCS and Infosys, stating that Nifty is now just 100 points away from crossing the 22k zone.

Day Trading Outlook for 15th January

Nifty 50: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, commented on the weekly chart, stating that a reasonable bull candle with a long lower shadow has nullified the bearish doji pattern implication of the previous week. The next upside level to be watched is around 22,200, with immediate support at 21,750.

Bank Nifty: Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, noted that Bank Nifty shrugged off initial weakness, closing at 47,710, up 271 points. The resistance for the Index now shifts to the 48,000 level, and option activity at the 47,500 level will provide cues about Bank Nifty’s future direction.

Market Outlook: Siddhartha Khemka anticipates that the market will take cues from Q3 results, India’s inflation, and US PPI data during the week. Key companies, including HDFC Bank, HUL, Ultratech, ICICI Bank, Asian Paints, and various mid-cap firms, are set to announce their Q3 results.

Day Trading Stock Recommendations for 15th January

Intraday Stocks Recommended by Sumeet Bagadia:

  1. Trent: Buy at ₹3212, Target ₹3288, Stop Loss ₹3179.
  2. SOBHA: Buy at ₹1348, Target ₹1435, Stop Loss ₹1311.

Stocks Recommended by Ganesh Dongre:

  1. Paytm: Buy at ₹690, Target ₹715, Stop Loss ₹680.
  2. Bank of India: Buy at ₹128, Target ₹135, Stop Loss ₹120.

Buy or Sell Stocks Recommended by Kunal Kamble:

  1. OFSS: Buy at ₹4656 to ₹4658, Target ₹5290, Stop Loss ₹4330.
  2. Tata Consumer: Buy at ₹1159 to ₹1161, Target ₹1295, Stop Loss ₹1090.

Investors are advised to conduct thorough research and consider market conditions before making any trading decisions.

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