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Profit Potential: Six Must-Watch Stocks for Day Trading on Monday, January 8

Profit Potential: Six Must-Watch Stocks for Day Trading on Monday, January 8

Written by Sanjay Kumar

In the face of weak global market sentiments, two out of three key benchmark indices in the Indian stock market closed higher on Friday (January 5). The Nifty 50 index added 52 points, reaching the 21,710 level, while the BSE Sensex surpassed the 72,000 mark by gaining 178 points. However, the Bank Nifty index experienced a slight dip of 36 points, closing at 48,159. The small-cap index outperformed the Nifty, with an advance-decline ratio of 1.18:1.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted, “Nifty opened positive for the second consecutive day, closing with gains of 52 points at 21,711 levels. India’s service PMI expanded to 59 in December, reviving positivity. Declining VIX further boosted sentiments, with buying observed in IT & Auto sectors.”

Technical Outlook for Nifty and Bank Nifty Today

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated, “The short-term uptrend status of Nifty remains intact, but the market is likely to find resistance around 21,800 to 21,850 levels in the coming sessions.” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the robust recovery of Bank Nifty, emphasizing that a closing above 48,200 could propel the index towards 48,500 and 48,800 levels.

Q3 Results 2024 in Focus

Looking ahead, Siddhartha Khemka expects the market to take cues from the upcoming earning season, starting with TCS and Infosys on January 11. Other companies like HCL Tech, Wipro, and HDFC Life are set to announce their results next week, indicating a positive outlook for earnings growth in Q3.

FII DII Data and F&O Ban List

In the cash segment, FIIs bought shares worth ₹1,696.86 crore, while DIIs bought ₹26,024.54 crore worth of shares in the F&O index future segment. Eleven stocks, including Balrampur Chini, Chambal Fertilisers, Delta Corp, Escorts, GNFC, IEX, India Cements, NALCO, SAIL, PEL, and ZEEL, have been put under the F&O ban.

Nifty and Bank Nifty Call Put Option Data

Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, provided insights into Nifty and Bank Nifty Call Put Option data, suggesting key levels to watch.

Intraday Stock Recommendations for Today

Experts recommended the following stocks for intraday trading:

Sumeet Bagadia (Executive Director at Choice Broking) Picks:

  1. LT: Buy at ₹3521.90, Target ₹3675, Stop Loss ₹3420.
  2. Zydus Wellness: Buy at ₹1693, Target ₹1744, Stop Loss ₹1661.

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

  1. ICICI Lombard: Buy at ₹1396, Target ₹1420, Stop Loss ₹1380.
  2. Sona Blw Precision Forgings: Buy at ₹648, Target ₹665, Stop Loss ₹635.

Kunal Kamble (Senior Technical Analyst at Bonanza Portfolio) Picks:

  1. Poonawalla Fincorp: Buy at ₹458 to ₹460, Target ₹500, Stop Loss ₹440.
  2. Motherson Sumi Wiring: Buy at ₹65.50 to ₹66, Target ₹71, Stop Loss ₹63.50.

Investors are advised to perform due diligence and consider risk factors before making trading decisions based on these recommendations.

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