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Thursday Trading Tactics: Stay Ahead with These Six Stocks on January 4

Thursday Trading Tactics: Stay Ahead with These Six Stocks on January 4

Written by Sanjay Kumar

Following a second consecutive session of losses fueled by weak global cues, the Indian stock market faced a downward trend on Wednesday (January 3). The Nifty 50 index saw a decline of 148 points, closing at 21,517, while the BSE Sensex dropped 535 points, concluding at 71,356. The Nifty Bank index also experienced a dip of 56 points, ending at 47,704. Despite this, broad market indices closed positively, with an advance-decline ratio of 1.26:1.

According to Siddhartha Khemka, Head – Retail Research at Motilal Oswal, the market witnessed profit booking due to weak global cues and India’s PMI manufacturing falling to an 18-month low at 54.9 in December. The decline in Nifty for the second consecutive day was offset by buying in Realty, PSU Bank, and Pharma sectors.

 Positive Q3FY24 updates from PNB and Bank of Maharashtra lifted the PSU Bank Index by 2%, and railway stocks rallied following the government’s announcement of scaling up production of Amrit Bharat trains. Globally, investor caution prevailed after US manufacturing data showed a contraction.

Day Trading Guide for Stock Market Today

Analyzing the outlook for Nifty 50, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the short-term trend remains negative. A decisive move below 21,500 could lead to further downside levels of 21,255 (20-day EMA) and 20,980. Immediate resistance for Nifty is at 21,670.

Regarding Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, highlighted the Index’s resilience, closing at 47,705 despite initial weakness. The support at 47,500 has strengthened, evidenced by a hammer candle on the daily chart. The potential for an intraday fall exists if put writers exit at 47,500.

Siddhartha Khemka of Motilal Oswal expects market consolidation before the quarterly results, leading to more stock-specific action.

Nifty and Bank Nifty Call Put Option Data

Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, provided insights into Nifty Call Put Option data. Major Call open interest was at 21600 and 21700 strikes. On the Put side, major open interest was at 21500 and 21400 strikes.

For Bank Nifty, Barve highlighted major Call open interest at 48000 and 48500 strikes and major Put open interest at 47500 and 47000 strikes.

FII DII Data

In the FII DII data, FIIs sold shares worth ₹666.34 crore in the cash segment and ₹618.54 crore in the F&O future index. DIIs also sold shares, amounting to ₹863 crore in cash and ₹79,382.77 crore in F&O index futures.

F&O Ban List

Seven stocks, including Balrampur Chini Mills, Delta Corp, Hindustan Copper, IEX, National Aluminium, SAIL, and ZEEL, have been put under the F&O ban list.

Day Trading Stock Recommendations

Stock market experts provided intraday stock recommendations:

Sumeet Bagadia (Executive Director at Choice Broking) Picks:

  1. IRCTC: Buy at ₹899.25, Target ₹935, Stop Loss ₹868.
  2. Trent: Buy at ₹3058, Target ₹3210, Stop Loss ₹2980.

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

  1. Hindustan Petroleum: Buy at ₹422, Target ₹440, Stop Loss ₹412.
  2. CESC: Buy at ₹135, Target ₹142, Stop Loss ₹130.

Dhrumil Vithlani (Technical Research Analyst at Bonanza Portfolio) Recommendations:

  1. Greaves Cotton: Buy at ₹161 to ₹162, Target ₹172.50, Stop Loss ₹155.
  2. Borosil Renewables: Buy at ₹466 to ₹477, Target ₹500, Stop Loss ₹444.

Please note that these recommendations are for intraday trading and should be approached with caution. Market conditions can change rapidly, and it’s advisable to perform your own analysis or consult a financial advisor before making investment decisions.

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