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Day Trading Guide for Stock Market Today: Six Stocks to Consider on Tuesday, 16th January

Day Trading Guide for Stock Market Today: Six Stocks to Consider on Tuesday, 16th January

Written by Sanjay Kumar

The Indian stock market’s upward trajectory persists, marking its fifth consecutive session of record-breaking performance on Monday (January 15). Key indices, Sensex and Nifty, soared driven by robust rallies in IT, energy, pharma, and banking stocks. The Sensex concluded at 73,327.94, up by 1.05%, and the Nifty 50 closed at 22,097.45, gaining 0.93%. The Bank Nifty index surged 449 points, closing at 48,158. Broad market indices also contributed to the overall gains.

Vinod Nair, Head of Research at Geojit Financial Services, attributed the market’s momentum to the uptick in the IT index, driven by growing optimism about increased discretionary spending and robust deal wins. The dip in the US bond yield further fueled the market’s optimism, with investors taking a measured approach ahead of key events, including the release of Chinese GDP and UK inflation data later this week.

Market Outlook for Today:

Nifty 50:

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, indicated a positive outlook for Nifty 50. The formation of a reasonable positive candle with a gap-up opening and lower shadow confirms a sharp upside breakout. Shetti suggests that if Monday’s opening gap remains unfilled at 21,900 levels for the next 2-3 sessions, it could be considered a bullish runaway gap. The short-term trend for Nifty remains positive, with the next upside levels at 22,200-22,300, and immediate support at 22,000 levels.

Bank Nifty:

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, noted the Bank Nifty’s strong performance as it breached the critical resistance of 48,000 on a closing basis. Shah mentioned that the HDFC Bank results are closely watched, and a positive outcome could drive the index towards the 50,000 mark. The lower-end support is positioned at 47,700, and a breach below this level might impact the prevailing bullish sentiment.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd., highlighted the positive start of the Q3 earnings season, especially in the BFSI segment. This week is expected to witness results from major BFSI players, contributing to the overall market momentum.

Intraday Stock Recommendations:

Experts recommend the following stocks for today:

Sumeet Bagadia’s Picks:

  1. Shriram Finance: Buy at ₹2,316.2, Target ₹2,388, Stop Loss ₹2,292
  2. SJVN: Buy at ₹102.6, Target ₹107.8, Stop Loss ₹98.7

Ganesh Dongre’s Picks:

  1. Jindal Steel & Power: Buy at ₹736, Target ₹765, Stop Loss ₹725
  2. Dabur India: Buy at ₹554, Target ₹570, Stop Loss ₹545

Kunal Kamble’s Picks:

  1. Mazagon Dock Shipbuilders: Buy at ₹2,195 to ₹2,200, Target ₹2,270, Stop Loss ₹2,141
  2. JK Paper: Buy at ₹409 to ₹411, Target ₹430, Stop Loss ₹400

Disclaimer: These stock recommendations are based on individual analysis. Investors are advised to conduct their research and consider risk factors before making any trading decisions.

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