India’s stock benchmarks opened little changed, as gains in information technology stocks were offset by losses in dragged by consumer durables and auto stocks, amid concerns over impact of faster tapering, omicron variant and geopolitical tensions following U.S. sanctions on China.
The S&P BSE Sensex opened flat at 57,855.41. The NSE Nifty 50 also traded largely unchanged at 17,238.69.
The broader indices underperformed their larger peers with S&P BSE MidCap shedding 0.5% and S&P BSE SmallCap slipping 0.3%. Barring S&P BSE Information Technology and Teck indices, all the other 17 sectoral indices compiled by BSE Ltd. declined.
The market breadth was skewed in the favour of bears. About 1,074 stocks advanced, 1,315 declined and 93 remained unchanged.
Unveiling day trading strategy for stock market today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be range-bound with negative bias.
NSE Nifty sustaining above the support of 17,180 to 17,200 levels, post-bearish pattern hints at a possibility of an upside bounce from the lows in the coming sessions. Any sustainable upside move on NSE Nifty from current levels could encounter resistance around 17,550 to 17,600 levels again in the near term.”
Traders Await Debt Sale; Rupee Set For Weekly Loss
Indian bond traders are awaiting a weekly government bond sale, which will see Rs 24,000 crore of debt on offer. The rupee is heading for a fourth weekly decline.
- USD/INR has gained 0.4% this week to close on Thursday at 76.0938.
- Benchmark 10-year yields rose 1bp Thursday to 6.38%
- Global funds sold a net Rs 1,470 crore of India stocks Thursday, according to NSE; they sold Rs 1,180 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 468 crore of corporate debt.
- State-run banks bought Rs 104 crore of sovereign bonds on December 16: CCIL data. Foreign banks bought Rs 915 crore of bonds.
In focus: I.T. Firms As Accenture Lifts Sales Forecast
India’s I.T. stocks may move after global peer Accenture increased its full-year revenue forecast.
In Focus: Tata Consultancy Services Ltd., Infosys Ltd., Tech Mahindra Ltd., HCL Technologies Ltd. and Wipro Ltd.
Stock Recommendations: Affle India, Bata India
- Affle India Ltd.: DAM Capital Advisors initiated coverage of the stock with an ‘outperform’ recommendation; target price at Rs 1,489.
- Bata India: Kotak PCG (Retail) initiates coverage with ‘buy’ recommendation, price target set at Rs 2,380.
Power Ministry Cautions Indian Lenders
India’s Power Ministry has asked banks to tighten norms introduced by Power Finance Corp and REC Ltd. before lending to state electricity distribution utilities, the Economic Times reported, citing a letter written by Alok Kumar, a top bureaucrat in the department, last month.
- Huge debt and outstanding payables of distribution companies to their creditors is a concern, posing a challenge to the power sector, the newspaper quoted Kumar saying in the letter.
Day Trading Guide for Friday By Neal Bhai
After showing weakness on Wednesday, the Indian stock market shifted into a consolidation on Thursday and closed the day with minor gains. Nifty 50 nudged 27 points up and closed at 17,248 levels whereas BSE Sensex surged 113 points and closed at 57,901 levels. However, Nifty Bnk shed 240 points and closed at 36,548 mark. According to stock market experts, current pattern signal a continuation of range-bound action in the market.
Day trading stocks
On day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities; Ravi Singh, Head of Research & Vice President at ShareIndia; Manoj Dalmia, Founder & Director at Proficient Equities Limited and Parth Nyati, Founder at Tradingo — listed out 8 stocks to buy or sell today.
Neal Bhai day Trading Stocks
1] Infosys: Buy at CMP, target ₹1820, stop loss ₹1730
2] LIC Housing Finance: Sell at CMP, target ₹365 to ₹360, stop loss ₹388
3] Kotak Mahindra Bank: Sell around ₹1860, target ₹1822, stop loss ₹1877
4] SRF: Buy at ₹2216, target ₹2300, stop loss ₹2180
5] Sarla Performance Fibers: Buy at ₹63.50, target ₹71, stop loss ₹59
6] Ginni Filaments: Buy at ₹43.50, target ₹51, stop loss ₹38.80
7] Rashtriya Chemicals & Fertilizers or RCF: Buy at ₹79.80, target ₹83, stop loss ₹78
8] Gati: Buy at ₹175.60, target ₹185, stop loss ₹171
