Friday’s Market Moves: A Day Trading Guide for December 22nd
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After Wednesday’s (December 20) sharp selloff, the Indian stock market saw a robust recovery on Thursday (December 21). The Nifty 50 index gained 104 points, closing at 21,255, while the BSE Sensex surged 358 points to end at 70,865. Bank Nifty finished 394 points higher at 47,840, and broader market indices outperformed.
Sector-wise performance:
All sectors closed in the green, with Oil & Gas, PSU Bank, and Metals leading the gains. Defence stocks gained traction following government orders. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted positive sentiments backed by robust domestic factors.
Day Trading Guide:
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, suggests a bullish sentiment for Nifty, citing a rebound from a critical support level at 21,000. Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, highlights Bank Nifty’s strong recovery and potential buying pressure with a close above 47,932.
Ruchit Jain’s outlook:
Ruchit Jain, Lead Research at 5paisa.com, emphasizes a strong market breadth but suggests Nifty needs to surpass key levels for momentum continuation. Immediate support lies around 21,000 to 20,950, with resistances at 21,360 and 21,500 to 21,600.
FIIs and DIIs activity:
Foreign Institutional Investors (FIIs) continued selling, while Domestic Institutional Investors (DIIs) provided strong buying support. FIIs sold shares worth ?1,636 crore, whereas DIIs bought shares worth ?1,464.70 crore.
Nifty and Bank Nifty Option Data:
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, analyzes Nifty Call Put Option data, noting major open interest at 21,500 and 21,600 strikes. For Bank Nifty, significant open interest is observed at 48,000 and 48,500 strikes.
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Intraday Stock Recommendations:
Experts suggest the following stocks for intraday trading:
Sumeet Bagadia, Executive Director at Choice Broking:
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi:
Mitesh Karwa, Research Analyst at Bonanza Portfolio:
Note: Traders are advised to conduct thorough research and employ proper risk management.
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