*Market Overview:*
Amid strong sentiments in the Asian stock market, Dalal Street experienced a fifth consecutive session of gains on Thursday. The Nifty 50 index reached a new peak of 21,801, closing at 21,778, while the BSE Sensex finished at 72,410 after hitting a record high of 72,484. The Bank Nifty also reached a new lifetime high of 48,636, closing at 48,508. The Midcap index outperformed the Nifty, but the Smallcap index showed a slight increase with an advance-decline ratio of 0.80:1.
*Market Analysis:*
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted that Nifty touched fresh all-time highs, closing near the day’s high with a gain of 124 points at 21,779. All sectors, except consumer durables, closed in positive territory, with Oil & Gas, Metals, and Pharma being major gainers. The positive momentum in the market is attributed to optimism about expected growth in the coming year. Global markets also provided support, and Foreign Institutional Investors (FIIs) turned net buyers after six consecutive days of selling.
*Nifty Outlook:*
Nagaraj Shetti, Senior Technical Research Analyst at HDFC securities, expects the near-term trend of Nifty 50 to remain positive. Moving above the initial hurdle of 21,650, Nifty is anticipated to advance towards the next overhead resistance of 22,200. The immediate support for Nifty today is placed at 21,550.
*Bank Nifty Outlook:*
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, highlighted that Bank Nifty closed 226 points higher at 48,509, forming a doji candle on the daily chart, indicating indecision. The option activity at 48,500 will provide cues about Bank Nifty’s intraday direction on Friday.
*Siddhartha Khemka’s Perspective:*
Siddhartha Khemka expects positive momentum to continue, leading the markets to end the year on a buoyant note.
*Nifty and Bank Nifty Option Data:*
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, provided insights into Nifty and Bank Nifty Call-Put Option Data. Major total Call open interest for Nifty was seen at 22,000 and 22,100 strikes, while Put open interest was concentrated at 21,600 and 21,500 strikes. For Bank Nifty, major total Call open interest was at the 49,000 strike, and Put open interest was at the 48,000 strike.
*Day Trading Stock Recommendations:*
**Sumeet Bagadia’s Picks:**
1. **Cipla:** Buy at ₹1260.80, target ₹1315, stop loss ₹1226.
2. **IGL (Indraprastha Gas Limited):** Buy at ₹414, target ₹434, stop loss ₹404.
**Ganesh Dongre’s Recommendations:**
3. **Exide Industries:** Buy at ₹308, target ₹320, stop loss ₹300.
4. **Kotak Mahindra Bank:** Buy at ₹1922, target ₹1950, stop loss ₹1900.
**Kunal Kamble’s Suggestions:**
5. **IEX (Indian Energy Exchange):** Buy at ₹160.50 to ₹161.50, target ₹200, stop loss ₹141.
6. **BHEL (Bharat Heavy Electricals Limited):** Buy at ₹191.60 to ₹192.60, target ₹220, stop loss ₹178.
These recommendations are based on technical analysis, support and resistance levels, and market trends as perceived by the experts. Traders should exercise caution and conduct their own research before making any investment decisions.
