Trade Setup For Today: Nifty, Bank Nifty, Global Cues And Stocks Ideas For Today

The momentum in the market is intact, but some profit-taking can happen since the market has been bullish from the last few sessions. This is a Buy on Dip market.

Despite the rising Covid cases, the market mood has been upbeat backed by strong global cues.

Nifty Trade Set up For Today, Thursday 13 Jan: What The Chart Says

Nifty is expected to open up negative or can have a flat start as SGX Nifty is trading 100 points positive at the time of writing this post.

Sustaining 18100-18200 for a few sessions is critical if Nifty has to clear this hurdle finally and finally touch 18600 levels. Any minor dip should be considered as a buying opportunity.

Chetan Panchamia, a well-known Kolkata-based trader, opines on his Twitter channel: “Since this is expiry day. The volatility remains high. The amount of call writing at the 18100 level is pretty huge, so the index is not expected to go below it and may act as strong support for today and in the medium term, 17750 level is the major support for Nifty.”

Bank Nifty Trade Set Up, 13 January: What the Chart Says

Chetan is of the view that Bank Nifty momentum will remain continued. A small correction around 37200-37500 is not ruled out. But this should be considered as a fresh buying opportunity.  If Bulls can sustain above 37200 levels for some sessions, it will make a strong move towards 42000 level finally.

Note: At Alpha Return, we regard Chetan’s view on Nifty and Bank Nifty a lot and we request you to follow his Twitter account: @123chetanp.

Options data also support that market is in bullish momentum.

We have witnessed long build-up in 75 stocks. An increase in open interest, along with an increase in price, is a good sign of bullish momentum. On the other hand, we have seen unwinding in only 16 stocks in the F&O segment stock.

Global Market Cues And Data

  • US markets ended higher despite U.S. inflation hits 7%, highest in 40 years (again inflation & rate hikes are known to everyone – just like Omicron – focus on earnings ONLY). Omicron is yesterday’s story now. The market isn’t moving on Omicron but on earnings, Fed and economic data
  • Dow Jones ended up 38 points or 0.1%, S&P up 0.28%, NASDAQ up 0.23%
  • Bill Gates has made a big statement. Once the omicron variant passes, Covid will be more like the seasonal flu. The dollar Index fell to a fresh two-month low against a basket of currencies.
  • Brent crude hits 2 month high at $85 a barrel, up 1.5% (keep an eye on ONGC, Oil India)
  • Iron ore up 2% (has been moving slowly every day – gained over 20% from lows), Sugar up 1.5%

Q3 Results Today

The following stocks Q3 Results will be uploaded on 13 January. Keep a watch on these counters.

Tata Metaliks, Aditya Birla Money, CESC, Athena Global Technologies, Eureka Industries, Gautam Gems, GTPL Hathway, Mega Corporation, Mishtann Foods, Palm Jewels, Plastiblends India, Rotographics (India), and Surana Solar will release quarterly earnings on January 13.

Board Meetings and Analysts Meets

Maruti Suzuki India

Dixon Technologies

Compuage Infocom


 Stocks Ideas For Today For Short Term  

Tata Motors: Buy | LTP: Rs. 507.25 | Stop-Loss: Rs 485 | Target: Rs 547 | Return: 8 percent

Indus Towers: Buy | LTP: Rs 275.80 | Stop-Loss: Rs 262 | Target: Rs 302 | Return: 10 percent

Tata Communications: Buy | LTP: Rs 1,557.70 | Stop-Loss: Rs 1,460 | Target: Rs 1,750 | Return: 12 percent

Result Analysis

Infy vs TCS vs Wipro : Infosys result is certainly the best among three and it has given a great guidance for the next year. However, the management guidance of all three sounded super bullish. Infosys management has given a big upgrade in guidance from 16.5 to 19.5-20 %.

Vikash Kumar

An investor with more than 15 years of experience in the market. I m deeply interested in positional and momentum-based trading strategies and love learning strategies and backtesting.

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