Day trading guide for stock market today: Five stocks to buy or sell today — 14th March
Stock market today: On account of broad-based selling across segments, the Indian stock market ended lower on Wednesday. The Nifty 50 index witnessed a sharp correction on the previous session and ended 338 points or 1.51 percent lower at 21,997 level.
The BSE Sensex crashed 906 points or 1.23 percent and closed at the 72,761 mark while the Bank Nifty index finished 301 points lower at the 46,981 level. However, sharp selling in the broad market continued as the small-cap index tanked 5.11 percent whereas the mid-cap index nosedived 4.20 percent.
On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of the Nifty 50 index seems to have reversed down. Follow-through weakness from here is expected to drag the 50-stock index down to 21,500 levels in the near term.
Immediate resistance for Nifty today is placed at 22,250 levels." On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "The Bank Nifty also eroded its gains to slip below the 47,000 with profit booking witnessed, with some of the frontline private banking stocks still looking in the positive bias zone." Parekh went on to add that the immediate support for the Sensex/ Nifty today is placed at 72100/21800, while the resistance is seen at 73400/22200. The Bank Nifty would have a daily range of 46,500 to 47,500 levels.
Speaking on the Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "The major total Call open interest was seen at 22100, 22200 and 22300 strikes with total open interest of 164688, 178641 and 253451 contracts respectively. Strike price of
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