Day trading guide for stock market today: Four stocks to buy or sell on Friday — December 8

livemint.com:

Stock market today: Following weak global sentiments after a retreat on Wall Street, Indian stock market snapped seven days winning streak on Thursday. Nifty 50 index ended 36 points lower at 20,901 levels, BSE Sensex lost 132 points and closed at 69,521 mark whereas Bank Nifty finished marginally higher at 46,841 levels. In broad market, both small-cap and mid-cap indices climbed to a new high.

Small-cap index gained 0.28 per cent while mid-cap index gained 0.66 per cent. "After a sharp rally seen over the last seven days, market saw some profit booking ahead of RBI policy and US Nonfarm payroll data. Nifty opened lower but recovered later to close with minor loss of 37 points at 20901 levels.

Sector wise it was a mixed bag with buying seen in Consumer durables, Oil & Gas and Pharma. Power stocks witnessed smart rally amid sharp rise in consumption and increase in investment towards green energy," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal. On outlook for Nifty 50 today, Laxmikant Shukla, Technical Research Analyst at Yes Securities said, "Appearance of doji candle near the psychological levels of 21,000-21,100 zone implies a possible enervation in recent strength.

However, sustainability above 20,700-20,500 zone is critical to maintain the positive tone." Asked about the sectors that may fuel Indian stock market in near term, Yes Securities expert listed out the following segments: a) Nifty PSU banks: Cup and handle breakout is seen on weekly chart bringing an end to recent consolidation activity at top. b) Nifty Financial Services: Ascending triangle breakout on weekly chart ensures shift of range on upside. c) Nifty Midcap: Series of ascending tops and bottom remain intact on monthly chart d) Nifty