Day trading guide for stock market today: Eight stocks to buy or sell on Monday — 29th January
Stock market today: Despite strong Asian cues, the Indian stock market ended lower on Thursday. The Nifty 50 index lost 101 points and closed at the 21,352 level, the BSE Sensex shed 359 points and finished at the 70,700 mark while the Bank Nifty index ended 216 points lower at the 44,866 level. Broad market indices fared better than the Nifty and the BSE Small-cap index ended in the positive even as the advance-decline ratio remained positive at 1.27:1.
"Domestic equities continued with its profit booking trend and plunged once again on monthly F&O expiry day before recovering half of the losses towards the end. Nifty fell more than 200 points during the day but ended the day with a loss of 101 points (-0.5%) to close at 21352 levels. The broader market however ended on a mixed note with Midcap 100 down -0.5% while Smallcap100 was up +0.5%.
IT, Pharma, and FMCG witnessed selling pressure while Oil & gas, Realty, and PSUs saw buying interest. Weak results from Tech Mahindra, Axis Bank, and HDFC Bank continue to weigh on IT and Private Banks. FIIs have been mostly sellers in Jan having sold more than 30K so far," said Siddhartha Khemka, Head — Retail Research at Motilal Oswal.
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty remains choppy with weak bias. The market could encounter strong resistance around 21,500 to 21,600 levels in the coming sessions. Any weakness from here could find support around 21,100 to 21,000 levels in the near term." On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "The week concluded with Bank Nifty marking a 2.59% decline, closing at 44,866.15.
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