Day trading guide for stock market today: Six stocks to buy or sell on Wednesday — 29th November
Day trading guide for today: After trading choppy during morning deals, Indian stock market witnessed sharp upside in later half and ended higher on Tuesday. Nifty 50 index gained 95 points and ended at 19,889 levels, BSE Sensex surged 204 points and closed at 66,174 mark whereas Bank Nifty index finished 111 points higher at 43,880 levels. In broad market, both small-cap and mid-cap indices finished positive but not more than Nifty 50 index.
"Domestic equities were positive despite mixed global cues, after global rating agency S&P raised India's GDP growth forecast for FY24 by 40 bps to 6.4%. Nifty opened higher and sustained its upward move to close with gains of 95 points (+0.5%) at 19890 levels. Majority of the sector ended in green with action seen in Oil & Gas, Metals, PSU Bank and Auto.
Oil marketing companies are witnessing renewed interest on account of fall in oil price ahead of OPEC+ meeting this week," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. On outlook for Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "A sustainable move above 19,900 levels could result in Nifty zooming towards new all-time highs in quick period of time. Any dips from here could find support around 19,800 to 19,750 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed doji pattern on the daily chart which signals indecision.
The Index has also given a higher close for two consecutive days. Strong put writing was observed at 43,800 Strike, which is likely to act as a support for the Index. The option activity at 44,000 Strike will provide cues about future direction of Bank Nifty.
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