Day trading guide for stock market today: Six stocks to buy or sell on Thursday — December 7
Day trading guide for today: Following strong global market cues on rate cut buzz in near term, key benchmark indices of Indian stock market scaled new highs on Wednesday. Nifty 50 index climbed to a new peak of 20,961 levels, BSE Sensex touched new life-time high of 69,744 whereas Bank Nifty index hit a new high of 47,259. In broad market, small-cap index added 0.18 per cent while mid-cap index touched a new peak of 35,245.
"Domestic equities continue its northbound journey with Nifty just 40 points away to cross 21k mark. The index closed with gains of 83 points (+0.4%) at 20938 levels. Sector wise it was mixed bag with buying seen in Oil & Gas, FMCG and IT.
Niche sector like Fertilizer witnessed fresh buying as government seeks parliament approval to increase fertilizer subsidy," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. On outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be positive. Having moved up sharply in the last few sessions and the placement of hurdle around 20,910 levels (61.8% Fibonacci extension), there is a possibility of consolidation or minor correction from near 21,000 levels in the short term.
Immediate support for Nifty today is placed at 20,800 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty came under intense selling pressure since the market open but later consolidated throughout the day to close at 46,835, down 178 points. The Index has formed a bearish engulfing candle on the daily chart, which is considered to be bearish reversal signal. Heavy call writing was observed at 47,000 Strike in Bank Nifty
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