Day trading guide for stock market today: Six stocks to buy or sell on Monday — 18th December

livemint.com:

Day trading guide for today: Following strong global market sentiments, Indian stock market finished higher for seventh week in a row on Friday last week. Nifty 50 index surged 2.30 per cent last week and closed at 21,456 levels after climbing to a new high of 21,492. BSE Sensex logged weekly gain of 2.18 per cent and ended at 71,483 levels after hitting a new high of 71,605 on Friday.

Nifty Bank index registered 1.85 per cent weekly gain and finished at 48,143 levels after climbing to a new peak of 48,219 on last session of the previous week. "Nifty 50 index continued its northbound journey to close near day’s high with gains of 274 points (+1.3%) gain at 21,456 levels. Sector wise it was mixed bag with buying seen in IT, PSU Bank, Metals and Oil & Gas.

Equity Markets are witnessing a Santa rally globally post the dovish outlook by US Fed and fall in dollar index. This along with strong FIIs buying and healthy macros, supported the positivity in Indian markets," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 18 Speaking on outlook for Nifty today, Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, "Technically, with the Nifty surging higher to new life highs, the bulls remain in control.

Further upsides are likely once the immediate resistance of 21,492 is taken out. Caution is however warranted for the near term as the 14-day RSI at 84.93 is in overbought territory. 14-week RSI is at 75.87, which implies that it is not extremely overbought and there is scope for more upsides in the intermediate term.