Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — January 2
Day trading guide for today: on account of late selling in Indian stock market on Monday, key benchmark indices of Dalal Street pare most of its intrada gains on first trade session of 2024. Nifty 50 index ended 10 points higher at 21,741 levels. BSE Sensex added 31 points and closed at 72,271 mark whereas Nifty Bank index went off 57 points and finished at 48,234 levels.
Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.82:1. "The markets started the new year on a tepid note but PSU Banks and IT stocks took the lead and supported the Index to recoup its losses. In the last session, FMCG and Metal counters propelled the rally; however, due to a steep profit booking fall in the last session, the Index erased its gains to end the 1st trading session of the new year at 21,741.90 with a marginal gain of 10.50 points.
Mid and Smallcaps extended their morning gains and outperformed the Frontline Index," said Aditya Gaggar, Director at Progressive Shares. On outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC securities said, "The near-term uptrend status of Nifty remains intact. However, the market has started to exhibit high volatility around the new highs, which signal chances of another round of downward correction from the highs.
A decisive move above 21,850 levels is expected to nullify the present bearish effect and that could open more upside for the near term. Immediate support for Nifty today is placed at 21,550 levels. On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty has been hovering near the 48,300 zone since the last few sessions and would need to break above the
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