Day trading guide for stock market today: Six stocks to buy or sell on Monday — 8th January
Day trading guide for today: Despite weak global market sentiments, two out of three key benchmark indices of the Indian stock market finished higher on Friday. Nifty 50 index added 52 points and closed at the 21,710 level, and BSE Sensex regained the 72,000 mark by adding 178 points in the last session of the week gone by. However, the Bank Nifty index went off 36 points and finished at 48,159 level.
The small-cap index rose more than the Nifty even as the advance-decline ratio remained high at 1.18:1. "Nifty opened positive for the second consecutive day and closed with gains of 52 points at 21711 levels. India’s service PMI expanded to 59 in December and revived the positivity.
Declining VIX further boosted the sentiments. Sector-wise it was a mixed bag with buying seen in IT & Auto," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. On the outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term uptrend status of Nifty remains intact, but the market is likely to find resistance around 21,800 to 21,850 levels in the coming sessions.
A decisive move only above 21,850 to 21,900 levels could open the next upside target of 22,200 levels. Any dips from here could find support around 21,500." Also Read: Bajaj Auto stock in focus as board to consider buyback of shares today On the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "Exhibiting a robust recovery from the 47,500 support level, Bank Nifty showcases active bullish activity, rebounding from the 14-day moving average support at 47,800. A closing above 48,200 is crucial, as it could propel the index towards 48,500 and 48,800 levels.
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