Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 9th January
Stock market today: On account of weakness in the global market, the Indian stock market finished lower on Monday. The Nifty 50 index slipped 197 points and closed at 21,513 level, BSE Sensex nosedived 670 points and closed at the 71,355 mark whereas the Bank Nifty index crashed 708 points and finished at 47,450 level. The small-cap index fell 0.36%, outperforming the Nifty 50 index, even as the advance-decline ratio fell sharply to 0.64:1.
"Domestic equities saw profit booking ahead of key inflation data globally and the start of corporate earnings this week. Nifty opened positive but soon succumbed under selling pressure and closed near the day’s low with a loss of 198 points (-0.9%) at 21513 levels. The broader market too ended in red; down 1%.
Except for Realty, all other sectors ended in red. Better-than-expected US job data last Friday, led to the concerns that the US Fed might delay the rate cut," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal. On the outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty has turned down from the highs after a small rise and the selling pressure seems to have started to emerge from near 21,750 to 21,850 level.
The next lower supports are to be watched at 21,350 — 20-day EMA. Immediate resistance for Nifty today is placed at 21,650 level." Also Read: Stock market today: Bandhan Bank, Escorts, Piramal Enterprises, 10 other shares placed under F&O ban list On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty fell sharply on an Intraday basis for the second consecutive day to close at 47,450, down 709 points. Heavy call
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