Day trading guide for stock market today: Six stocks to buy or sell on 10th January
BSE Midcap index ended with a slim gain of 0.07 per cent. However, the Smallcap index hit its fresh all-time high of 44,110.68 during the session, before ending with a gain of 0.37 per cent.
“Nifty opened on a strong note on the back of positive global cues, surpassing 21700 on an intraday basis. However, it witnessed profit booking towards the end of the day which wiped off the day's gains with Nifty closing with marginal gains of 32 points at 21545 levels," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
On the outlook for Nifty50 today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "Selling pressure is evident within the 21700-21750 zone, and 21500 stands out as a crucial support level for Nifty. Any significant directional movement for Nifty hinges on two possibilities: achieving a closing above 21750 to reclaim bullish momentum, or experiencing a close below 21500, which could prompt additional selling pressure and potentially pull the Nifty index toward the 21200 mark." On the outlook for Bank Nifty today, Shah further said, "The Bank Nifty index witnessed continued dominance by bears as selling pressure intensified from higher levels.
The index is currently facing a strong hurdle at the 48000 mark, where a significant buildup in open interest is observed on the call side. The immediate support for the index is positioned at the 47000-46900 levels.
A breach below this support zone is likely to trigger aggressive selling pressure, potentially leading to further downside momentum." "Positive sentiments in the Indian IT sector fuelled by a US tech rally and demand on emerging technologies, overshadowed the anticipated muted Q3 results of the sector. Auto and realty continued
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