Day trading guide for stock market today: Six stocks to buy or sell on Friday — 12th January
Stock market today: On account of strong global market sentiments ahead of the US inflation data release, the Indian stock market finished higher for the third straight session on Thursday. The Nifty 50 index added 28 points and closed at the 21,647 level, the BSE Sensex went up 63 points and closed at the 71,721 mark while the Bank Nifty index ended 77 points higher at the 47,438 level. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.65:1.
"Nifty traded sideways throughout the session to close marginally positive at 21647 levels ahead of US inflation data and the start of Q3FY24 earnings season from Thursday. Among the sectors, Oil and Gas, Consumer Durables, Auto, and PSU Bank were top gainers on Thursday. Cement stocks witnessed fresh buying on the expectation of improved demand ahead of the Union Election," 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 market is now placed at the hurdle of down sloping trend line, that connected recent lower highs at 21,725 levels. Having shown a false downside breakout at 21,500 levels on Wednesday, the Nifty is expected to reach the upper trajectory of 21,750 to 21,850 levels in the near term. A decisive move above the hurdle of 21,850 could open sharp upside momentum.
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