Day trading guide for stock market today: Six stocks to buy or sell on Friday — October 27
Day trading guide for stock market today: Dalal Street continued to bleed for the sixth straight session on Thursday as FIIs sold out Indian shares worth ₹7,702 crore. However, DIIs provided big support to the Indian stock market as they bought shares worth ₹6,558 crore on the previous session.
Nifty 50 index lost 264 points and ended at 18,857 levels, BSE Sensex dipped 900 points and closed at 63,148 mark while Bank Nifty index corrected 551 points and finished at 42,280 levels. In broad market, small-cap index fell 0.32 per cent whereas mid-cap index crashed 1.06 per cent.
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be negative. Having moved into oversold region, there is a chances of upside bounce occurring from the lows.
A decisive move below 18,800 levels could open next downside of 18,500 to 18,600 levels in the near term." On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty after breaching below the 200 period MA made another weak candle to touch the 42,100 zone with heavy profit booking seen with most of the frontline banking stocks stepping into their weak trend. We have the next support zone visible near 41,500 levels below which the matter can turn worse." Unveiling stock market strategy amid bloodbath on Dalal Street, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Given the global uncertainties, there could be higher volatility in the near term and thus giving long term investors an opportunity to accumulate quality stocks at lower levels.
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