Day trading guide for stock market today: Six stocks to buy or sell on Thursday — 18th January
Day trading guide for today: Following weak global market sentiments on disappointing Chinese economic data and geopolitical tension in the Middle East, the Indian stock market fell on the second day in a row. Nifty 50 index registered the biggest intraday fall since 13th June 2022 due to the panic selling across the board led by banking stocks. The 50-stock index crashed 460 points and closed at a 21,571 level, BSE Sensex tanked 1,628 points and closed at a 71,500 level whereas the Bank Nifty index nosedived 2,060 points and finished at 46,064 mark.
Broad market indices fell less than the Nifty even as the advance-decline ratio fell to 0.36:1. "Domestic equities plunged - 2% amid a weak environment globally and a selloff in HDFC Bank. Nifty saw a sharp decline as selling intensified during the day and closed with a loss of 460 points (-2.1%) at 21572 levels.
Barring IT, all sectors ended in red amid heightened volatility. The banking sector took the biggest hit with Nifty Bank down 4% as Q3 results of HDFC Bank showed stagnant growth for the company. After making a recent fresh high above 22k levels, Nifty saw a steep fall and turned weak in the near term impacted by negative global and domestic cues.
Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield spike dented investor sentiment," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of the Nifty 50 index seems to have reversed down sharply. There is a higher possibility of Nifty sliding further down to the next lower support of 21,000 levels in the near term.
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