Day trading guide for stock market today: Six stocks to buy or sell on Monday — 6th November
Day trading guide for stock market today: Despite trading range-bound, Indian stock market ended higher on Friday. Nifty 50 index gained 97 points and ended at 19,230 levels, BSE Sensex shot up 282 points and finished at 64,363 mark while Bank Nifty index went up 301 points and closed at 43,318 levels.
In broad market, small-cap index gained 0.94 per cent whereas mid-cap index went up 0.71 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty remains positive, having showed range bound movement near the crucial hurdles, there is a possibility of further consolidation or minor weakness in the short term before surging through the hurdle.
Immediate support for Nifty 50 index is placed at 19,150 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty formed doji candle for the third consecutive day, indicating indecision looming large over the Index. Both call-and-put writers fought it out at 43,300 Strike throughout the day, keeping the Index sideways.
The level of 43,000 on the downside and 43,500 on the upside will be the key levels for Bank Nifty in the coming week. A decisive breakout on either side of the range can provide cues about Bank Nifty’s future direction.
Bank Nifty closed 301 points higher at 43,318." Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "Major total Call open interest was seen at 19300, 19400 and 19500 strikes with total open interest of 142664, 114414 and 119234 contracts respectively. Major Call open interest addition was seen at 19300 and 19400 strikes which added
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