Day trading guide for stock market today: Six stocks to buy or sell on Monday — October 23
Day trading guide for stock market today: On account of weak global market sentiments, Indian stock market extended sell off for yet another session on Friday last week. Nifty 50 index fell 82 points and closed at 19,542 levels, 30-stock index BSE Sensex corrected 231 points and ended at 65,397 mark whereas Bank Nifty index finished 31 points lower at 43,723 levels.
Volumes on the NSE improved mildly. Broad market indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.48:1.
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains negative. A slide below the immediate support of 19,480 could drag Nifty towards another important support of 19,350 levels in the near term.
Immediate resistance for Nifty today is placed around 19,650 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty was set to go past the key level of 43,800 before selling pressure led to the Index closing at 43,723, down 31 points. The option activity at 43,500 Strike will provide cues about future direction of Bank Nifty.
A break below 43,500 will lead the next round of selling while a close above 44,000 is required for the bulls to comeback." Unveiling day trading guide for stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Banking sector will be in focus on Monday as investors would react to Q2 results of ICICI and Kotak Bank that would be announced over the weekend. Among the key results to be announced this week would be from Axis Bank, TechM, Maruti, Bajaj Finserv, SBI Life and Dr Reddy." Buy or sell: Vaishali Parekh recommends three
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