Day trading guide for stock market today: Five stocks to buy or sell on Thursday — 26th October
Day trading guide for today: Amid uncertainties associated with the Israel-Hamas war, global market sentiments continue to remain under sell off heat and Indian stock market ended lower on fifth day in a row on Wednesday. Nifty 50 index lost 159 points and closed at 19,122 levels, BSE Sensex corrected 522 points and ended at 64,049 mark whereas Bank Nifty index nosedived 319 points and closed at 42,832 levels.
In broad market, small-cap index shed 0.77 per cent while mid-cap index dipped 0.52 per cent. On outlook for Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty 50 index continues to be negative.
Having placed at the long-term support at the lows, there is a possibility of small upside bounce from near 19,100 to 19,000 levels. A breakdown of 19,000 is likely to open the next downside of 18,600 levels in the near term.
Any upside bounce from here could find strong resistance around 19,250 to 19,350 levels." Speaking on outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty continued to move in lower low formation for the third consecutive day and closed at 42,832, down 319 points. Long unwinding was observed at 43,100 & 43,200 strikes, which led to a sharp down move in the index today.
The max pain, which is the strike with most open active option contracts is placed around 42,400 levels." On outlook for stock market today, Ruchit Jain, Lead Research at 5paisa.com said, "The follow up selling in the large-cap stocks as well the broader markets hints at a continuation of corrective phase. Now the data remains negative as more than 70 per cent of the positions of FIIs in the index futures segment
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