Day trading guide for today: Five stocks to buy or sell on Friday — July 21
Day trading guide for today: Following strong global market sentiments on strong earnings by Wall Street listed companies, Indian stock market ended higher on sixth day in a row on Thursday. Out of three key benchmark indices, BSE Sensex and NSE Nifty climbed to a new peak during the previous session while Bank Nifty index gained 517 points and closed at 46,186 levels.
In broad markets, both small-cap and mid-cap indices underperformed key benchmark indices. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near term uptrend remains intact and the Nifty is at the edge of reaching historical 20K mark.
The present upside momentum is likely to continue for the short term and the next crucial upside resistance to be watched around 20450, which is 100% Fibonacci projection-taken from important bottom-top-bottom as per weekly chart. Immediate support is at 19850 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty broke its double top structure around 45,650 zones on the daily chart and closed at 46,187, up 518 points.
The resistance for Bank Nifty shifts to 46,500. The previous resistance of 46,000 is likely to act as a support for Bank Nifty as we head into the final week of the July Expiry Series." "Strong heavy weights results are likely to further influence the market direction in the near term.
Investors eagerly await Reliance Q1 results, which will be announced Friday, and management commentaries on the same along with further details on Jio's financial listing," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal while pointing out triggers that may dictate Indian stock market today. On
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