Day trading guide for today: Five stocks to buy or sell on Tuesday — July 25
Day trading guide for today: Dragged down by profit booking in Reliance, leading IT and bank stocks, Indian stock market ended lower on second day in a row. NSE Nifty went off 72 points and closed at 19,672 levels while BSE Sensex finished 299 points lower at 66,384 mark.
Bank Nifty index corrected 152 points and closed at 45,923 levels. Mid-cap index ended in the positive even as the advance decline ratio was steady at 0.93:1.
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains weak and the present weakness with volatility is expected towards the important support of 19,500 to 19,400 levels before showing an upside bounce from the lows. Immediate resistance for Nifty today is placed at 19,780 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty engulfed the previous day candle and closed at 45,923, down 152 points.
The battle between the call and put writers at 46,000 Strike continued for the second day in a row, making it a key level for Bank Nifty. The downside support for Bank Nifty is placed at 45,500." On triggers that may dictate Indian stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "We expect some cautiousness ahead of the US Fed meeting where in 25 bps hike is expected, while investors keenly await commentaries.
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