Day trading guide for today: Five stocks to buy or sell today — August 17

livemint.com:

Day trading guide for today: For second day in a row, Indian stock market opened lower but witnessed sharp recovery ahead of the market close. Key benchmark indices Nifty and Sensex ended higher whereas Bank Nifty continue to bleed on fifth day in a row. NSE Nifty added 30 points and closed at 19,465 levels, BSE Sensex went up 137 points and ended at 65,539 mark.

However, Bank Nifty dipped 144 points and finished at 43,946 — below psychological 44,000 mark. In broad market, small-cap index surged 0.52 per cent whereas mid-cap index added 0.25 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The negative chart pattern like lower tops and bottoms is intact.

Having formed a new lower bottom at 19,257 on Monday, the odds of Nifty forming another lower top could be high in the short term. Currently, the strong cluster resistance is placed around 19,550 to 19,600 levels (down sloping trend line, daily 10/20 day EMA) and one may possibly expect weakness from the highs for this week. Immediate support for NSE Nifty is placed around 19,250 to 19,300 levels." Expecting weakness in Indian stock market to further persist, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "The market has been witnessing pressure on account of weak global cues especially because of the faltering of the Chinese economy and Fitch's warning to downgrade US midsized banks.