Day trading guide for today: Six buy or sell stocks for Wednesday —September 27
Day trading guide for today: Domestic equity benchmarks Sensex and Nifty settled lower in the previous session due to select profit taking in IT and banking shares in line with weak Asian markets and continuous foreign fund outflows. Nifty 50 opened at 19,682.80 against the previous close of 19,674.55 and touched the intraday high and low of 19,699.35 and 19,637.45 respectively. Nifty 50 finally closed at 19,664.70, down 10 points, or 0.05 per cent.
The Sensex closed 78 points, or 0.12 per cent, lower at 65,945.47. The BSE Midcap index also ended in the red, falling 0.09 per cent but the BSE Smallcap index managed to clock a gain of 0.33 per cent. IT stocks remained weak, falling 0.5 per cent on worries over demand uncertainties due to a higher interest rate environment in the US, a key market for Indian IT companies.
As many as 169 stocks, including Colgate-Palmolive (India), Coal India, Tata Consumer Products, Trent and Varun Beverages, hit their fresh 52-week highs in intraday trade on the BSE. Shares of Vedanta will be in focus during Wednesday's trading session after global ratings agency Moody's downgraded Vedanta Resources' corporate family rating (CFR) from Caa1 to Caa2 due to elevated risk of debt restructuring over the next few months.
On the outlook for Nifty, Ajit Mishra, SVP - Technical Research, Religare Broking said that a marginal rebound on the global front combined with oversold positions is capping the downside however the tone is still bearish. ‘’A decisive move above 19,750, which coincides with 20 EMA, may prompt some recovery.
