Day trading guide for today: Six buy or sell stocks for Wednesday —November 1

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Day trading guide for today: Domestic equity indices the Sensex and the Nifty 50 snapped their two-day winning run and resumed their downward march in the previous session, amid mixed global cues. Tracking mixed global cues, Nifty 50 closed the day at 19,079.60, down 61 points, or 0.32 per cent while the Sensex ended with a loss of 238 points, or 0.37 per cent, at 63,874.93.

Mid and smallcaps, however, outperformed as the BSE Midcap index rose 0.29 per cent while the Smallcap index closed 0.02 per cent higher. With today's loss, both Sensex and Nifty 50 closed October with a loss of 3 per cent each - logging their worst month in 2023 as elevated US interest rates triggered persistent sales by foreign investors, while a rise in oil prices due to the Israel-Hamas conflict also added to the selling pressure.

Also Read: FPIs emerge net sellers for 2nd month in a row, offload ₹20,356 crore in Indian equities; here's why On the outlook for Nifty today, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, ‘’On daily charts, the Nifty has formed a bearish candle indicating further weakness from the current levels.'' ‘’We are of the view that the market is likely to consolidate within the range of 18980 to 19220. However, below 18980, traders may prefer to exit out from long positions,'' added Chouhan.

On the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said that the Bank Nifty index experienced a trading session where it opened and hit its high at the same level, signaling a strong bearish presence in the market. ‘’The confirmed upside resistance for the index is now at 43,500, and until there is a closing breakthrough beyond this level, the overall trend