Day trading guide for today: Six buy or sell stocks for Thursday—November 2
Day trading guide for today: Domestic equity indices Sensex and Nifty 50 extended their losses into the second consecutive session amid mixed global cues. Nifty 50 closed at 18,989.15, down 90 points, or 0.47 per cent, while the 30-share pack ended 284 points, or 0.44 per cent, lower at 63,591.33. Midcap and smallcap indices also suffered losses but they still outperformed the benchmarks.
The BSE Midcap index fell 0.35 per cent while the smallcap index declined 0.10 per cent. IT stocks lost 3.8 per cent last month due to weak results from major companies and fears of prolonged high rates in the United States, a key market. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) slipped from 57.5 in September to 55.5 in October, the slowest rate of expansion since February.
The US Federal Reserve announced its interest rate decision on Wednesday, after a two-day Federal Open Market Committee (FOMC) meeting, leaving the key benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent. Also Read: US Fed Policy: FOMC votes unanimously to keep key rates unchanged at 5.25-5.5% for second straight meeting On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, ‘’This decline reaffirms our negative view on the index and we suggest continuing with a “sell on rise" approach until Nifty decisively reclaims 19,400 or forms a reversal pattern.'' ‘’However, an intermediate rebound on the global front might cap the pace of fall. While the majority of sectors trading in sync with the benchmark, select stocks across sectors are still showing resilience.
Read more on livemint.com
