Day trading guide for today: Six buy or sell stocks for Wednesday—November 8
Day trading guide for today: Domestic equity indices Sensex and Nifty 50 snapped their three-day winning run on profit booking today in select heavyweights amid weak global cues as optimism around the end of monetary tightening faded. Nifty 50 closed at 19,406.70, down 5 points, or 0.03 per cent, while Sensex settled at 64,942.40, down 16 points, or 0.03 per cent.
Mid and small-caps clocked decent gains, outperforming the benchmark indices. The BSE Midcap index ended with a gain of 0.53 per cent and the Smallcap index rose 0.38 per cent.
Analysts expect the benchmark Nifty to consolidate around current levels after the recent rise. Both the Nifty 50 and Sensex rose over 2 per cent each in the last three sessions following the US Federal Reserve's rate pause and improved rate outlook.
Also Read: FIIs continue selling streak in Nov, offload ₹497 crore in Indian equities; When will buying resume? On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, ‘’After the flat start, Nifty oscillated in a narrow range till the end and finally settled at 19,406.70 levels.'' ‘’We may see further consolidation in the index in line with the global peers however there will be no shortage of stock-specific opportunities. Traders should align their positions accordingly, with a focus on sectors that are trading in sync with the benchmark,'' added Mishra.
Technically, the confirmation of strength for Nifty can be seen only above its biggest hurdles at the 19707 mark, while support is placed at the 19225 mark, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. On the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said that the index
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