Day trading guide for today: Six buy or sell stocks for Thursday — July 27
Day trading guide for today: After pull back rally ahead of the Indian stock market's closing bell, key benchmark indices ended higher on Wednesday. NSE Nifty ended 97 points higher at 19,778 levels, BSE Sensex finished 351 points higher and closed at 66,707 whereas Bank Nifty index finished 217 points at 46,062 mark.
Advancing shares outnumbered the declining shares as advance decline ratio stood at 1.17 on BSE, highest in last five days. On Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Minor downward correction of the last few sessions seems to have completed and the market is now shifted into an upside bounce.
A decisive move above 19,850 is likely to open doors for higher target of 20,050 in the near term. Immediate support for Nifty today is placed at 19,600 levels." On outlook for Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty continued to move in a range for the fifth consecutive day, forming an inside candle on the daily chart.
Both the call and put writers are battling it out at the 46,000 Strike in Bank Nifty with the bears leading the race at today’s close. The max pain, which is the strike with most open option contracts, is placed at 45,800 in Bank Nifty." On how US Fed rate hike would impact Indian stock market, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, "The US Federal Reserve raised interest rates by 0.25 percentage points, as expected, bringing the benchmark federal funds rate to 5.25–5.50%, the highest level in 22 years.
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