Day trading guide for today: Six buy or sell stocks for Wednesday —August 30
Day trading guide for today: Domestic equity benchmarks Sensex and Nifty settled higher in the previous session supported by gains in select heavyweights, including HDFC Bank, Tata Steel amid positive global cues. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended with gains. European markets were trading in the green.
After a range-bound session, Sensex ended with a gain of 79 points, or 0.12 per cent, at 65,075.82. The Nifty50 moved up by 37 points, or 0.19 per cent, to 19,342.65. Mid and smallcaps, on the other hand, outperformed the benchmark indices.
The BSE midcap index rose 0.45 per cent while the smallcap index clocked a gain of 0.69 per cent. While Jio Financial Services, Tata Steel, JSW Steel, UPL Ltd emerged as the top gainers, heavyweights Reliance Industries and Hindustan Unilever were among the top drags. Shares of Jio Financial Services rose 4.72 per cent.
JFSL shares will be removed from Sensex, Nifty and other indices with effect from September 1, as per the exchange norms. ‘’Metal sector was in momentum after China announced a stimulus to support the economy. Niche sectors like Speciality Chemicals saw buying interest after a long time on the back of news flows regarding the surge in chemical prices in China.
Market is moving in a range and we expect this trend to continue given the data-packed week and monthly derivatives expiry,'' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
On the outlook for Nifty, Ajit Mishra, SVP - Technical Research, Religare Broking observes that the recent stability on the global front is prompting the pause but the tone is still negative. ‘’We need a decisive close above the short term moving average i.e. 20 EMA in Nifty,
