Day trading guide for today: Six stocks to buy or sell on Thursday — August 3
Day trading guide for today: On account of weak global market sentiments after Fitch downgraded the US credit rating, Indian stock market ended lower on Wednesday. Nifty 50 index lost 207 points and closed at 19,526 levels whereas BSE Sensex nosedived 676 points and ended at 65,782 mark. Bank Nifty index corrected 596 points and finished at 44,995 levels.
In broad market, small-cap index crashed 1.18 per cent while mid-cap index 1.39 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty has turned down and one may expect more weakness in the coming days. The next crucial lower supports to be watched around 19,200-19,100 levels in the coming week.
Any pull back rally up to 19,600-19,650 could be a sell on rise opportunity." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty too closed below its 20 DEMA of 45,347 for the first time since 26th June. The support for Bank Nifty is now placed at 44,500. A break below 44,500 can drag the Index until 43,600 where it’s next visible support is placed.
Bank Nifty closed at 44,996, down 597 points." SAMCO Securities expert went on to add that bulls attempt to bounce back would be crucial in stock market today. Failure to do so would mean that this might be the beginning of a healthy correction after a sharp up move. Advising stock specific approach in Indian stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Going ahead, markets could remain subdued given the gloomy global environment.
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