Day trading guide for today: Six stocks to buy or sell on Friday — August 4
Day trading guide for today: Following Wall Street sell off after Fitch downgraded US credit rating, Indian stock market finished lower for third straight session on Thursday. Nifty 50 Index went down 144 points and ended at 19,381 levels, BSE Sensex lost 542 points and closed at 65,240 mark whereas Bank Nifty index finished 482 points lower at 44,513 levels. However, broad market indices ended higher.
Small-cap index went up 0.23 per cent while mid-cap index added 0.14 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Normally, such high wave formation after a reasonable upside move or decline cautious for impending reversal pattern. Having declined in the last few sessions and the formation of lower tops and bottoms on the daily chart indicates a possibility of minor upside bounce in the market towards the new lower top formation.
On the upper side, 19,550 to 19,600 is expected to be a sell on rise opportunity. Immediate support for NSE Nifty today is placed at 19,300 levels." On outlook for Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "A total of 10 out of 12 stocks in Bank Nifty closed in red as Bank Nifty fell 482 points to close at 44,513. Bank Nifty closed below the 50 DEMA of 44,641 for the first time since 3rd April.
Read more on livemint.com
