Day trading guide for today: Six stocks to buy or sell today — 16th August
Buy or sell stocks for today: In this truncated week at Indian stock market, Dalal Street will resume trade session today after a gap of one day as stock market was closed on Tuesday for Independence Day 2023. On Monday, Nifty and Sensex recovered from morning losses and ended marginally higher. NSE Nifty finished 6 points higher at 19,434 levels, BSE Sensex gained 79 points and closed at 65,401 mark whereas Bank Nifty index lost 108 points and finished at 44,090 levels.
In broad market, small-cap index fell to the tune of 0.50 per cent while mid-cap index corrected 0.44 per cent on Monday. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Negative chart pattern like lower tops and bottoms is intact on the daily chart. Monday's low of 19,257 could now be considered as a new lower bottom of the sequence.
Hence any attempt of upside bounce from here could find strong resistance at 19,600 levels (down sloping trend line). Immediate support for Nifty today is placed at 19,250 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed a doji pattern on the daily chart, which signals indecision. The level of 43,500, which acted as a resistance earlier is likely to act as a support for Bank Nifty.
Bank Nifty has taken support from 100-DEMA of 43,848 on the daily chart. Bank Nifty has been trading above the 100 DEMA since 5th April, 2023. Bank Nifty closed at 44,091, down 108 points." On triggers that may dictate Indian stock market this week, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Indian stock market is witnessing consolidation at higher levels in the absence of any positive
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