Day trading guide for today: Six stocks to buy or sell on Monday — 21st August
Day trading guide for today: On account of weak global cues on China's Evergrande Group's bankruptcy crisis, Indian stock market ended lower for second straight session on Friday last week. NSE Nifty lost 55 points and ended at 19,310 levels, BSE Sensex shed 202 points and closed at 64,948 mark whereas Bank Nifty index corrected 40 points and finished at 43,851 levels. Infosys contributed the most to the Nifty 50 index decline, while Hero MotoCorp had the largest percentage drop falling by 2.1 per cent.
Nifty IT index ended down 1.47 per cent at 30,604 today. FMCG & PSU banks were among sectoral gainers. With this week’s fall, Nifty has declined for the fourth consecutive weeks.
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak with range bound action. There is a possibility of downside breakout of the immediate support of 19,250 levels and the Nifty could slide down to another base area of 19,100 to 19,000 levels in the near term. Any upside bounce could find resistance around 19,400 levels." On outlook for Bank Nifty, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty consolidated between the 43,600 to 43,900 range for the last three trading sessions.
Bank Nifty has been hovering around the 100 DEMA of 43,851 since last four trading sessions. A close above 44,000 in Bank Nifty can see buying interest while 43,500 on the downside will continue to act as a strong support. Bank Nifty closed at 43,851, down 40 points." On triggers that may dictate Indian stock market this week, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "With Fed Chair Powell's speech and more macro data
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