Day trading guide for today: Six stocks to buy or sell on Thursday — August 24
Day trading guide for today: Despite mixed global cues ahead of US Fed chief Jerome Powell's speech at Jackson Hole meeting, Indian stock market finished higher on third day in a row. NSE Nifty added 47 points and closed at 19,444 levels, BSE Sensex ended 213 points higher at 65,433 mark whereas Bank Nifty index finished 485 points northward at 44,479 levels.
In broad market, small-cap index gained 0.60 per cent whereas mid-cap index went up 0.42 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is currently placed at the crucial resistance of down sloping trend line around 19,450 to 19,500 levels and is struggling to break decisively above the hurdle.
At the same time, the market is not willing to show any reasonable weakness from near the resistance. This market action suggests chances of one more attempt of upside breakout around 19,500 levels in the short term and any failure to sustain the anticipated upside breakout could open selling pressure from the highs.
Immediate support for Nifty today is placed at 19,360 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty on the other hand, broke out of the 43,700-44,100 range and closed at 44,479, up 486 points. The 50 DEMA and the maximum call OI for Bank Nifty is placed at 44,500 and hence, the option activity at 44,500 Strike tomorrow will set the trend for the next leg of rally in Bank Nifty." On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "We expect global uncertainty to keep the market range bound.
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