Day trading guide for today: Six stocks to buy or sell on Monday — July 10
Day trading guide for today: Indian stock market snapped its seven day rally and ended in red territory on Friday last week. 50-stock index Nifty lost 165 points and closed at 19,331 levels, 30-stock index BSE Sensex dipped 505 points and ended at 65,280 levels while Bank Nifty index corrected 414 points and finished at 44,925 mark, losing the psychological 45,000 crucial support.
Broad market too witnessed profit booking as small-cap and mid-cap indices went down 0.28 and 0.76 per cent respectively. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The immediate supports like ascending resistance line as per change in polarity and daily 10 period EMA are placed around 19,200 levels, which could be an immediate cluster support for the market on further weakness ahead.
Any upside bounce from here could encounter strong hurdle at 19,425 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "In Bank Nifty heavy call writing was observed at 45,000 Strike. It has taken support from the 38.2% Fibonacci Retracement of 44,846 drawn from the low of 43,520 made on 23rd June to the high of 45,656 made on 4th July.
A break below the 38.2% retracement level can take Bank Nifty to 44,500, where its next visible support is placed." Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Globally, sentiments turned sour after strong US private jobs data raised the probability of interest rate hikes by the Fed in its upcoming meeting. Investors look ahead to the release of the latest US nonfarm payrolls late Friday to provide further clues into the Federal Reserve's policy outlook." On triggers that may dictate Indian
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