Day trading guide for today: Six stocks to buy or sell on Tuesday — August 29
Day trading guide for today: Following rally in global market, Indian stock market ended higher on Monday and snapped two days losing streak. NSE Nifty gained 40 points and closed at 19,306 levels, BSE Sensex went up 110 points and closed at 64,996 mark whereas Bank Nifty index shot up 263 points and ended at 44,494 levels.
In broad market, small-cap index went up 0.67 per cent whereas mid-cap index added 0.59 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains weak.
As long as, it trades below 19,400 levels, there is a chances of further weakness down to the next supports of 19,100 to 19,000 levels. A decisive move above the immediate resistance of 19,370 to 19,400 could open the next upside towards 19,600 levels for the short term." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed a morning star pattern on the daily chart and closed marginally above the 50-DEMA at 44,494, up 262 points.
The option activity at 44,500 Strike will provide cues about Bank Nifty’s future direction as both call and the put writers are fighting it out to dethrone each other. A close above today’s high of 44,610 can result in bulls coming back in Bank Nifty." On triggers that may dictate Indian stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, " Markets are likely to remain in consolidation mode this week amidst key events including the release of domestic GDP data, monthly expiry, and domestic and global macroeconomic data.
Read more on livemint.com
