Day trading guide for today: Six stocks to buy or sell on Monday — September 4
Day trading guide for today: On account of strong global market cues as China’s factory activity for August expanded and its central bank announced a cut in reserve requirements to boost the economy, Indian stock market finished higher on Friday. NSE Nifty went up 181 points and ended at 19,435 levels, BSE Sensex gained 555 points and closed at 65,387 mark while Bank Nifty index finished 446 points higher at 44,436 levels. Upstream oil companies were in the limelight as Brent crude surged to a 1-month high on the back of tighter US inventories and Russia signalled to curb oil export.
Railway stocks continue to log smart gains on the back of a strong order book and rising allocation in the rail infrastructure. PSU banks saw fresh buying after rating agency Fitch affirmed ratings on India’s PSU Banks. However, broad market failed to outperform key benchmark indices.
Small-cap index and mid-cap index surged 0.75 per cent on last trade session of the previous week. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty has turned up and one may expect further upside in the short term. The next overhead hurdles to be watched around 19,600 and 19,800 levels in the next couple of weeks.
Immediate support for Nifty today is placed at 19,350 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty bounced back from the 100-Day Exponential Moving Average of 43,930 for the second consecutive day and closed at 44,436, up 447 points. The level of 44,000 on the downside will act as a strong support for Bank Nifty. A close above today’s high of 44,569 will result in the resumption of an uptrend."
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