Day trading guide for today: Six stocks to buy or sell on Tuesday — September 5
Day trading guide for today: On account of strong global cues, Indian stock market ended higher on second day in a row on Monday. NSE Nifty ended 93 points higher at 19,528 levels, BSE Sensex gained 240 points and finished at 65,628 mark whereas Bank Nifty index went up 142 points and closed at 44,578 levels.
In broad market, small-cap index surged 0.84 per cent while mid-cap index shot up 0.96 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is currently in an attempt of showing upside breakout of the down sloping trend line around 19,500 levels.
A decisive move above 19,600 levels is expected to pull Nifty towards the next upside of around 19,800 to 19,900 levels in the near term. Immediate support for Nifty today is placed at 19,430 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed a hanging man candle pattern on the daily chart, having taken support from 44,300 zones on Intraday basis to close to 44,578, up 142 points.
Both call writers and put writers played it out at the 44,500 Strike today and hence the option activity at 44,500 strike will provide important cues about Bank Nifty’s Intraday direction tomorrow." On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "Going ahead, domestic positives should continue to support indices with broader market sustaining momentum. Sectoral rotation would continue with niche and underperforming sectors likely to do well.
Read more on livemint.com
