Day trading guide for today: Six stocks to buy or sell on Wednesday — September 20
Day trading guide for today: On account of sell off trigger in global market, Indian stock market ended lower on Monday. NSE Nifty lost 59 points and closed at 20,133 levels, BSE Sensex went down 241 points and closed at 67,596 mark whereas Nifty Bank index corrected 251 points and ended at 45,979 levels. Volumes on the NSE continued to be on the lower side.
In broad market, small-cap index shed 0.60 per cent whereas mid-cap index corrected to the tune of 0.27 per cent. "Domestic equities opened on a weak note amid cautiousness in global markets. Nifty remained in negative territory throughout the session to close with a loss of 59 points at 20133 levels.
Sectorially it was a mixed bag with buying seen in PSU Banks, Auto, Consumer Durables, and FMCG. A rally was seen in PSU Banking stocks after news about the nation’s sovereign debt prospects was added to global indices," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. On outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty formed a small range bound candle, but over the last three days a bearish tristar doji seems to have been formed.
If this is true, the Nifty may have formed a short term top at 20,222 that may result in a small decline towards 19,940. A move below 19,865 could lead to acceleration in decline for the Nifty." Speaking on outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty traded sideways like Nifty, before a sharp fall in the last 30 minutes of the day led to the Index closing at 45,980, down 252 points. Bank Nifty failed to go past the 46,250 hurdle yet again today on the back of significant built up of positions at 46,200 and 46,300
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