Day trading guide for today: Six stocks to buy or sell on Monday — July 17
Day trading guide for today: Following strong global cues, Indian stock market ended on a higher note on Friday session. 50-stock index Nifty ended 150 points higher at 19,564 levels, 30-stock index BSE Sensex gained 502 points and closed at 66,060 mark while Bank Nifty index finished 154 points higher at 44,819 levels.
Broad market outperformed Nifty and other key benchmark indices as small-cap index gained one per cent on the previous session whereas mid-cap index shot up 1.14 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Having moved above the crucial resistance of 19,500 (1.236% Fibonacci projection of weekly taken from recent bottom-top bottom).
As, per this pattern, the next upside target to be watched around 1.382% Fibonacci projection at 19,800 levels, which is expected to be a next upside target for the Nifty for coming week. Immediate support is at 19,470 levels." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty took support from the 20-Day Exponential Moving Average (DEMA), which is placed at 44,554.
A close below 44,500 can trigger a fresh selling in Bank Nifty until 43,500, where its next visible support is placed. A decisive close above 45,000 can ignite buying interest in Bank Nifty." CRISIL stock will be in focus today as the board of directors of the company is going to consider and approve interim dividend for the financial year 2023-24 while discussing the Q1 results 2023.
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