Day trading guide for today: Six stocks to buy or sell on Friday — October 13
Day trading guide for today: After showing a sustainable upside move in the last couple of sessions, Indian stock market shifted into consolidation and closed lower on Thursday. Nifty 50 index went off 17 points and closed at 19,794 levels, BSE Sensex shed 64 points and ended at 66,408 mark. However, Nifty Bank index finished 82 points higher at 44,599 levels.
In broad market, small-cap index surged 0.60 per cent while mid-cap index addedd 0.30 per cent. On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is currently placed at the trend line resistance around 19,850 levels and the positive chart pattern like higher tops and bottoms is intact as per daily timeframe chart. Further weakness from here is likely to end up with new higher bottom formation around the support of 19,650 levels.
The overall chart pattern indicates buy on dips opportunity for short term. A decisive move above the hurdle of 19,850 levels could open next round of sharp upside momentum for the market ahead." On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty failed to go past the 44,700 levels for the second consecutive day and closed at 44,599, up 82 points. A breakout above 44,700 can take the Index until 45,000 levels while 44,500 level is likely to act as strong support.
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