Day trading guide for today: Six stocks to buy or sell on Tuesday — October 17
Day trading guide for today: Following weak global market cues on Middle East tension, Indian stock market ended lower for third straight session on Monday. Nifty 50 index ended 19 points lower at 19,731 levels, BSE Sensex finished 115 points southward at 66,166 mark while Bank Nifty index corrected 62 points and closed at 44,225 levels.
In broad market, mid-cap and small-cap stocks managed to buck the trend and witnessed some bargain hunting ahead of festival driven demand. On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains choppy.
The range bound movement is expected to continue for the next session. Immediate resistance die Nifty 50 index is placed around 19,800 to 19,850 levels and any weakness could find support at 19,650 to 19,600 levels." Speaking on outlook for Bank Nifty, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty witnessed resistance near the 44,300 zone during the Monday session.
As said earlier too, the levels near 44,700 zone is acting as a strong resistance barrier for the index where the important 50EMA lies and only a decisive breach above that zone can establish some conviction thereafter to anticipate for further rise." On Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "Major total Call open interest was seen at 19800, 19900 and 20000 strikes with total open interest of 174446, 116069 and 147791 contracts respectively. Major Call open interest addition was seen at 19800 and 20000 strikes which added 48623 and 43523 contracts respectively," adding, "Major total Put open interest was seen at 19700 and
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