Day trading guide for today: Six stocks to buy or sell on Wednesday —January 3
Day trading guide for today: Domestic equity benchmarks Sensex and Nifty 50 ended in negative territory in the previous session on concerns over escalating geopolitical tensions and a significant jump in crude oil prices. The market's high valuation appears to have led investors to secure profits before the onset of December quarter earnings.
Sensex closed 379 points, or 0.53 per cent, lower at 71,892.48 while the Nifty 50 settled at 21,665.80, down 76 points, or 0.35 per cent. BSE midcap and smallcap indices hit their fresh record highs of 37,193.29 and 43,196.17 respectively during the session but failed to hold gains and ended almost flat.
Nifty 50 index opened slightly higher at 21,751 levels but soon came under the sell-off stress and touched intraday low of 21,555 mark on Tuesday. Experts said that the market is rebalancing ahead of the new results season and overbought condition of the key benchmark indices was ideal for profit booking trigger.
Also Read: Radhakishan Damani acquires 1.44% stake in VST Industries, shares locked at 20% upper circuit: Check all buyers, sellers On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, ‘’The underperformance of the banking majors is largely weighing on the sentiment amid consolidation and a decisive close above 21,800 in Nifty would prompt the next leg of the up move. Meanwhile, we feel it is prudent to prefer defensive viz.
FMCG, pharma and stay selective in others.'' On the technical front, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said, ‘’Strictly speaking, if last two days trading action on Dalal Street is any indication then volatility could be seen going ahead. From a technical perspective, Nifty’s
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