Day trading guide for today: Six stocks to buy or sell on Wednesday —January 17
Day trading guide for today: Domestic equity benchmarks Sensex and Nifty 50 snapped their five-day winning streak in the previous session on profit booking in shares of select heavyweights, including Reliance Industries, Infosys, TCS and HCL Tech amid weak global cues. The domestic market spent most of the day in negative territory on January 16, but it experienced a brief upswing during the session, pushing the benchmarks to achieve new record highs. However, the indices erased all gains upon closing.
Nifty 50 closed 65 points, or 0.29 per cent, lower at 22,032.30 after hitting a fresh record high of 22,124.15 during the session. The 30-share pack Sensex also touched its record high of 73,427.59 but settled at 73,128.77, down 199 points, or 0.27 per cent. Nifty IT snapped its two-day winning run to close with a loss of 1.28 per cent.
Sector-wise it was a mixed bag with buying seen in Metal and FMCG. Metals were in focus after reports suggested China is considering a fresh stimulus of $139 billion through debt issuance under a special sovereign bond plan. Overall, analysts expect the market to consolidate in higher zones.
On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, “Indications are in favor of further consolidation in the index and expect Nifty to hold the 21,750-21,900 zone. However, traders should maintain extra caution in stock selection now citing volatility due to earnings." “Besides, the current positioning of the midcap and smallcap index is not reflecting the correct picture of deterioration in the broader trend so plan trades accordingly," added Mishra. On the technical front, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, “For a
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