Day trading guide for today: Six stocks to buy or sell on Monday — July 31
Day trading guide for today: On account of mixed global market trends, key benchmark indices of the Indian stock market ended lower on second day in a row. However, broad market indices continue to attract buying interest among Dalal Street bulls. NSE Nifty finished 13 points lower at 19,646 levels, BSE Sensex shed 106 points and closed at 66,160 mark while Bank Nifty index nosedived 211 points and ended at 45,468 levels.
But, broad market indices outperformed key benchmark indices as small-cap index surged 0.49 per cent whereas mid-cap index went up 0.55 per cent. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty continues to be in a short term downward correction and this consolidation is likely to continue this week. Any upside bounce from here could encounter strong resistance around 19,750 to 19,800 levels.
The next crucial lower supports to be watched around 19,500 to 19,450 levels." Speaking on outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty closed below the key zone of 45,600 on the daily chart. It however found Intraday support form the 20 DEMA, which is placed at 45,331 on the daily chart. A close below 45,300 is likely to intensify selling pressure while close above 45,700 can lead to resumption of an uptrend." On triggers that may dictate stock market this week, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "Market will keep an eye on the manufacturing data to be released this week both - globally as well as locally.
Read more on livemint.com
