Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Tuesday — 12th March
Stock market today: After trading in a narrow range on Thursday last week, the Indian stock market witnessed sharp profit booking and closed lower on Monday. After climbing to a new peak of 22,526 level, the Nifty 50 index lost 160 points and closed at the 22,332 level, the BSE Sensex dipped 616 points and ended at the 73,502 mark whereas the Bank Nifty index nosedived 507 points and finished at 47,327 level. In the broad market, the small-cap index fell more than the Nifty 50 index even as the advance-decline ratio fell to 0.24:1.
"Nifty opened positive but soon witnessed profit booking amid weak global cues and SEBI warning over midcap-smallcap rally. The index closed near the day’s low with a loss of 161 points (-0.7%) at 22333 levels. Broader markets especially smallcap bore the brunt and were down 2%.
Barring Healthcare, all sectors ended in red," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal. On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of the Nifty 50 index seems to have turned down and the next lower levels to be watched around 22,100 to 22,050 levels. Intraday resistance for Nifty today is placed at the 22,525 mark." On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "The Bank Nifty, in a similar way, found resistance near the 48,000 zone and formed a 'LOWER TOP' formation on the daily chart.
It has not closed above 48,000 and is anticipating some profit booking /sideways movement in the coming days. It would need to cross the 48,000 zone decisively for a further upward move. The overall bias has been maintained as cautiously positive
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