Stock market today: Day trading guide for Nifty 50 to Sensex; nine stocks to buy or sell on Wednesday — March 20
Nifty 50 index, Rupak De, Senior Technical Analyst, LKP Securities, said, "The Nifty has broken down from the rising wedge pattern on the daily chart, suggesting a potential reversal of the uptrend. Additionally, it has fallen below the critical short-term moving average, indicating weakening momentum. The Relative Strength Index (RSI) has also shown a bearish crossover, indicating increasing selling pressure.
Key levels to watch include resistance at 22000 and support at 21800. A drop below 21700 could lead to further correction in the Nifty index." On the outlook for the Bank Nifty today, De further said, "The BankNifty experienced another day of sideways trading, indicating ongoing indecision between bulls and bears, marked by the formation of a doji candle. Key levels to watch include support at 46000 and resistance at 47000, where the highest put and call open interests are concentrated.
A breakout beyond this range is awaited for a directional move; however, within the range, the bullish sentiment prevails. Traders may consider adopting a buy-on-dip strategy, with 46000 as a stop-loss level." On triggers for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “Nifty opened the gap down and remained under pressure throughout the session to close with the loss of 238 points (-1%) at 21817 levels. After consolidating in a narrow range for the last few days, Nifty has fallen below its key support levels, indicating that weakness could continue over the next few days.
Selling pressure was seen across the market including mid and small caps. Defensive names witnessed profit booking with IT, FMCG, and Pharma being the top laggards. Investors remained on edge as key central
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