Stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell on Thursday — March 21
Stock market today: After a sharp sell-off on Tuesday, the Indian stock market shifted into the base-building mode on Wednesday. Two out of three benchmark indices ended higher while the broad market indices ended flat even as the advance-decline ratio rose to 0.75:1.
The Nifty 50 index gained 21 points and closed at 21,839 level, the BSE Sensex shot up 89 points and ended at 72,101 level whereas the Bank Nifty index shed 73 points and finished at 46,310 mark. On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The near-term trend of the Nifty 50 remains weak.
Further upside move from here could find strong overhead resistance around 22,150 to 22,200 levels in the next few sessions and this is likely to be a sell-on-rise opportunity. Immediate support for Nifty today is placed at the 21,700 mark." On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "Bank Nifty concluded the session at 46,384.80 posting a decline of 0.41%.
A notable correction in the RSI dropping from Monday’s close of 47 to 44 on Tuesday signals a potential shift in trend. According to Fibonacci retracement, immediate support levels for Bank Nifty remains at 45,850 followed by 45,250 while resistance remains at 47,000 levels." Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "As per data shown by nseindia.com at 3.30 pm on 20 March 2024, some of the major total Call open interest was seen at 22000 and 22200 strikes with total open interest of 230861 and 175493 contracts respectively.
Read more on livemint.com
