Day trading guide for today: Domestic equity indices the Sensex and the Nifty 50 snapped their two-day winning run and resumed their downward march in the previous session, amid mixed global cues.
Tracking mixed global cues, Nifty 50 closed the day at 19,079.60, down 61 points, or 0.32 per cent while the Sensex ended with a loss of 238 points, or 0.37 per cent, at 63,874.93. Mid and smallcaps, however, outperformed as the BSE Midcap index rose 0.29 per cent while the Smallcap index closed 0.02 per cent higher.
With today`s loss, both Sensex and Nifty 50 closed October with a loss of 3 per cent each – logging their worst month in 2023 as elevated US interest rates triggered persistent sales by foreign investors, while a rise in oil prices due to the Israel-Hamas conflict also added to the selling pressure.
Day trading guide for stock market today
On the outlook for Nifty today, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “On daily charts, the Nifty has formed a bearish candle indicating further weakness from the current levels.”
“We are of the view that the market is likely to consolidate within the range of 18980 to 19220. However, below 18980, traders may prefer to exit their long positions,” Chauhan added.
Commenting on the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities, said Bank Nifty index peaked at the same level at the opening of trade, indicating strong bearish presence in the market. He said that
“Upper resistance for the index is currently identified at 43,500, and the overall trend will remain negative until this level is eventually broken.” Meanwhile, the index has There is support at 42,400, and a break below this level could lead to a sell-off. “Pressure may intensify and push the index into the 41,500-41,000 range,” Shah added. global notes
Fed policymakers are scheduled to attend the latest Federal Open Market Committee (FOMC) meeting scheduled for Tuesday, and interest rate decisions are expected to be made today. The Fed is widely expected to keep interest rates unchanged in its decision after the bell on Wednesday, but Powell’s comments will be important.
“Recent U.S. economic indicators show that the U.S. economy continues to expand at a solid 3.7%,” said Jayden Ong, senior market analyst for APAC at Vantage.
“Labor demand continues, with gross domestic product (GDP) and consumer spending data both showing positive trends,” the analyst said. “Therefore, general market sentiment is… “The Federal Reserve is likely to maintain current benchmark interest rates at high levels in the short term,” he added. .
Today’s hot stocks
Some major companies like Ambuja Cements, Britannia, Hero MotoCorp, Indraprastha Gas Limited, Tata Steel, Sun Pharmaceuticals, Relaxo, KEC, India Cements, JK Tires etc. The company plans to announce quarterly results for the July-September period of the fiscal year. (2nd quarter of 2024) announced. today.
Larsen & Toubro (L&T), Reliance Power, Tata Consumer Products, Bharti Airtel, will also be in focus during today’s session as these companies declared their Q2FY24 post-market hours on Tuesday.
F&O Ban List
GNFC has been put under the ban for trade on Wednesday, November 1 under the futures and options (F&O) segment by the National Stock Exchange (NSE). No fresh positions are allowed for any of the F&O contracts in the particular stock when placed under the F&O ban period by the stock exchanges.
Day trading stocks for today
On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi, Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio Ltd, and Sumeet Bagadia, Executive Director at Choice Broking— recommended six stocks to buy today.Day trading stocks for today
On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi, Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio Ltd, and Sumeet Bagadia, Executive Director at Choice Broking— recommended six stocks to buy today.
