Day trading guide for Tuesday: 8 stocks to buy Today
The short-term trend of Nifty seems to have turned down and is now approaching a crucial support zone of around 18,100-18,000 levels, as per analysts
Market benchmarks fell for the third day running on Monday and ended nearly 1 per cent lower amid weak trend in global equities. The 30-share BSE Sensex declined 518.6 points to settle at 61,144.8. The NSE Nifty fell 0.8% to end at 18,159.9. In the broader market, the BSE midcap gauge dipped 0.15% and smallcap index climbed marginally by 0.01%.
Meanwhile, for Tuesday, Indian indices may witness a higher start as SGX Nifty, Singapore Nifty that is the Indian Nifty traded in the Singapore Stock Exchange, indicates a positive opening for the Indian stock market today.
Day trading guide for stock market today
“The short-term trend of Nifty seems to have turned down and the market is now approaching a crucial support zone of around 18,100-18,000 levels, which is expected to be a make or break for the market ahead. Failure to show any sustainable upside bounce from near the said support is likely to open sharp weakness for the market ahead," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The trend looks a bit weak with a rounding top formation on the daily timeframe. The bearish crossover in RSI with a negative divergence suggests weak momentum. Going forward, 18,100 may provide immediate support below which the index may drift down towards 17,750. On the higher end, resistance is visible at 18,200/18,450," said Rupak De, Senior Technical Analyst at LKP Securities.
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