Buying and Selling: Metals, banking, consumer durables and capital goods stocks edged higher on Monday despite weak global cues in Indian markets. In a single day, the benchmark Sensex has gained more than 500 points and the Nifty 50 has gained about 144 points. With the next day trading session, Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher has recommended two stocks for intraday traders. These stocks are BSE and INOX Leisure.
Global markets are under pressure as concerns rise over economic growth due to higher levels inflationFears of a recession coupled with an aggressive monetary policy outlook, mixed US job figures, Russia halting gas supplies to the EU, and escalating energy positions in Europe.
Back at home, home equity saw broad-based buying. Smallcap stocks outperformed, while midcap stocks outperformed shares Contributed to the boom on Monday. Also, India’s PMI Business Activity Index rose from a four-month low in July to 57.2 in August, adding to market sentiment.
The Sensex closed at 59,245.98, up 442.65 points or 0.75%. The Nifty 50 closed at 17,665.80, up 126.35 points or 0.72%.
Here’s what Vaishali Parekh recommends for Tuesday’s trading session
He said, “Nifty has once again moved above the 17600 zone, the daily trend has corrected further adding that further upside needs to cross the 17700-17750 resistance barrier. Banknifty has shown strength to close above the peak zone of 39750 level and more positive move is expected in the coming days.
“With midcap and small-cap stocks showing active participation in the recent days as well as further upside expectations, the overall bias and sentiment has improved significantly. Support for the day is seen at 17550 while resistance is seen at 17800 Banknifty has a daily range of 39400-40300 levels,” he said.
Prabhudas Lilladher’s Experts Have Two Choices
Buy on BSE 657. with stop loss of 642 more target 690
Inox Vacations – Buy On with a stop loss of 523 target price of 510 and 555.
Parekh expects Nifty spot index to have support at 17550/17500 and resistance at 17750/17800. While Bank Nifty spot index is seeing support around 39400/39350 and resistance around 40300/40350.
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