Markets continued to rally for the second consecutive session on Tuesday, driven by select banking and financial services, oil and gas, FMCG and metals stocks, even as investors turned cautious tracking March quarter data and economic indicators. that do not paint an upbeat picture. growth and corporate earnings.
BSE Sensex The Nifty closed at 60,130.71, up 75 points or 0.12 per cent, while the broader Nifty closed at 17,769.25, up 26 points or 0.15 per cent.
Bank Nifty closed at 42,678.50, up 42.75 points or 0.10%.
The market sentiment remained cautious amid ongoing concerns over the rate hike, its impact on economic growth and drag on corporate profitability.
On Wednesday, several large companies such as Maruti Suzuki, Bajaj Finance, SBI Life, HDFC Life and Indus Towers will present their Q4 numbers. While on Thursday IT giants Tech Mahindra, Wipro, FMCG Hindustan Unilever and others are set to announce their earnings.
Day Trade Guide for Wednesday’s session by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher:
That said, Nifty continued to move higher in the morning session but saw some resistance near the crucial 17800 area and some profit booking activity with a marginal close in the green near 17750 area.
“With the overall bias and sentiment remaining positive, the index needs to cross 17800 zone decisively for further upside move with next target expected near 18200-18300 zone. Banknifty also saw a hurdle near 42850 level stopping the upward journey but maintaining positive trend and bias expecting further gains in coming days. Near term support remains strong near 42000 area and near term target is set near 43600-43700 levels. Support for the day can be seen at 17650 levels while resistance can be seen at 17900 levels. The daily range for BankNifty will be 42300-43200 levels,” he said.
Parekh recommends the following stocks to buy:
Buy BSE Limited at 494 with stop loss at 530 and target price at 480
Buy RCF at Rs 107 with stop loss Rs 115 and target Rs 104
Buy L&T at 2247 with a stop loss of 2215 and target of 2330
nifty spot index
Support – 17650/17600
Resistance – 17900/17950
bank nifty spot index
Support – 42300/42250
Resistance – 43200/43250
Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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