Stocks closed slightly higher on Wednesday helped by an incredible rally in bank shares, although trading cautiously in a narrow range ahead of the minutes of the US Federal Reserve’s November policy meeting. The benchmark Sensex closed 0.15% higher at 61,510, while the Nifty 50 index closed 0.13% higher at 18,267.
The rupee on Wednesday depreciated 26 paise to close at 81.93 against the American currency due to buying of the dollar by banks from importers and rise in crude oil prices overseas. Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares 789.86 crore on Wednesday, according to exchange data.
intraday trading strategy for today
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said that “After opening on a positive note, Nifty touched 18,300 zone and maintained the levels with rangebound movement finally seeing some profit booking and closed on a flat note, with the overall bias remaining positive. The overall sentiment has been maintained positive with 18,000 as a key support area for the Nifty index as stated earlier. Support for the day is seen at 18,100 while resistance is seen at 18,400.
“During the intraday session Bank Nifty made a fresh higher high touching 42850 zone on a gradual uptrend and bias is expected to improve in coming days. PSU banks have been outperforming private banks for quite some time now and are showing strength to continue the momentum going forward. The daily range for Bank Nifty will be 42300-43200 levels,” he added on Bank Nifty.
intraday stock picks for today
Sharing as top picks for Thursday, Prabhudas Lilladher’s Vaishali Parekh recommends two stock to buy Today which are Cummins and Bank of Baroda.
Cummins: Buy Cummins, Stop Loss 1,335, target 1,410
Bank of Baroda: Bank of Baroda Buy Stop Loss 166, target 173
The views and recommendations given above are those 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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