Ajit Mishra, SVP – Technical Research, Religare Broking Ltd. said,” Markets oscillated in a range and ended flat, taking a breather after the recent dip. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein metal and auto decent gains. We saw selective participation from the broader front as the midcap index edged higher while smallcap “closed almost unchanged.”
Indications are in favour of further consolidation in the index and the upcoming monthly expiry of July month derivatives contracts would keep the volatility high. Besides, the performance of the US market will also be in focus for cues. We thus recommend preferring hedged trades until Nifty resumes the trend.”
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. said, “Nifty overall had a rangebound session resisting near 19700 levels with some volatility witnessed during the mid-session taking support near the 19600 zone and closed on a flat note near 19700 levels. The crucial support zone of 19600 levels was maintained with some mixed trend witnessed among the sectors with the metal pack gaining strength while FMCG shedding some of its gains. BankNifty once again slipped during the initial hours but took support near the 45600 zone during the intraday session and recovered to close almost on a flat note near 45850 levels. The level of 45500 is still maintained as the near-term strong support zone whereas the 46200 level is acting as an important hurdle that needs to be breached to trigger for fresh upward move. The support for the day is seen at 19600 levels while the resistance is seen at 19800 levels. BankNifty would have a daily range of 45500-46300 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1) Buy Zen Tech at 631, stop loss 622, Target 665
2) Buy SBI Cards at 876, stop loss 863, Target 920
3) Buy Bharat Forge at 867, stop loss 854, Target 915
Nifty Spot Index
Support – 19600/19550
Resistance – 19800/19850
Bank Nifty Spot Index
Support – 45500/45450
Resistance – 46300/46350
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Updated: 26 Jul 2023, 06:17 AM IST