There is a bullish trend in the market for seven consecutive days. The Sensex has crossed the psychological level of 60,150, while the Nifty 50 is nearing the 17,750 level. Market sentiment on Wednesday will be driven by CPI inflation and factory output data. Plus, global trends will add to the mood. Investors will also place bets amid the start of Q4 earnings season with TCS releasing later in the day.
on Tuesday, Sensex It closed at 60,157.72, up 311.21 points or 0.52%. The Nifty 50 jumped 98.25 points or 0.56% to close at 17,722.30.
“The frontline index of NSE Nifty-50 ended on a positive note for the seventh straight session and closed above the level of 17,700, up 0.56%,” said Rohan Patil, technical analyst at SAMCO Securities. Prices traded on the 120-minute chart A higher high formation which indicates that the bulls have the upper hand in the current scenario.”
Patil further said,smelly A Bullish Golden Cross has formed on the daily chart where the 21 DEMA has crossed the 9 DEMA and the price is looking strong to move higher. The index has seen a breakout above its descending channel pattern and the price has closed above a downward-sloping trend line.”
Analyst at SAMCO said, “The overall trend remains in a bullish mode and any downside in the index would be an opportunity to enter new long highs. Support for Nifty is placed around 17,500-17,450 levels and resistance is around 17,900 levels. capped. If Nifty breaks below 17,450, 17,300 will be the next support zone.”
Mitul Shah – Head of Research at Reliance Securities said, “Investors will now await March quarter earnings results which will start this week. 4QFY23 earnings season begins this week with TCS due to report on Wednesday, followed by Infosys Thursday. Investors will be closely watching management’s commentary on the demand environment for Indian IT services in the backdrop of the banking crisis and a slowing economic environment.
The inflation data for March and IIP for February will also come on Wednesday.
“While the Indian economy still faces some macroeconomic headwinds, overall it has been resilient despite a turbulent global environment,” Shah said. However, fears of a recession in the US, higher crude prices and a sub-normal monsoon are likely headwinds. can serve as.” for Indian markets. ,
For Wednesday, Ganesh Dongre, Sr. Manager – Technical Research, Anand Rathi expects Nifty to take support near 17300/17350 with resistance between 18050/18100. While Bank Nifty index seems to be taking support in the range of 40300/40500 with resistance at 41500/41600.
Here’s a list of intraday picks by analysts to buy and sell on Wednesday.
Sumeet Bagadia, Executive Director, Choice Broking:
- Buy AU Small Finance Bank with a stop loss of a target price between 560 and 590-600
- Buy Bajaj Finserv with a stop loss of 1,305 for a target price between 1350–1375
Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi:
3. Buy Sonata Software from here With a stoploss of 880 for a target price of 896 915
4. Buy ITC from here with a stop loss of 396 for target price of 388 410
Anuj Gupta, Vice President – Research at IIFL Securities:
5. Buy Kotak Mahindra Bank with stop loss 1818 for target price of 1890
6. Buy State Bank of India with stop loss for a target price of 514 555
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher:
7. Buy Lemon Tree at 77 with stop loss 75 and target 82
8. Buy Jindal Steel at 563 with a stoploss of 554 and target of 585
9. Buy Escorts at 1895 with a stoploss of 1870 and a target of 1950
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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