Equity indices closed higher for the fourth day on Tuesday, buoyed by positive macroeconomic data and a bullish trend overseas. Global markets continued their winning streak ahead of key central bank meetings this week. A recovery in the rupee and frequent foreign fund inflows added to the momentum.
For the first time since January 17 this year, the 30-share BSE Sensex climbed 374.7 points to close at 61,121. Similarly, on Tuesday, Nifty closed at 18,145 with a gain of 0.7%.
for day trading guide stock market today
“Tuesday candlestick pattern indicates higher wave formation and this indicates market volatility at higher levels. Generally, such high wave formations at highs/constraints indicate caution for a long time. But, Still no reversal is confirmed. Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The pattern is emerging at higher levels. The next upside level to be seen around 18500 and immediate support is placed at the 18080 level.”
“Indian Nifty remained strong throughout the session after opening higher. On the daily chart, the index has moved above the previous swing high. The daily RSI is in a bullish crossover. As long as it stays above 18000, the trend remains strong. At the higher end, resistance appears at 18300,” said Rupak Dey, Senior Technical Analyst, LKP Securities.
Buy Stock Today as per Analyst Advice –
Sumeet Bagdia, Executive Director, Choice Broking
Grasim Industries : Buy Grasim, Stop Loss 1,725, Target 1,800
Adani Ports: Buy Adani Ports, Stop Loss 820, target 860/875
Ravi Singh, Vice President and Head of Research, SHARE India
Oil and Natural Gas Corporation (ONGC): Buy ONGC, Target 142, stop loss 131
Tata Motors: Buy Tata Motors, Target 430, stop loss 412
Manoj Dalmiya, Founder and Director, Proficient Equities
Adani Ports: Buy Adani Ports, Stop Loss 846, Target 859
Tata Motors: Buy Tata Motors, Stop Loss 423.0, Target 427.7
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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