The 30-share BSE Sensex ended higher by 742.06 points or 1.14 per cent at 65,675.93 level while the Nifty 50 closed at 19,675.45 level, up 231.90 points or 1.19 per cent. Nifty 50 index opened higher and hit intraday high of 19,653 levels, logging 210 points gain during Wednesday session against its Monday close of 19,443 mark.
The broader market was at par with the benchmark indices, the Nifty Midcap 100 closed 0.91 per cent higher and Nifty Smallcap ended 1.27 per cent higher.
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On the outlook for Nifty 50, Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said, ‘’The index has managed to remain above the crucial 19,400 zone, which is quite important to maintain the bias and sentiment intact as of now.”
‘’As said earlier, once a decisive move past the 19,650 zone is established, a clear directional move with conviction is anticipated. The support for the day is seen at 19,400, while the resistance is seen at 19,750,” added Parekh.
The analyst has picked out the top 10 technical picks with a ‘buy’ call on each with peak potential returns in the range of 1.12 per cent – 9.91 per cent. Here are the top technical picks:
Prabhudas Lilladher’s top 10 technical picks by Vaishali Parekh:
1.Hindustan Oil Exploration Co. Ltd: ‘Buy’ at target of ₹192, with a stop loss of ₹154 and peak return of 6.02 per cent
2.Hindustan Copper: ‘Buy’ at target of ₹175, with a stop loss of ₹138 and peak return of 9.91 per cent
3.Indian Railway Finance Corporation (IRFC): ‘Buy’ at target of ₹90, with a stop loss of ₹64 and peak return of 4.84 per cent
4.IDFC Ltd: ‘Buy’ at target of ₹135, with a stop loss of ₹108 and peak return of 3.70 per cent
5.Aditya Birla Capital Ltd: ‘Buy’ at target of ₹195, with a stop loss of ₹165 and peak return of 3.12 per cent
6.Housing & Urban Development Corporation Ltd: ‘Buy’ at target of ₹94, with a stop loss of ₹76 and peak return of 1.23 per cent
7.Jindal Stainless: ‘Buy’ at target of ₹530, with a stop loss of ₹445 and peak return of 4.33 per cent
8.Steel Authority of India (SAIL): ‘Buy’ at target of ₹100, with a stop loss of ₹82 and peak return of 3.68 per cent
9.Bharat Electronics (BEL): ‘Buy’ at target of ₹164, with a stop loss of ₹132 and peak return of 1.55 per cent
10.Bank of India: ‘Buy’ at target of ₹120, with a stop loss of ₹99 and peak return of 1.22 per cent.
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Technical View:
Nifty has decisively crossed the trend line hurdle and looks set to test 19,850 now, according to analysts. ‘’Interestingly, noticeable contributions from heavyweights like Reliance, Infosys and TCS, which were on the sidelines, largely fuelled the up move. And, we expect their participation to continue thus reiterating our view to maintain a “buy on dips” approach and focus on stock selection,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
On the outlook for Bank Nifty, Vaishali Parekh said that the index has also witnessed a range bound session for quite some time, hovering between 43,500 and 44,200 levels, and would need a decisive breach above the important 50-period DMA level of 44,250 to establish some conviction.
‘’PSU Bank has outperformed PVT Bank in the last session and looks good in the coming days. The index would have an important support zone of 43,300 of the significant 200-period MA, which needs to be sustained and expects a further rise from current levels. Bank Nifty would have a daily range of 43,600–44,600 levels,” said Parekh.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 15 Nov 2023, 06:39 PM IST