- Nifty Bank touched new high on Thursday on the back of sharp rally in PSU stocks
Equity benchmark Sensex ended four days of losses on Thursday, buoyed by gains in select banking and auto counters. The BSE Sensex closed 160 points higher at 62,570. The NSE Nifty advanced 48.8 points to settle at 18,609. All the major sectoral indexes, barring Nifty IT rose. Nifty Bank touched new high on Thursday on the back of sharp rally in PSU stocks.
“Despite the global worry about Fed aggressive rate hike next week and recessionary fears, domestic market hailed the landslide victory for BJP in Gujarat. Sentiments which had got dented due to hawkish view of RBI on inflation, got a boost from the election outcome. Sentiments further got supported with fall in oil price to nearly 1-year low to below $80/bbl, strong economic data and favourable government policies,” said iddhartha Khemka, Head – Retail Research, Motilal Oswal.
Day trading guide for stock market today –
“The positive chart pattern like higher tops and bottoms is still active and we expect Nifty to bounce back from the support 18450 levels. If the lower support gets broken, then the market could test another lower base of around 18150 levels. Immediate resistance is placed at 18650 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Nifty witnessed a lacklustre trading session as the index failed to give any directional move. For any meaningful directional move Nifty needs to go below 18,500 decisively or above 18,700 on a sustain basis. Support below 18,500, is pegged at 18,350/18,200. On the other hand, above 18,700, resistance is visible at 18,900,” said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts –
Ravi Singh, Vice President and Head of Research, Share India
BUY Canara Bank, target ₹340, stop loss ₹320
Buy NMDC, target ₹135, stop loss ₹121
Manoj Dalmia, Founder and Director, Proficient Equities Pvt Ltd
Buy SBI, stop loss ₹612.75, target ₹618
Buy Ambuja Cements, stop loss ₹589.5, target ₹595.9
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
BUY COROMANDEL INTL, target ₹1,030, stop loss ₹885
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp
