- The support for the day for Nifty is seen at 18,050 while the resistance is seen at 18,350, said Vaishali Parekh
The Indian stock market welcomed new year 2023 on a high spirit on the first trading day of the year on Monday. Nifty opened higher and remained in positive territory throughout the day to close with gains of 92 points at 18197 levels whereas Sensex rose 0.5% to settle at 61,167 while majority sectors ended in the green.
The rupee started the New Year on a muted note, declining 17 paise to close at 82.78 against the US dollar on Monday amid rising crude oil prices and sustained foreign fund outflows.
Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market on Monday, as they offloaded shares worth ₹212.57 crore, as per the exchange data.
Intraday trading strategy for today
Nifty view by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd
“Nifty has maintained the 18000 zone as the strong support as of now and currently, some consolidation is witnessed hovering near the significant level of 50EMA moving average with the 18250-18300 band acting as the crucial resistance zone above which the bias and sentiment would further improve and can anticipate for fresh upward move to retest the previous peak zone near 18900 levels. Once again, the overall bias and sentiment is maintained with a cautiously positive approach till further clarity and conviction is established. The support for the day is seen at 18050 while the resistance is seen at 18350.”
Bank Nifty View
“Bank Nifty also moving sideways for the past 2-3 sessions with tight resistance witnessed near 43400-43500 zone and would need a decisive breakout above these levels to establish a clear directional upward move in the coming days. Bank Nifty would have the daily range of 42800-43600 levels,” said Parekh.
Intraday stocks picks for today –
Sharing as the top picks for Tuesday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are GMR Infra and Coromandel International.
GMR Infra: Buy GMR Infra at ₹40.75, stop loss ₹40, target ₹42
Coromandel International: Buy COROMANDEL INTL at ₹897, stop loss ₹888, target ₹927
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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