- The Nifty index has the immediate support zone of 18500 levels and can expect some consolidation as of now, said Vaishali Parekh
Benchmark indices Sensex and Nifty snapped an eight-session winning streak on Friday, but held on to weekly gains. The S&P BSE Sensex closed 0.66% down at 62,868.5, while the Nifty 50 index settled 0.62% lower at 18,696 on Friday. For the week, the Sensex and Nifty rose 0.92% and 0.99%, respectively, boosted by expectations of smaller rate hikes by the Fed from its December policy meeting. The Nifty Midcap 100 outperformed its larger peers, climbing 4.5% in the last eight days.
The rupee pared its initial gains to settle down by 7 paise at 81.33 against the US dollar on Friday as the support from weak dollar was negated by weak domestic markets and gains in crude oil prices.
Asian equities rose on Monday amid gains in materials stocks and Chinese shares as traders bet on further reopening of China from Covid restrictions.
Intraday trading strategy for today
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said that the “Nifty has taken a temporary halt near the 18900 zone and witnessed some profit booking to close near the 18696 levels with some of the heavyweight stocks like M&M, HUL, HDFC Ltd, Infy, TCS, ICICI Bank and L&T shedding some their gains from the peak levels. The index has the immediate support zone of 18500 levels and can expect some consolidation as of now. The support for the day is seen at 18600 while the resistance is seen at 18850.”
On Nifty Bank she added, “BankNifty, as said earlier, continue to move within a range between the 42700 and 43400 levels and would need a decisive breach above to carry on the momentum further upward. BankNifty would have the daily range of 42700-43600 levels.”
Intraday stocks picks for today
Sharing as the top picks for Monday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Apollo Hospitals and Tech Mahindra.
Apollo Hospitals: BUY Apollo Hospitals, stop loss ₹4,780, target ₹5,000
Tech Mahindra: Buy TECH MAH, stop loss ₹1,095 , target ₹1,150
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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