Key equity indices the Sensex and the Nifty ended lower on Tuesday after two days of rally, dragged down by index majors HDFC twins and Reliance Industries.
Sensex opened 128 points higher at 62,474.11 but fell 498 points in intraday trade on profit booking, in the absence of any positive trigger, before closing with a loss of 413 points, or 0.66 per cent, at 61,932.47 while the Nifty closed at 18,286.50, down 112 points, or 0.61 per cent.
Nifty Bank index ended 0.38 per cent down at 43,903.70. Barring Nifty PSU Bank (up 0.72 per cent), IT (up 0.18 per cent) and Consumer Durables (0.02 per cent), all sectoral indices ended in the red, with Media (down 1.38 per cent) falling the most.
Day trade guide by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher for Wednesday's session:
She said, Nifty found resistance near the 18400 zone and slipped with profit booking witnessed to close in the red near 18300 with some of the frontline stocks cooling shedding their gains.
“The 18200 level would be the crucial support zone and upside now 18450 has become the resistance barrier which need to be breached to carry on the upward journey ahead. BankNifty also witnessed a halt near the peak zone of 44150 and taking a breather with some profit booking witnessed ended below the 44000 zone near 43900 levels. The index has the important support zone near 43700 levels breaching which the short-term bias can turn negative. The support for the day is seen at 18200 levels while the resistance is seen at 18400 levels. BankNifty would have the daily range of 43500-44300 levels," she added.
Parekh recommends buying the following stocks:
Buy Exide Industries at 194.50 with a stop loss 190 and a target price of 205
Buy UBL at 1448 with a stop loss 1425 and target price of 1505
Buy DCAL at 129.50 with a stop loss 135 and target 127
Nifty Spot Index
Support – 18200/18150
Resistance - 18400/18450
Bank Nifty Spot Index
Support – 43500/43450
Resistance – 44300/44350
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.
Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the testBuy or sell: Vaishali Parekh recommends buying in 3 stocks today — 17 May | Mint - Mint
Read More
No comments:
Post a Comment