• According to Vaishali Parekh, support for the day is seen at 18,100 while resistance is seen at 18,400 for the Nifty.
Benchmark indices snapped three-day losses on Tuesday, helped by gains in IT and metal stocks and improving global investor sentiment. However, concerns over Covid-induced restrictions in China and looming minutes of the US Federal Reserve's final policy meeting to be released on Wednesday restricted further gains in domestic markets.
On the other hand, the rupee strengthened by 12 paise to close at 81.67 against the US dollar on Tuesday as the American currency retreated from higher levels. Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth ₹697.83 crore, according to exchange data.
intraday trading strategy for today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd. said that “Nifty has so far taken support near 18,140 area and has indicated a pullback with better bias expecting further upside bias in coming days. The overall sentiment has maintained a cautiously positive outlook with 18,000 as a key support area for the Nifty index. Support for the day is seen at 18,100 while resistance is seen at 18,400 for the index.
On Bank Nifty, he said that "Bank Nifty, as stated earlier, is moving within a range between 42,600 and 42,200 zone, witnessing some consolidation with some leading frontline banking stocks, showing stability And most of the PSU banks are outperforming private banks and showing active participation. Further more positive moves are expected to participate. The daily range of Bank Nifty will be 42,100-43,000 levels.
intraday stock picks for today
Sharing as top picks for Wednesday, Vaishali Parekh of Prabhudas Lilladher recommends two stocks to buy today which are Titan and Koforge.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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