Vaishali Parekh said that Nifty index has an immediate support area of 18500 levels and can expect some consolidation right now
Benchmark indices Sensex and Nifty snapped eight-session winning streak on Friday but pared weekly gains. The S&P BSE Sensex closed at 62,868.5, down 0.66% on Friday, while the Nifty 50 index closed at 18,696, down 0.62%. For the week, the Sensex and Nifty rose 0.92% and 0.99% respectively, boosted by expectations of a smaller rate hike by the Fed ahead of its December policy meeting. Nifty Midcap 100 outperformed its larger peers by climbing 4.5% in last eight days.
On Friday, the rupee's early gains declined 7 paise to close at 81.33 against the US dollar, as support to a weaker dollar was negated by weak domestic markets and a rise in crude oil prices.
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Asian shares rose on Monday amid gains in materials stocks and Chinese shares as traders placed bets on China's reopening from Covid restrictions.
intraday trading strategy for today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd said that “Nifty has taken a tentative halt near 18900 zone and witnessed some profit booking with some heavyweights like M&M, HUL, HDFC Ltd, Infy, TCS, ICICI Bank and L&T moving to close near 18696 levels Is. Their profit from peak levels. The index has an immediate support area of 18500 levels and can expect some consolidation now. Support for the day can be seen at 18600 while resistance can be seen at 18850."
On Bank Nifty he said, "BankNifty, as stated earlier, continues to move within a range between 42700 and 43400 levels and a decisive breach above would be required to take the momentum further higher. BankNifty The daily range will be 42700-43600 levels."
intraday stock picks for today
Sharing as 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
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