• Nifty Bank touched new high on Thursday due to rally in PSU stocks
Equity benchmark Sensex on Thursday ended with four-day decline led by gains in select banking and auto counters. The BSE Sensex closed at 62,570, up 160 points. The NSE Nifty closed at 18,609, up 48.8 points. Barring Nifty IT, all the major sectoral indices advanced. Nifty Bank touched new high on Thursday amid rally in PSU stocks.
"Despite global concerns about Fed aggressive rate hike next week and fears of recession, domestic market hailed massive victory for BJP in Gujarat. Sentiments which were boosted by RBI's aggressive approach on inflation, were further boosted by the election results. Sentiments got a boost. Further oil prices found support from near 1-year low of $80/bbl, with strong economic data and favorable government policies," said Siddharth Khemka, Head - Retail Research, Motilal Oswal Told.
Today's trading guide for stock market -
“Positive chart patterns like higher tops and bottoms are still active and we expect Nifty to bounce back from 18450 level support. If the lower support breaks, the market could test the lower base around 18150 levels. The immediate resistance is placed at 18650 levels, said Nagaraj Shetty, Technical Research Analyst, HDFC Securities.
“Nifty witnessed a weak trading session as the index failed to give any directional move. For any meaningful directional move, the Nifty needs to break decisively below 18,500 or above 18,700 on a sustained basis. Support below 18,500 is pegged at 18,350/18,200. On the other hand, above 18,700, resistance is visible at 18,900," said Rupak Dey, senior technical analyst at LKP Securities.
Shares to buy today according to the recommendations of the analysts -
Ravi Singh, Vice President and Head of Research, SHARE India
Buy Canara Bank, target ₹340, stop ₹320
Buy NMDC, target ₹135, stop ₹121
Manoj Dalmia, Founder & Director, Kushal Equities Pvt Ltd
Buy SBI, stop loss at ₹612.75, target ₹618
Buy Ambuja Cements, stop loss ₹589.5, target ₹595.9
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Buy Coromandel INTL, target ₹1,030, stop ₹885
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