Fag-end buying helped domestic equity benchmarks the Sensex and the Nifty end higher on Tuesday (June 20) despite weak global cues after China cut interest rates by less than expected.
Sensex closed with a gain of 159 points, or 0.25 per cent, at 63,327.70 while the Nifty ended at 18,816.70, up 61 points, or 0.33 per cent.
Mid and smallcaps continued their outperformance. The BSE Midcap index ended 0.47 per cent higher at 28,442.44 while the BSE Smallcap index rose 0.40 per cent to 32,497.76. The smallcap index hit its fresh all-time high of 32,533.75 in intraday trade.
While Nifty Bank was up by 0.30 per cent to 43,766.50.
Day trade guide by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher for Wednesday's session:
She said, Nifty after touching the low near 18660 level during the intraday session witnessed a decent and strong recovery to improve the bias and closing above the 18800 zone has increased the hopes for further rise to create history by making the all time H=high level in the coming session.
“The near-term support of 18670 zone remains intact and can anticipate for further short-term targets of 19160-19200 levels once the previous peak zone levels are breached decisively. BankNifty also recovered from 43350 zone of the 50EMA levels and managed to end in the green with active participation witnessed in the final hours of the session among the Banking and Financial service stocks. The index would have the major support near 43000 zone whereas the 44500 levels would remain as the crucial resistance barrier which needs to be breached decisively. The support for the day is seen at 18700 levels while the resistance is seen at 18950 levels. BankNifty would have the daily range of 43400-44100 levels,” she said.
Parekh recommends buying the following stocks:
Buy Eicher Motors at 3562 with a stop loss 3510 and a target price of 3675
Buy Railtel at 130 with a stop loss 128 and target price of 135
Buy Exide Industries at 220 with a stop loss 216 and target price of 230
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.
