BackBuy or sell: Vaishali Parekh recommends buying in 3 stocks today - 24 May
The levels near 18,100 would be the crucial support zone while on the upper side, a decisive breach above 18,400 is necessary to establish a confirmation for further fresh upward move with next targets of 18,700-18,850 levels, according to Parekh.
PremiumDomestic equity benchmark Sensex ended flat on May 23 as gains in shares of select heavyweights, such as ITC, Infosys and Bajaj Finserv were offset by losses in those of Kotak Mahindra Bank, Larsen & Toubro and HDFC Bank.
The benchmark index, after opening 135 points higher at 62,098.16, remained in the green for the most part of the day but succumbed to profit booking during the end of the session amid mixed global cues. Nifty settled with a gain of 34 points, or 0.18 per cent, at 18,348.
In broader markets, mid and smallcaps outperformed their larger peers as the BSE Midcap and Smallcap indices rose 0.43 per cent and 0.11 per cent higher, respectively. Even though the market benchmarks ended flat, as many as 128 stocks, including the large caps Godrej Consumer Products, DLF, Indian Oil Corporation, among others hit their 52-week highs in intraday trade on BSE.
Also Read: FIIs buying slows sharply, inflow at ₹182.5 cr; DIIs outrun with ₹397 crore investment
On Tuesday, several major companies including Biocon, Fortis Healthcare, Dixon Technologies, Amara Raja Batteries, NMDC, Metro Brands, CMS Infosystems, JSW Energy, Dreamfolks Services declared their Q4FY23 results. On May 24, Nykaa, IRCON, Hindalco, Oil India, ICRA, LIC and others will declare their respective Q4FY23 results.
Day trade guide by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher for Wednesday's session:
She said that after opening on a positive note, Nifty witnessed resistance near the important 18,400 zone to cool off in the final hours shedding some gains but the overall trend is maintained positive anticipating for further gains.
The levels near 18,100 would be the crucial support zone while on the upper side, a decisive breach above 18,400 is necessary to establish a confirmation for further fresh upward move with next targets of 18,700-18,850 levels, according to Parekh.
‘’BankNifty has been hovering near the 44,000 zone for quite some time witnessing a solid consolidation and with a decisive breach above the 44,200 zone would trigger for fresh breakout anticipating for further rise in the coming days. Most of the frontline banking stocks are well placed, technically and has scope for further gains in the coming days, as we foresee a fresh upside targets of 45,900-46,000 levels. The support for the day is seen at 18,250 levels while the resistance is seen at 18,500 levels. BankNifty would have the daily range of 43,600-44,200 levels,'' she added.
Parekh recommends buying the following stocks:
Buy Eicher Motors at 3,601 with a stoploss of 3,555 and a target price of 3,700
Buy REC LTD at 130.50 with a stoploss of 128 and a target price of 136
Buy Mazagon Dock Shipbuilders at 770 with a stoploss of 757 and a target price of 804.
Nifty Spot Index
Support – 18250/18200
Resistance - 18500/18550
Bank Nifty Spot Index
Support – 43600/43550
Resistance – 44200/44250
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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