Indian stocks closed higher on Monday, led by broad-based gains and rally in IT stocks as TCS started the earnings season after market hours. As many as 44 out of 50 stocks on the Nifty 50 posted gains, leading the benchmark index to close 1.35% higher at 18,101. The BSE Sensex closed at 60,747, up 1.41%. Both the indexes posted their biggest intraday gains in nearly two months after posting weekly losses of over 1% in the first week of 2023.
Meanwhile, for Tuesday, the Indian indices may see a muted start as SGX Nifty, Singapore Nifty which is the Indian Nifty traded on the Singapore Stock Exchange, indicated a flat start for the Indian stock market today.
intraday trading strategy for today
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd
“Nifty once again took support near 17800 area and witnessed a decent pullback to touch 18140 area during the intraday session to correct bias and sentiment to some extent. The index has reversed daily trendline after 3 days and needs to decisively breach the 18250 area to establish some conviction and clarity for further uptrend continuation. Support for the day can be seen at 18000 while resistance can be seen at 18250.
nifty bank see
“Bank Nifty also saw good recovery from lows of 41900 zone and closed above 42500 levels to regain some lost momentum. Some positive moves in frontline banking stocks like Axis Bank, IndusInd Bank and Kotak Bank Watched and may remain more bullish in coming days.Session as well.Daily range of banknifty will be 42200-43000 levels.
Intraday Stock Picks for Today –
Sharing as top picks for Tuesday, Prabhudas Lilladher’s Vaishali Parekh recommends two stock to buy Today which are Canara Bank and Hindustan Unilever Limited (HUL).
Canara Bank: Buy at Canara Bank 326 stop loss 320, target 338
HUL: Buy at Hind UNILVR 2,624, Stop Loss 2,584, target 2,708
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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