Equity benchmarks began the New Year 2023 on a strong note, with the Sensex climbing 327 points and the Nifty finishing near the 18,200-mark on Monday, helped by an uptick in metals and financials. The BSE Sensex climbed 327 points to settle at 61,167. Similarly, the Nifty advanced 0.51% to 18,197. The market breadth was firmly in favour of the bulls, with 22 advances and only 8 declines.
Day trading guide for stock market today –
“Nifty is continuously tagging the hurdle of down sloping trend line over the last 4-5 sessions. After the downside breakout of said TL on 23rd Dec, the Nifty failed to show any decisive follow-through weakness since then. This could raise some hops for bulls to make a come back. A sustainable move above 18265-18300 levels could pull Nifty towards another hurdle of 18500 levels in a quick period of time. Immediate support is placed at 18080 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Nifty formed a bullish harami pattern on the daily chart, suggesting a reversal in the price trend. The index has moved back above 50 EMA with the strength indicator RSI in a bullish crossover. The trend to remain positive as long as it sustains above 17,950; resistance on the higher end is visible at 18,400,” said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts –
Anuj Gupta, Vice President – Research at IIFL Securities
Steel Authority of India: Buy SAIL, stop loss ₹82, target ₹98
Tata Motors: Buy Tata Motors, stop loss ₹378, target ₹415
Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi
Infosys: BUY Infy at ₹1,525, stop loss ₹1,480, target ₹1,580
Polycab: BUY Polycab at ₹2,580, stop loss ₹2,540, target ₹2,700
Sumeet Bagadia, Executive Director at Choice Broking
Axis Bank: Buy Axis Bank, stop loss ₹920, target ₹960-975
Mahindra and Mahindra: Buy M&M, stop loss ₹1,240, target ₹1,290-1,300
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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