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Trade Setup | Things To Know Before Market Opening - 13 Mar 2023 Monday
Day trading guide for today: Following negative global cues after the Silicon Valley Bank news of bankruptcy, Indian stock market ended lower on second day in a row on Friday. NSE Nifty lost 176 points and closed at 17,412 levels while BSE Sensex dipped 671 points and closed at 59,135 mark. Nifty Bank index crashed 771 points and finished at 40,485 levels. Broad market indices fell less than the Nifty even as advance decline ratio fell more to 0.60:1.
Highlighting the reason for weak global cues, Deepak Jasani, Head of Retail Research at HDFC Securities said, "European and Asian equities dropped on Friday as fears over the health of banks’ bond portfolios (reflected in troubles emanating at a Silicon Valley-based lender) compounded investors’ nervousness ahead of the publication of key US jobs data and next week’s US Fed meet."
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The short term trend of Nifty continues to be weak. Having formed an unfilled downside gap and a formation of positive candle pattern of Friday indicates possibility of minor upside bounce for the market, which is likely to be a sell on rise opportunity for next week. Immediate resistance for Nifty is around 17,600 levels and the next lower supports to be watched at 17,250 levels."
Unveiling intraday trading tips for Monday session, Ruchit Jain, Lead Research at 5paisa.com said, "Traders are advised to trade with a stock specific approach and keep a watch on the global markets which are likely to dictate the near term trend."
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 6 stocks to buy today.
1] Zydus Lifesciences: Buy at CMP, target ₹485 to ₹490, stop loss ₹465
2] Maruti Suzuki India Ltd or MSIL: Buy at CMP, target ₹8750 to ₹8800, stop loss ₹8475
3] Tata Motors: Buy at CMP, target ₹450, stop loss ₹420
4] NTPC: Buy at CMP, target ₹190, stop loss ₹174
5] HDFC Life: Buy at ₹490, target ₹505, stop loss ₹483
6] BHEL: Buy at ₹77, target ₹82, stop loss ₹74.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock. We advise investors to check with certified experts before taking any investment decisions.
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