Trade Setup | Things To Know Before Market Opening - 15 Mar 2023 Wednesday
Sensex declined nearly 338 points to close below the 58,000 level on Tuesday, marking its fourth straight day of losses while Nifty declined 111 points or 0.65 per cent to end at a five-month low of 17,043.
Day trading guide for stock market today -
“The short term trend of Nifty continues to be weak. Having moved into oversold region, there is a possibility of upside bounce from near 17000-16800 levels in the short term. Immediate resistance is at 17250 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The overall trend remains bearish as prices are trading in a lower low formation but an immediate bounce back from current levels cannot be ruled out. The support for the Nifty is placed at around 16,950 –16,900 levels and resistance is capped at 17,400 – 17,500 levels," said Rohan Patil, Technical Analyst, SAMCO Securities.
“Nifty has been pricing in the US banking crisis and an impending rate hike of 25–50 basis points. Going forward, 16950 will likely act as crucial support for the index. Only a breakdown below 16950 may trigger further correction. On the higher end, resistance is visible at 17150-17200," said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts -
Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi
BUY United spirit at ₹769, stop loss ₹755, target ₹790
BUY M&M financial at ₹243, stop loss ₹234, target ₹254
Anuj Gupta, Vice President & Research at IIFL Securities
Buy TITAN, stop loss ₹2290, target ₹2450
BUY BPCL, stop loss ₹309, target ₹345
Buy COALINDIA, stop loss ₹213, target ₹233
Sumeet Bagadia, Executive Director at Choice Broking
Buy CONCOR, stop loss ₹575, target ₹600-610
Buy Titan, stop loss ₹2320, target ₹2400-2425
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
BUY INDIAN HOTEL at ₹315, stop loss ₹310, target ₹325
BUY CUMMINS at ₹1682, stop loss ₹1655, target ₹1717
BUY M&M FIN at ₹243, stop loss ₹239, target ₹252
The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock.