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Trade Setup | Things To Know Before Market Opening - 20 Mar 2023 Monday
Equity benchmarks Sensex and Nifty overcame bouts of volatility to settle in the green for the second straight session on Friday. The BSE Sensex rose 355 points to settle at 57,989. The NSE Nifty gained 0.67% to end at 17,100. In the broader market, the BSE midcap gauge climbed 0.29% and smallcap index advanced 0.69%. Meanwhile, the rupee settled 18 paise higher at 82.58 against the US dollar on Friday.
Day trading guide for stock market today -
"Nifty on the weekly chart has formed a long bear candle with lower shadow. The negative chart pattern like lower tops and bottoms is intact on the daily chart and the swing low of Thursday at 16850 could be considered as a new lower bottom of the sequence. One may expect Nifty to move up from here towards the next overhead resistance of 17300-17350 levels. Immediate support is at 16950 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“A Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. On the higher end, immediate resistance is placed at 17250, where the bears might try to return to the market. However, if bulls take the Nifty above 17250, the index may move towards 17500–17600. On the lower end, support remains intact at 16950," 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 Lupin at ₹658, stop loss ₹640, target ₹685
Buy Britannia at ₹4,367, stop loss ₹4,300, target ₹4,430
Rajesh Bhosale, Technical Analyst, Angel One
Buy PIDILITIND, stop loss ₹2,310, target ₹2,410
Buy DABUR, stop loss ₹527, target ₹551
Sumeet Bagadia, Executive Director at Choice Broking
Buy ICICI Bank, stop loss ₹820, target ₹850-860
Buy Bata, stop loss ₹1,400, target ₹1,440-1,450
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Buy ICICI Bank at ₹836, stop loss ₹822, target ₹860
Buy UPL at ₹715, stop loss ₹703, target ₹737
Buy Persistent at ₹4,651, stop loss ₹4,580, target ₹4,800
The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock.
Coal India Ltd
Punjab National Bank
Gujarat State Petronet Ltd