Stocks closed largely flat on Monday as upbeat November services activity data helped reverse earlier losses in the final minutes of a volatile session. The S&P BSE Sensex closed 0.05% lower at 62,834.6. The NSE Nifty 50 index settled 0.03% higher at 18,701. In the broader market, BSE smallcap gauge climbed 0.25% and midcap index advanced 0.10%.
The rupee pared its initial gains to settle down by 52 paise at a nearly two-week low of 81.85 against the US dollar on Monday weighed down by weak domestic markets, forex outflows and a rise in crude oil prices.
Meanwhile, for Tuesday, Indian indices may witness a lower start as SGX Nifty, Singapore Nifty that is the Indian Nifty traded in the Singapore Stock Exchange, indicates a gap down opening for the Indian stock market today.
Intraday trading strategy for today
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said that the “Nifty witnessed a volatile session hitting an intraday low of 18591 levels recovering thereafter to resist near 18720 zone just to close near the 18700 levels on a flat note. The index, as said earlier, has the immediate support zone of 18500 levels and can expect some consolidation as of now. The support for the day is seen at 18600 while the resistance is seen at 18850.”
On Nifty Bank, she added, “Bank Nifty once again has been gripped between the tight range of 42800 and 43300 levels which has been going on for quite some time and would need a decisive breakthrough for the fresh upward move. Bank Nifty would have the daily range of 42800-43700 levels.”
Vaishali Parekh’s intraday 2 top stock picks for today
Sharing as the top picks for Tuesday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Can Fin Homes and Jubilant Food.
Can Fin Homes: Buy CAN FIN HOMES, stop loss ₹555, target ₹580
Jubilant Food: Buy JUBLFOOD, stop loss ₹545, target ₹570
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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