 |
|
The Nifty 50 and Sensex witnessed cautious trade and settled flat in the previous session, with most stocks suffering losses due to weak global cues, lack of fresh triggers, and the market's rich valuation.
However, in the broader markets, the mid and smallcap indices hit their fresh record highs during the session. The BSE Midcap index hit its fresh all-time high of 43,223.69 before settling 0.34 per cent higher at 43,191.88. The BSE smallcap index hit its fresh record high of 48099.29 during the session but could not hold gains and settled with a loss of 0.18 per cent at 47,873.56.
Sector-wise, metals, PSU banks, energy, and media were among the major gainers, while private banks, FMCG, and financial services were among the major laggards. The market's fear gauge or the volatility index, ‘India VIX’, hit its fresh 52-week high of 22.30 during yesterday's session. At close, it was 6.26 per cent up at 21.81.
During the session, the overall market capitalization of the firms listed on the BSE hit the milestone of $5 trillion for the first time, driven by all-round buying seen in the mid and small-cap segments. At closing, the total valuation of the exchange-listed companies stood at an all-time high of ₹4,14,62,306.56 crore ($4.97 trillion), according to BSE.
For today's trading session, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, expects the Nifty 50 to sustain levels near 22,400 zone and a decisive breach above 22,600 levels could further strengthen the trend towards the next target of 22,900 level.
Parekh added that for Nifty 50, the support for the day is seen at 22,400 levels while the resistance is seen near 22,650 levels. Bank Nifty would have a daily range of 47,800-48,400 levels.
Based on her analysis, Parekh recommends three intraday stocks for buying today: BPCL, Cipla, and GNFC.
She suggests buying BPCL at ₹644 with a target of ₹672 and a stop loss of ₹630, buying Cipla at ₹1,442 with a target of ₹1,495 and a stop loss of ₹1,412, and buying GNFC at ₹673.35 with a target of ₹700 and a stop loss of ₹660.
Source: Buy or sell: BPCL to Cipla, Vaishali Parekh recommends three stocks to buy today — May 22