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The Indian stock market closed the Friday session higher due to positive global market sentiment. The NSE Nifty index increased by 181 points to close at 19,435 levels, the BSE Sensex increased by 555 points to conclude at 65,387 levels, and the Bank Nifty index increased by 446 points to close at 44,436 levels. Even though the advance decrease ratio stayed steady at 1.69:1, broad market indices increased less than the important benchmark indices. Read further to know the strategy for trading this Mondy.
Your trading strategy for Monday
According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the Nifty has recovered from the 19,250 to 19,270 zone for a fourth time, and its strong closing price near 19,450 on Monday suggests optimistic feelings about the Dalal Street trend. The expert from Prabhudas Lilladher continued, “19,550 is immediate resistance for Nifty today.” Vaishali Parekh had three intraday stock recommendations for today, recommending REC, BEL, and City Union Bank (CUB) as stocks to purchase.
On outlook for Nifty today, Vaishali Parekh said, “Nifty once again maintained the crucial and important support zone of 19250-19270 zone for the 4th time in this last one month and witnessed a massive gain closing on a strong note near 19450 zone with sentiment once again turning positive. A decisive breach above the 19550 zone shall establish a strong conviction for further upward movement and can anticipate to re-test around the 20000 landmark once again in the coming days.”
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Further discussion on stocks
“Bank Nifty also gave a decent pullback from the 43800 zone to touch the 44500 levels during the intraday session improving the bias and can anticipate for further gains with majority of the frontline banking stocks showing reversal in their trend. For the index, a decisive move past the 44800 zone would confirm a positive trend to anticipate for further rise in the coming days with support maintained near 43600 levels,” said Parekh.
The immediate support and resistance levels for the Nifty today are 19,300 and 19,600, respectively, according to Parekh. The daily range for Bank Nifty would be between 44000 and 45000 levels.
