The US Federal Reserve policy minutes, expected to be out later tonight, will offer investors hints on the timing and extent of interest rate cuts this year. Sensex closed 53 points, or 0.07 per cent, lower at 73,953.31, while the Nifty 50 ended the day 27 points, or 0.12 per cent, higher at 22,529.05 on Tuesday.
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.
Also Read: Jefferies bullish on CMS Info Systems: Target price hiked by 40% to ₹600, re-rating ahead; here’s why
Sectorwise 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 capitalisation 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.
Also Read: SEBI issues ‘unaffected price’ concept, other guidelines to help mitigate impact of market rumors on stock prices
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, ‘’With the overall bias maintained positive, we expect the levels near 22,400 zone to be sustained in the coming days and a decisive breach above 22,600 levels shall further strengthen the trend to expect for next target of 22,900 level.”
The Prabhudas Lilladher expert added that Bank Nifty would need a decisive breach above that level for continuation of the upward move with support maintained at 47,400 levels as of now.
Coming to the stocks that investors can buy, Vaishali Parekh recommended three intraday stocks for today —BPCL, Cipla, and GNFC.
Stock market today
On the outlook for the Nifty 50’s performance today, Vaishali Parekh said, ‘’The Nifty 50 has stabilised near the 22,500 zone in the last 2-3 sessions, with select midcap counters witnessing active participation to keep the market players active…Bank Nifty has witnessed a gradual rise finding resistance near the 48,200 zone”
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.
Nifty Spot Index
Support – 22,400
Resistance – 22,650
Bank Nifty Spot Index
Support – 47,800
Resistance – 48,400
Stocks to buy today
1. Cipla: Buy Cipla at ₹1,442, Target ₹1,495, Stop Loss ₹1,412
2. Bharat Petroleum Corp Ltd (BPCL): Buy BPCL at ₹644, Target ₹672, Stop Loss ₹630
3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): Buy GNFC at ₹673.35, Target ₹700, Stop Loss ₹660.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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Published: 22 May 2024, 07:03 AM IST