Domestic equity benchmarks the Sensex and the Nifty ended in positive territory supported by fag-end buying on May 25- the expiry day of the May futures and options (F&O) series even as global cues were weak due to the dragging debt ceiling negotiations in the US.
Sensex remained in the negative territory for the most part of the day, falling about 289 points to an intraday low of 61,484.66. But the index saw fag-end buying and finally closed 99 points, or 0.16 per cent, higher at 61,872.62 while the Nifty ended at 18,321.15, up 36 points, or 0.20 per cent.
In broader markets, mid and small-caps outperformed the benchmark; the BSE Midcap and Smallcap indices rose 0.36 per cent and 0.27 per cent respectively. Largecaps ITC, Bajaj Auto, TVS Motor Company, Godrej Consumer Products, Indian Hotels Company and Britannia Industries, were among the 140 stocks that hit their 52-week highs in intraday trade on BSE.
On Thursday, companies such as Zee Entertainment Enterprises, Vodafone Idea, Mrs Bectors Foods Specialities, Bharat Dynamics, Emami, Healthcare Global, Medplus Health, among others declared their Q4FY23 results.
Also Read: FIIs continue 5-day buying streak pump in ₹589 Cr Indian equities on 25th May, DIIs buy ₹339 Cr
Day trade guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Friday’s session:
She said that after witnessing a gradual slide in the initial half to touch the 18,200 zone, Nifty pulled back quite significantly in the final hours to breach and close above the 18,300 levels with sentiment much improved.
The positive close has further enhanced the probability of a crucial breakthrough above the barrier of the 18,400 zone which can confirm a directional move ahead for the next targets of 18,800-18,900 levels, according to Parekh
‘’BankNifty after taking support near 43,400 zone picked up well to end marginally in the green and need to check further whether it can give a breakout above 44,200 zone for a fresh upside journey. The support for the day is seen at 18,200 levels while the resistance is seen at 18,450 levels. BankNifty would have the daily range of 43,400-44,100 levels,” she added.
Parekh recommends buying the following stocks:
Buy JBM Auto at 792 with a stop loss of 780 and a target price of ₹817
Buy ITC Ltd at 441 with a stop loss of 434 and a target price of ₹455
Buy Power Finance Corporation (PFC) at 170 with a stop loss of 167 and a target price of ₹177
Nifty Spot Index
Support – 18200/18150
Resistance – 18450/18500
Bank Nifty Spot Index
Support – 43400/43350
Resistance – 44100/44150
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
