Indian stock markets extended their losing streak to seven straight sessions on Monday, November 18, marking the longest decline since February 2023. The Nifty 50 index fell by 0.34% to close at 23,453.80, while the BSE Sensex slipped 0.31% to end at 77,339.01.
Market Outlook from Vaishali Parekh
Vaishali Parekh, VP of Technical Research at Prabhudas Lilladher, observed that the Nifty opened on a positive note but struggled near the 23,600 resistance level, eventually dipping below its 200-day moving average (DMA). According to her, Nifty has strong support at 23,300, while resistance remains at 23,600.
For the Bank Nifty index, Parekh expects it to trade between 49,800 and 50,800 today, with 50,000 being a key support zone. To build upward momentum, the Bank Nifty needs to break above 50,700.
Stock Picks for Today
Parekh has recommended three intraday trades:
- Blue Jet Healthcare (BUY)
- Entry Price: ₹546
- Target: ₹580
- Stop Loss: ₹520
Blue Jet is showing strong upward momentum and could rally further towards ₹580.
- Cipla (SELL)
- Entry Price: ₹1,470
- Target: ₹1,430
- Stop Loss: ₹1,490
Cipla is facing selling pressure and is expected to dip towards ₹1,430 in today’s session.
- IDFC First Bank (BUY)
- Entry Price: ₹65
- Target: ₹68
- Stop Loss: ₹63
IDFC First Bank has a bullish setup and could climb to ₹68 if it sustains buying interest.
Key Levels to Watch
- Nifty 50: Support at 23,300; Resistance at 23,600
- Bank Nifty: Support at 49,800; Resistance at 50,800
The markets are showing a cautious tone, so it’s essential to manage risks effectively while trading these recommendations.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
