21 Mar , 2022 By : Kanchan Joshi
Indian equities ended higher on Thursday with risk sentiment bouyed by a rally in global markets after the US Federal Reserve hiked benchmark rates. The NSE Nifty 50 index closed 1.84% higher at 17,287, while the BSE Sensex climbed over 1,000 points to finish at 57,863 in Thursday's session.
During the holiday-shortened week, the Nifty and the Sensex posted weekly gains of 3.95% and 4% respectively. The stock market was closed on Friday for a holiday.
Day trading guide for stock market today
"Nifty has now retraced 61.8% of the recent corrective phase from 18350 to 15760 and has ended around that retracement level which is around 17330. The follow up move during early this week will be important as if the index surpasses this hurdle, then it has potential to extend this up move towards 17500 and 17800. On the flipside, if there’s any correction from this 61.8% retracement level, then we do not expect any significant downside hereon. The previous resistance zone of 17000-16800 will now turn into support and any decline towards this would be a good buying opportunity," said Ruchit Jain, Lead Research, 5paisa.com.
Stocks to buy as recommended by analysts -
Sumeet Bagadia, Executive Director, Choice Broking
Tata Consumer: Buy Tata Consumer, target ?800, stop loss ?750
Sun Pharma: Buy Sun Pharma, target ?940-50, stop loss ?890
Anuj Gupta, VICE President, IIFL Securities
Latim Metal: Buy Latim Metal Industries, target ?210, stop loss ?164
Tata Teleservices: Buy TTML, target ?145, stop loss ?118
Avinash Gorakshkar, Head of Research at Profitmart Securities
Titan: Buy Titan, target ?2,770, stop loss ?2,670
Reliance: Buy Reliance, target ?2,535, stop loss ?2,455
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