How did NIFTY perform today?

NIFTY snaps 3-day losing streak, thanks to gains in IT stocks. The 50-share NSE index NIFTY rose 0.36% to settle at 10397.45 on Wednesday. The Indian benchmark index NIFTY halted three-day losing streak by closing higher for the fourth time this month ahead of derivative contracts expiry for February series on Thursday. Information Technology stocks drove the market today after NASSCOM (National Association of Software and Services Companies) issued a cautiously optimistic outlook for the sector. Now investors will look on to the Reserve Bank of India’s (RBI) minutes for the latest policy meeting due after 5 pm on Wednesday and also the impact of derivative contracts expiry in the market sentiment.

Looking overseas, European markets trading sharply lower as investors received disappointing updates on manufacturing and services activity in the eurozone whereas Asian markets finished broadly higher on Wednesday. The worldwide investors are awaiting the release of the minutes from the Federal Reserve’s January meeting due today for the further cues.

Seven out of eleven sector gauges compiled by the NSE ended higher led by NIFTY IT, NIFTY PSU BANK and NIFTY FMCG as top gainers. On the other side, NIFTY PHARMA, NIFTY METAL and NIFTY REALTY are top losers.

From the NIFTY 50 basket of shares, HCLTECH, TECHM, TCS, ITC, EICHERMOT, and HINDPETRO outperformed as top gainers while SUNPHARMA, HINDALCO, BAJFINANCE, and INDUSINDBK are the top losers.

9 stocks recommended for intraday trading tomorrow 

BAJFINANCE: This stock declined by 2.58% to close at Rs.1596.45 on Wednesday. This stock trading volume rose by 45% to 55% of the trades are taken for delivery. This stock is trading around the lower range of its price band and the crucial support zone is around Rs.1579.

BHARATFIN: This stock trading volume rose by 110% with 74% of the trades are taken for delivery. This stock gives an impression of a bearish trend as it continuously scaling down for past few days. This stock is trading below its recent support zone and the near term resistance is around Rs.1069.

BPCL: This stock trading volume rose 1.5 times with 71% of the trades are taken for delivery. This stock heading for a negative breakout as it continuously scaling down for past 3 days. This stock is trading below its recent support zone and the near term resistance is around Rs.494.

HCLTECH: This stock gained by 3.91% and settled at Rs.942.9 on Wednesday. This stock trading volume rose by 43% to 57% of the trades are taken for delivery. This stock is trading around the lower range of its price band and the crucial support zone is around Rs.915.

HDIL: This stock plunged by 4.47% and closed at Rs.49.15 at last trading session. This stock heading for a negative breakout as it continuously scaling down for past few days. This stock is trading below its recent support zone and the near term resistance is around Rs.62.

IDBI: This stock surged by 5.79% and closed at Rs.70.3 at last trading session. This stock trading volume rose by 91% with the majority of intraday trades. This stock is currently trading above the recent resistance zone and the short term support around Rs.57.

INFY: This stock witnessed the star pattern on the daily chart at last trading session. This stock trading volume rose by 38% to 80% of the trades are taken for delivery. This stock is trading inside the trading range and the Support is seen around Rs.1097 and resistance is seen around Rs.1195.

MOTHERSUMI: This stock gained by dipped by 3.59% and settled at Rs.314.1 on Wednesday. This stock trading volume rose by 55% to 58% of the trades are taken for delivery. This stock is trading below its recent support zone and the near term resistance is seen around Rs.385.

SUNPHARMA: This stock plunged by 6.03% and ended at Rs.525.75 on Wednesday. This stock heading for a negative breakout as it continuously scaling down for past few days. This stock is trading below its recent support zone and the near term resistance is seen around Rs.599.