Day trading guide for 12th April: SBI, Kotak Bank, ITC, to JSPL — 8 stocks to buy or sell on Wednesday

For Wednesday, Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi expects Nifty to find support at 17300/17350 with resistance between 18050/18100. While the Bank Nifty index is seen to have support in the range of 40300/40500 with resistance at 41500/41600.

Markets have been on a rising spree for seven consecutive days now. Sensex has crossed its psychological mark of 60,150, while the Nifty 50 almost neared 17,750 levels. On Wednesday, market sentiments will be driven by CPI inflation and factory output data. Also, global trends will add to the mood. Investors will also bet amidst the onset of Q4 earnings season with TCS being scheduled to be released later in the day.

On Tuesday, Sensex closed at 60,157.72 up by 311.21 points or 0.52%. Nifty 50 jumped by 98.25 points or 0.56% to end at 17,722.30.

Rohan Patil, Technical Analyst, SAMCO Securities said, "The frontline index of NSE Nifty-50 ended on a positive note for the seventh straight session and closed above 17,700 levels with a gain of 0.56%. Prices on the 120 mins chart are trading in a higher high formation which indicates bulls are having an upper hand in the present scenario."

Patil added, "Nifty on the daily chart has formed a bullish golden cross where 21 DEMA has crossed above 9 DEMA and prices are looking stronger to move higher. Index has witnessed a breakout above its falling channel pattern and prices have closed above the downward-sloping trend line."

Samco's analyst added, "The overall trend remains in a bullish mode and any dip in the index will be an opportunity to enter fresh long. The support for the Nifty is placed at around 17,500–17,450 levels and resistance is capped at 17,900 levels. In case the Nifty breaches below 17,450 levels, then 17,300 will be the next support zone."

Mitul Shah - Head of Research at Reliance Securities said, "Investors will now await the earnings outcome of the March quarter which will start trickling in from this week. The 4QFY23 earnings season begins this week with TCS due to report on Wednesday followed by Infosys on Thursday. Investors will closely watch out for management commentary on the demand environment for Indian IT services in the backdrop of the banking crisis and the slowing economic environment."

The March inflation and February IIP data will also come on Wednesday.

Shah added, "While the Indian economy still has some macroeconomic bottlenecks, overall it has been resilient despite the turbulent global environment. However, impending recession in the US, higher crude prices along with the prospect of a below-normal monsoon could act as headwinds for the Indian markets."

For Wednesday, Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi expects Nifty to find support at 17300/17350 with resistance between 18050/18100. While the Bank Nifty index is seen to have support in the range of 40300/40500 with resistance at 41500/41600.

Get watch our process Click here Intensify Research , daily call profit, Market News, Fill Our ask an Expert form