Domestic equity benchmark Sensex and Nifty saw some respite on Monday despite muted global cues. Nifty opened flat but soon gained momentum and closed with gains of 83 points (+0.4 percent) at 19394 levels. At close, the Sensex was up 267.43 points or 0.41 percent at 65,216.09.

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The top five gainers on the Nifty50 were Bajaj Finance, Power Grid, Adani Ports, Adani Enterprises and Hindalco, while the top losers included Jio Financial Services, Reliance Industries, M&M, Britannia and Bajaj Auto.

Broad based buying was seen across the sectors except for PSU bank and oil and gas. Major buying was seen in IT, Metals & Realty.

"This week market would take cues from macro data to be released locally as well as internationally. That apart, most eyes will be on US fed chair Powell's speech, jackson hole symposium due later in the week and release of RBI meeting minutes," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services.

Thus, in the near term, the analyst expects market to trade in broader range with buying seen at lower levels. Stock specific action is likely to dominate, he said.

Stock picks

Sharing as the top picks for Tuesday, Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, which are Bharat Heavy Electricals Ltd, Rites Ltd and CIE Automotive India Ltd.

BHEL: Buy BHEL at Rs 101, Stop loss at Rs 99, Target price Rs 107.

Rites: Buy Rites at Rs 473, Stop loss at Rs 468, Target price Rs 500.

CIE Automotive India : Buy CIE INDIA at Rs 500.50, Stop loss at Rs 494, Target price Rs 525.

Nifty Spot Index

Support – 19300/19250

Resistance - 19550/19600

Bank Nifty Spot Index

Support – 43700/43650

Resistance – 44500/44550

On Nifty, Rupak De, Senior Technical analyst at LKP Securities said, "The Nifty index exhibited a positive tone as it maintained levels above the crucial support point of 19250. A breach below this level could potentially spark unease within the market, causing concerns among investors. However, as long as the index holds above the 19250 mark, there is a potential upward trajectory towards the 19500 level. A confident breakthrough above 19500 has the potential to catalyze a sustained and substantial market rally."

On Bank Nifty, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said: "The Bank Nifty saw a recent attempt by bulls to defend the support around 43750, coinciding with the 100DMA. Maintaining this support suggests a bullish stance for the index. Immediate resistance lies at 44200. A breakthrough could pave the way for further gains towards 44500.The momentum indicator, RSI, trading in oversold territory, signals the potential for a bounce from current levels. This factor should not be disregarded."