Indian shares ended flat with a negative bias on Tuesday. Nifty opened positive but some profit booking at higher levels led to flat closing for the day at 18,266 levels. Sector-wise, it was a mixed bag with buying seen in IT and auto sectors. Newly-listed Mankind Pharma share gained 31.86 percent post listing.

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NSE

The 30-share BSE benchmark Sensex tumbled 3 points settling at 61,761, while the broader NSE Nifty surged 2 points to end at 18,266 levels. The gains from TCS, Reliance Industries, Coal India and Axis Bank were offset by losses in ITC, SBI, UPL, Bajaj Finance, ICICI Bank, and JSW Steel.

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"Apart from global cues and Q4 earnings, the domestic market will also watch for the Karnataka assembly election that will start on Wednesday. The outcome of the election will be announced on May 13. While the Nifty is finding some profit booking at higher levels, the overall Market structure remains positive," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Nifty view by Vaishali Parekh, Vice President — Technical Research, Prabhudas Lilladher Pvt Ltd

"Nifty after moving past the significant 18,200 zone attempted to cross the 18,350 zone during the intraday session, but witnessed resistance and slipped to close near the 18,250 levels with some of the heavyweights shedding their gains dragged the index to some extent. Nifty index has the next important hurdle of 18,450 levels on the upside whereas downside 18,200 would be maintained as the crucial support zone as of now and with political events ahead, one can anticipate volatility and fluctuations."

Bank Nifty view

"Bank Nifty has remained subdued as compared to Nifty index with tough resistance visible near the 43,700 zone and on the downside has 42,500 levels as the important support zone. The support for the day is seen at 18,100 levels while the resistance is seen at 18,400 levels. Bank Nifty would have the daily range of 42,800-43,600 levels."

Stock picks

Sharing as the top picks for Wednesday, Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, which are Mahindra And Mahindra, EIH and City Union Bank.

Mahindra And Mahindra Ltd: Buy at Rs 1,245, Stop loss at Rs 1,228, Target price Rs 1,287

EIH Ltd: Buy at Rs 188, Target price Rs 195, Stop loss Rs 185

City Union Bank Ltd: Buy at Rs 138, Target price Rs 145, Stop loss Rs 135

Nifty Spot Index

Support – 18100/18050

Resistance - 18400/18450

Bank Nifty Spot Index

Support – 42800/42750

Resistance – 43600/43650