Indian equities fell more than 1% on Thursday, snapping three sessions of gains. The BSE Sensex plunged 770 points to close at 58,788 whereas Nifty lost 1.24% to end the session at 17,560. Both the indexes had added 4% in the past three sessions, with a rally sparked by Budget 2022.
HDFC was the top laggard followed by Infosys, L&T, Bajaj Finserv, Bajaj Finance, Tech Mahindra and Kotak Bank. Only five stocks, ITC, Maruti, Titan, SBI, and Asian Paints, closed in the green.
Day trading strategy for stock market today
“The short term uptrend status of Nifty seems to have reversed down. The intense follow-through weakness from here could open more downside in the near term. Confirmation of reversal is likely to drag Nifty down to 17000-16800 levels. Immediate resistance is placed at 17650 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On Nifty Bank, Ruchit Jain, Lead Research, 5paisa.com said “it would be crucial to see the Bank Nifty behavior in the coming session as a break below 38860 could apply brakes to the ongoing momentum. Given these mentioned scenarios in both the indices, we advise traders to avoid aggressive positions and let both Nifty as well as Bank Nifty surpass Thursday’s high which would then signal a continuation of uptrend. Till then, one should trade with a stock specific approach and trade with proper risk management.”
Stock picks for today as recommended by analysts –
Sumeet Bagadia, Executive Director, Choice Broking
Praj Industries: Buy PrajInd, target ₹455-465, stop loss 425
Biocon: Buy Biocon, target ₹405-410, stop loss 385
Anuj Gupta, Vice President, IIFL Securities
Equitas: Buy Equitas, target ₹123, stop loss 108
GAIL: Buy Gail, target ₹155, stop loss 139
Avinash Gorakssakar, Head of Research, Profitmart Securities
Nalco: Buy NationalAlum, target ₹124, stop loss 113
Tata Power: Buy Tata Power, target ₹262, stop loss 247
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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