Indian markets ended almost half a percent lower on Wednesday, now down for the fourth straight session. The broader Nifty50 fell below 17,200, while the Sensex fell nearly 300 points. Banking stocks showed some resilience in the fall market as the 12-share Bank Nifty closed higher by more than 200 points. In the broader market, the Nifty Small Cap has suffered massive losses as the midcap index closed with a 0.36% cut, down nearly 3%.
Kunal Shah, senior technical and derivatives analyst at LKP Securities, said the Bank Nifty index has seen a smart recovery from lows. “However, the index needs to close above the 35000 level to resume moving towards the 36000 level,” he said.
Rupak Dey, senior technical analyst at LKP Securities, said the Nifty was supported at 16,000 as it closed 175 points lower than the previous day. “On the daily chart, a large lower week indicates a buy at the lower level. At the upper end, the Nifty is likely to move towards 16400. At the lower end, support is seen at 16100/15950,” he said.
Meanwhile, on Thursday, Asian markets declined in early trade as the Japanese Nikkei fell 225 0.9%, the Hang Seng Index fell 1% on the Hong Kong Exchange and the Chinese Shanghai Composite fell 0.3% at 8.30am.
The SGX Nifty signaled another weak opening for the Indian market as the futures index on the Singapore Exchange fell more than 150 points in its first trade on Thursday.
Meanwhile, as every day, the G Business Research team brings you a list of 20 stocks that can be bought for strong returns on short-term, positional and long-term basis. These stocks are selected from the Cash, F&O and Techno sections to help investors make money on their investments. Below is a list of stocks selected by our analysts Varun Dubey and Ashish Chaturvedi.
Varun Dubey Stock Picks
Buy MRPL Target 71 SL RS 67
Sell Voltas Target 947 SL RS 985 Rs
Buy ONGC 160 CE Target 6 Taka SL RS 4
Sell Intel Design Future Target 580 Taka SL RS 604
Buy ITC Target 260 SL RS 253
Buy Polyplex Target 2380 SL RS 2240
Buy BSE Ltd Target 750 SL RS 710
Buy Kenmetal Target 1775 SL RS 1680 Rs
Buy Tata Coffee Target Rs 209 SL Rs 197
Sell Hindalco FUT Target 415, Sl 428
Buy MRPL Target 71 SL RS 67
Ashish Chaturvedi Stock Pick
Buy ALKYL AMINES TARGET 3150 SL 2980
Sell INFOSYS FUT TARGET 1500 SL 1550
Buy Motherson PE Target 6.30 SL 2.85
Sell RBL Bank FUT Target 103 SL 110.50
Buy ICICI GI Target 1415 Term 12 months
Buy Alcargo Logistics Target 450 validity 12 months
Buy Lakshmi Machine Target 9015 SL 8650
Sell DR REDDY FUT TARGET 3850 SL 3915
Indian Hotels For Sale FUT TARGET 219 SL 228
Sell Piramal ENT FUT TARGET 1820 SL 1885
Sell Piramal ENT Target 1820 SL 1885
Earlier on Wednesday, the US stock market closed in the red on fears of inflation. US equity benchmark Dow Jones slipped more than 300 points to its 15-month low, while Nasdaq fell nearly 400 points to its 18-month low. Similarly, the S&P 500 declined 66 points, or 1.65%.