The Indian markets closed with 1 per cent cuts on Thursday, third straight day when the benchmarks ended lower by nearly one per cent.
The Indian markets closed with 1 per cent cuts on Thursday, third straight day when the benchmarks ended lower by nearly one per cent. The broader Nifty50 declined 181 points or 1.01% to 17,757, while the S&P BSE Sensex settled with 634.20 points loss or lower by 1.06% amid weak global cues and FIIs selling pressure. IT and FMCG were among the two sectors two face the heat the ost on Thursday.
Vinod Nair, Head of Research at Geojit Financial Services, said Persistent concern over global inflation and likely Fed rate hike acted as the major headwinds for the domestic market to tumble for the third consecutive day. “High volatility due to rising bond yields is pressuring foreign investors to pull out funds from highly valued markets like India. As the recent earnings failed to excite the market, the on-going global volatility drained investor confidence,” he added.
”Going forward, the trend is likely to remain weak as long as the Nifty sustains below 17900. On the lower end support seen at 17610, below which more downside may come in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.
On Friday morning, Asian markets were seen trading in the negative as Japanese Nikkei traded over 450 points lower, Hang Seng Index at the Hong Kong Exchange declined 115 points, while Nasdaq Composite slipped 130 points in the morning trade around 7.30 am. Besides, SGX Nifty Futures was trading lower by 132.00 points or 0.74% to 17,668.00, hinting at negative opening for the Indian markets.
Earlier on Thursday, all major wall Street indices ended in the red for yet another session. Dow JOnes declined 0.89%, Nasdaq Composite ended 1.30% lower, S&P500 slumped 1.10% and Russell 2000 tanked 1.88% in Thursday’s closing.
Meanwhile, ahead of the market open, Zee Business research team has shortlisted 20 stocks than an investor can buy on Friday for gains in intraday trade to long term horizon. These stocks have been picked from cash, F&O and Techno space.
Below is the list of stocks identified by research analysts Kushal Gupta and Varun Dubey:
Kushal Gupat Stock Picks
Cash
Surya Roshni – Buy – 534, sl – 514
FTR
Metropolis – Sell – 2650, sl – 2750
OPTN
Berger Paints 750 [email protected] – Buy – 14, sl – 5.5
Techno
Dr Lal Path Labs FUT – Sell – 3095, sl – 3225
Funda
Tata Power – Buy – 320, Duration – 1 year
Invest
Navneet Education – Buy – 120, Duration – 3 months
News
Oberoi Realty – Buy – 960, sl – 920
Mychoice
Laurus Labs FUT – Sell – 470, sl – 492
SAIL – Buy – 109, sl – 104
Siemens – Buy – 2467, sl – 2370
Best Pick
Tata Power – Buy – 320, Duration – 1 year
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Varun Dubey Stock Picks
Cash
Buy Data Patterns Target Rs 825 SL RS 744
Futures
Sell Wipro Target Rs 597 SL RS 627
Options
Buy Havells 1300 PE Target Rs 42 SL RS 28
Tech
Sell Apollo Tyres futures Taret Rs 219 SL RS 229
Funda
Buy HUL Target Rs 2300 SL RS 2240
invest
Buy Somany Home Innovations Target Rs 500 Duration 6 months
News
Buy Cyient Target Rs 1010 SL RS 960
My choice
Buy Vimta Labs Target Rs 450 SL RS 420
Buy Tinplate Target Rs 385 SL RS 364
Sell LIC Housing Futures Target Rs 355 SL RS 372
MY BEST
Buy Tinplate Target Rs 385 SL RS 364
