The Indian markets witnessed a sharp correction amid escalating geo-political tension and weaker global cues as Rs 8.5 lakh crore of investors wealth was eroded on a single day on Monday
The Indian markets witnessed a sharp correction amid escalating geo-political tension and weaker global cues as Rs 8.5 lakh crore of investors wealth was eroded on a single day on Monday. Metal, auto, banking and financial Servies were worst hit even as small cap and mid cap indices corrected over 4 per cent on manic Monday.
Nifty breached its previous support zones and closed with losses of around 530 points, Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services Limited, said in post market commentary.
“Nifty formed a bearish candle on a daily scale and has been forming lower highs – lower lows from the last two sessions. Now till it holds below 17000 zones, bounces can be sold and weakness can be seen towards 16600-16500 whereas hurdles can be seen at 17100 and 17300 zones,” added Taparia.
Asian share benchmarks dropped on Tuesday as investors contemplated the implications of a potential imminent Russian invasion of Ukraine, said Reuters.
MSCI`s broadest index of Asia-Pacific shares outside Japan was down 0.4% in early regional trade after stock markets in the United States and Europe lost ground on Monday. Japan`s Nikkei was down 0.2% while in Australia, the S&P/ASX200 was off 0.32%.
Hong Kong`s Hang Seng Index slid 0.52% early in the session, although China`s CSI300 Index bucked the trend and was up 0.2%.
In the US market, the Dow Jones Industrial Average fell 0.49%, the S&P 500 lost 0.38% and the Nasdaq Composite was essentially flat, losing just 0.24 point.
Meanwhile, ahead of the market open, Zee Business research team shortlisted 20 stocks for profitable trade. These stocks have been identified from cash, Futures & Options and techno segments, keeping in mind short-term, positional and long-term investment. Below is the list of stocks handpicked by Zee Business research analysts.
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Ashish Chaturvedi Stock Picks
CASH STOCK
BUY GRAPHITE INDIA TARGET 500 SL 475
FUTURES
SELL CITY UNION BANK TARGET 129 SL 133.50
OPTIONS
BUY M&M FIN 147.50 PE TARGET 5.40 SL 2.60
TECHNO
SELL HDFC LTD TARGET 2250 SL 2340
FUNDA
BUY MOIL TARGET 194 DURATION 1 MONTH
INVESTMENT PICK
BUY NALCO TARGET 150 DURATION 12 MONTHS
STOCK IN NEWS
BUY COAL INDIA TARGET 165 SL 159.50
MY CHOICE
BUY FORTIS HEALTH TARGET 265 SL 255
BUY HINDALCO TARGET 530 SL 515
SELL ICICI PRU TARGET 490 SL 508
MY BEST
BUY NALCO TARGET 150 DURATION 12 MONTHS
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Kushal Gupta Stock Picks
CASH
Dredging Corp – buy – 334, sl – 319
FUTURES
TCS – Buy – 3835, sl – 3700
OPTIONS
LTTS 4450 CE@133 – Buy – 160, sl – 113
TECHNO
Cummins – buy – 983, sl – 940
FUNDA
Tata Consumer Products – Buy – 900
Duration – 1 year
INVESTMENT
Vedanta – buy – 430, duration – 6 months
STOCKS IN NEWS
Kotak Mahindra bank – buy – 1800, sl – 1725
MY CHOICE
Tata Power – buy – 260 duration – 6 months
ABB India Buy 2150, Sl 2050
Dr Lal Path Fut sell 2600, Sl 2710
My BEST
TCS – Buy – 3835, sl – 3700
