The Indian market closed with more than half per cent cuts on Friday as benchmarks Nifty50 and Sensex declined 0.84% and 0.80% amid weakness in energy, auto, banking and media stocks as all sectors ended in the red
The Indian market closed with more than half per cent cuts on Friday as benchmarks Nifty50 and Sensex declined 0.84% and 0.80% amid weakness in energy, auto, banking and media stocks as all sectors ended in the red. The broader Nifty50 held on at 17, 100 level, while the 20-share index dropped nearly 500 points. The headline indices closed with marginal cuts to end in the red for the week ended April 29.
Meanwhile, in the Asian market, Japanese Nikkei 225 was trading lower by 0.9% in the early trade as no trading was seen in Chinese Shanghai Composite and Hang Seng Index at the Hong Kong Exchange.
SGX Nifty, which indicates opening trend for the domestic equity market, saw Futures index dropping more than 250 points in the morning trade on the Singaporean Exchange on Monday, hinting further weakness for the Indian market.
“On April 29, the Nifty faced resistance near the junction of the swing high on the daily chart & the 20 DMA i.e. near 17400. Thereon, the Nifty nosedived towards the end of the session & formed a bearish outside bar as well as an Engulfing bear candle on the daily chart,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.
Overall structure suggests that the index can continue to consolidate in the range of 17000-17400 & once the swing low of 16958 is breached then the index can tumble down towards 16600, he added.
Meanwhile, ahead of the market opening, Zee Business research team brings you a list of stocks for profitable trade. The stocks have been picked, keeping in mind the interest of retail investors, who can make good returns from these stocks in the short-term, positional and long-term basis. Below is the list of stocks identified by our analysts on Monday, May 2, 2022.
Read more: LIC IPO: A Guide for LIC Policyholders to Buy Shares at Discounted Rates
Kushal Gupta Stock Picks
Cash
Royal Orchid Hotel – Buy – 150
Duration – 1 month
FTR
Wipro – Sell – 492, sl – 516
OPTN
JSPL 540 [email protected] – Buy – 48, sl – 15
Techno
Hero Moto – Sell – 2425, sl – 2535
Funda
Escorts – Buy – 2000
Duration – 1 year
IPL
Symphony – Buy – 1350
Duration – 3 months
News
NMDC – Sell – 155, sl – 163
Mychoice
Birlasoft – Sell – 404, sl – 422
JSW Steel – Sell – 710, sl – 736
SAIL – Sell – 94, sl – 98.5
Best Pick
SAIL – Sell – 94, sl – 98.5
Read more: Ruchi Soya Shares Trade Higher; Investors Earn 75% Returns On FPO Price In 3 Weeks
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Ashish Chaturvedi Stock Picks
CASH STOCK
BUY VENKYS TARGET 2250 SL 2100
FUTURES
BUY TATA CHEM TARGET 965 SL 920
OPTIONS
BUY RBL BANK 120 PE TARGET 9 SL 4.85
TECHNO
SELL APOLLO HOSP TARGET 4340 SL 4550
FUNDA
BUY CDSL TARGET 1400 SL 1360
IPL STOCK
BUY EID PARRY TARGET 640 DURATION 12 MONTHS
STOCK IN NEWS
SELL DELTA CORP TARGET 260 SL 270
MY CHOICE
SELL GODREJ PROP TARGET 1550 SL 1595
SELL SUNTV TARGET 476 SL 487
SELL TECH MAH TARGET 1230 SL 1280
MY BEST
BUY RBL BANK 120 PE TARGET 9 SL 4.85
Earlier, the US Market closed with massive drubbings on Friday as Dow Jones slipped more than 900 points, Nasdaq over 500 points and S&P 500 declined more than 150 points.
