The Indian markets ended with around half per cent cuts on Wednesday, declining for the fourth straight session now.
The Indian markets ended with around half per cent cuts on Wednesday, declining for the fourth straight session now. The broader Nifty50 slipped below 17, 200, while the Sensex declined by nearly 300 points. Banking stocks showed some resilience in the falling market as 12-share Bank Nifty closed with a gain of over 200 points. In the broader market, Nifty small cap took a massive drubbing, declining by nearly 3% as midcap index closed with 0.36% cuts.
The Bank Nifty index witnessed a smart recovery from the lower levels, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. “The index, however, needs to close above the level of 35000 to resume the move towards the level of 36000,” he said.
Rupak De, Senior Technical Analyst at LKP Securities said Nifty found support at 16000 as it closed at 175 points off the day’s low. “On the daily chart, a large lower wick indicates buying at the lower level. On the higher end, the Nifty is likely to move towards 16400. On the lower end, support is seen at 16100/15950,” he said.
Meanwhile, on Thursday, Asian markets declined in the early trade as Japanese Nikkei 225 was down 0.9%, Hang Seng Index at the Hong Kong Exchange dropped 1% and Chinese Shanghai Composite was trading with a 0.3% cut around 8.30 am.
SGX Nifty hinted at another weak opening for the Indian market as the Futures index on the Singaporean Exchange dropped more than 150 points in the early trade on Thursday.
Meanwhile, like every day, Zee Business research team brings you a list of 20 stocks that could be bought for robust returns on a short-term, positional and long-term basis. These stocks have been picked from cash, F&O and techno segments to help investors make money on their investments. Below is the list of stocks picked by our analysts Varun Dubey and Ashish Chaturvedi.
Varun Dubey Stock Picks
Cash
Buy MRPL Target Rs 71 SL RS 67
Futures
Sell Voltas Target Rs 947 SL RS 985
Options
Buy ONGC 160 CE Target Rs 6 SL RS 4
Tech
Sell Intellect Design Futures Target Rs 580 SL RS 604
Funda
Buy ITC Target Rs 260 SL RS 253
IPL
Buy Polyplex Target Rs 2380 SL RS 2240
News
Buy BSE Ltd Target Rs 750 SL RS 710
My Choice
Buy Kennametal Target Rs 1775 SL RS 1680
Buy Tata Coffee Target Rs 209 SL Rs 197
Sell Hindalco FUT Target 415, Sl 428
Best Pick
Buy MRPL Target Rs 71 SL RS 67
~~~~~~~~~~~~~~~~~~~~~~~~~
Ashish Chaturvedi Stock Picks
CASH STOCK
BUY ALKYL AMINES TARGET 3150 SL 2980
FUTURES
SELL INFOSYS FUT TARGET 1500 SL 1550
OPTIONS
BUY MOTHERSON PE TARGET 6.30 SL 2.85
TECHNO
SELL RBL BANK FUT TARGET 103 SL 110.50
FUNDA
BUY ICICI GI TARGET 1415 DURATION 12 MONTHS
IPL STOCK
BUY ALLCARGO LOGISTICS TARGET 450 DURATION 12 MONTHS
STOCK IN NEWS
BUY LAKSHMI MACHINE TARGET 9015 SL 8650
MY CHOICE
SELL DR REDDY FUT TARGET 3850 SL 3915
SELL INDIAN HOTELS FUT TARGET 219 SL 228
SELL PIRAMAL ENT FUT TARGET 1820 SL 1885
MY BEST
SELL PIRAMAL ENT TARGET 1820 SL 1885
Earlier on Wednesday, inflation fears forced the US market to close in the red. US equity benchmarks Dow Jones slipped more than 300 points to end at its 15-month low, While Nasdaq closed with nearly 400 points cuts to end at its 18-month low. Similarly, S&P 500 declined by 66 points or 1.65%.
