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Indian stock markets fell sharply today, amid selling pressure in global markets. The 30-share index slumped 554 points to end at 60,754 while the broader NSE Nifty fell 1% to 18,113, tracking deep losses in realty, auto and metal stocks. Maruti was the top loser in the Sensex pack, shedding over 4%, followed by Tech Mahindra, HCL Tech, Tata Steel, IndusInd Bank and L&T. Stock exchanges in Europe were witnessing heavy selling pressure in mid-session deals amid a surge in US bond yields.
“Market corrected today by almost 1%. The correction might continue for some time now with minor profit booking seen with Budget nearing. Investors should take advantage of this fall to add quality counters on major dips,” said Rahul Sharma – co-owner, Equity 99.
“Post today`s correction 18090 will act as strong support for Nifty. If this level is breached than we might see 18000 levels. On upper side 18175 will act as major resistance, if this level is breached, we may see a rally to 18235 and 18300 levels too,” he added.
For Bank Nifty, “38180 will act as very strong support. If this level is broken than we might see 37950, post which 37690 level is possible. On upper side 38325 will act as very strong resistance. Once it is broken, we may see 38450 38580 levels too,” Rahul Sharma said.
He recommended 5 stocks for short-term buys:
Prestige Estate: At 525 levels, looking strong for upside momentum, after gapup opening the stock is available at very attractive prices for positional and short term trade. Targeting ₹550 with SL (stop-loss) – 514
Oberoi Realty: After huge decline today , stock is again available at attractive prices to hold for short term target ₹1,050 and SL – ₹910
MedPlus Health Services Ltd: After sharp decline the stock has taken great support at its 20DEMA on Intraday charts, looks attractive to make position for short term target – ₹1,220 and SL – ₹1160
CMS Info: Recently listed stock which was in great momentum is now available at attractive price, good time to add on dips, Keep SL – ₹285 and TGT – ₹320
Axis Bank (above 725): After sharp cut, the stock was able to hold 100 DEMA , keep a SL – ₹716 for a target of ₹747
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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