Sensex, Nifty joined the global sell-off on Friday after US consumer inflation soared to a 40-year high in January. The benchmark BSE Sensex plummeted 773 points while the Nifty dived below the 17,400-level. In the broader markets, the BSE midcap and smallcap indices slumped as much as 1.9%.
The Nifty IT index was the top loser among sub-indexes, falling 2.7%. Tech Mahindra was the top laggard in the Sensex pack, followed by Infosys, HCL Tech, UltraTech Cement, Wipro, SBI and Kotak Mahindra Bank. IndusInd Bank, Tata Steel, NTPC, M&M and ITC were the only five counters to close with gains. On a weekly basis, the Sensex shed 0.83%, while the Nifty declined 0.8%.
Day trading guide for stock market today
“The upside bounce of the last three sessions seems to have reversed down and the market is now poised for more downside towards 17000 levels by next week. The overall chart pattern indicate a chances of minor upside bounce from the lows and a probability of deep cut in the market in the near term. Immediate resistance is placed around 17460 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy or sell today as recommended by analysts –
Avinash Gorakssakar, Head of Research at Profitmart Securities
Tata Steel: Buy TATASTEEL with target of ₹1,300, stop loss ₹1,230
Aurobindo Pharma: Buy AUROPHARMA, target ₹740, stop loss ₹680
Sumeet Bagadia, Executive Director at Choice Broking
Aurobindo Pharma: Buy Auropharma, target ₹725-740, stop loss 675
Tata Communications: Sell Tatacomm, target ₹1,225-1,200, stop loss 1,280
Anuj Gupta, Vice President at IIFL Securities
ITC: Buy ITC, target ₹242, stop loss ₹224
Tata Power: Buy Tata Power, target ₹250, stop loss 217
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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