Sensex plunged 1,172 points while the Nifty crashed below the 17,200-level on Monday, hammered by robust selling in index heavyweights. The BSE Sensex tumbled 2% to settle at 57,166, marking its fourth straight session of loss, while the Nifty 50 plunged 302 points to 17,173.
Infosys and HDFC Bank were the top losers after their respective Q4 results came below expectations. The BSE smallcap gauge fell 1%, while the midcap index lost 0.95%. Nifty IT index fell the most as tech stocks dragged the stock market lower on Monday.
Day trading guide for stock market today
“The short term trend of Nifty is negative. The overall chart pattern indicate a possibility of upside bounce in the market from here or from near 17K mark. The confirmation of reversal pattern and the strength of upside bounce is likely to open a relief rally for the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy or sell today as recommended by analysts –
Rahul Sharma – Research Head at Equity99
Genus Power: Buy Genus Power with target of ₹120 & stop loss ₹95
Poonawala Fincorp: Buy Poonawalla Fin with target of ₹360 & stop loss ₹320
Sumeet Bagadia, Executive Director at Choice Broking
HUL: Buy HUL, stop loss ₹2,125, target ₹2,225-2,250
BPCL: Sell BPCL, stop loss ₹380, target 360-355
Anuj Gupta, Vice President – Research at IIFL Securities
HDFC Bank: Buy HDFC BANK, stop loss ₹1,358, target ₹1,450
Tata Motors: Buy TATAMOTORS, stop loss ₹40, target ₹470
Rajesh Bhosale, Technical Analyst, Angel One Ltd
HDFC Life: Buy HDFCLIFE, stop loss ₹561, target ₹600
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
