Benchmark indices Sensex and Nifty snapped their six-day winning run on Monday to close lower. The 30-share BSE Sensex fell 306 points to settle at 55,766.22 dragged down by index heavyweight Reliance Industries Ltd (RIL). The NSE Nifty dipped 0.5% to 16,631 as 31 of its constituents closed in the red.
In the broader market, the BSE smallcap gauge dipped 0.13% and midcap index ended marginally higher by 0.03%. The Nifty Metal index was a bright spot among the sub-indexes, climbing 1.5% to its highest since June 10.
Day trading guide for stock market today
“The short term uptrend of Nifty seems to have reversed down from near the important resistance of 16800 levels. The overall chart pattern indicate further weakness down to 16350-16300 levels in the next few sessions. Intraday resistance to be watched at 16700 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Domestic equities saw a pause in rally after markets reacted to the mixed set of results by Index heavyweights that came over the weekend. On the global front, US Fed meeting and US Q2 GDP data would be key events to watch out for. Overall positive momentum would continue with bouts of volatility on the back of ongoing action packed earning season, fluctuation in FIIs flows and global events,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Stocks to buy today as recommended by analysts –
Anuj Gupta, Vice President – Research at IIFL Securities
LIC: Buy LIC, stop loss ₹652, target ₹720
Tata Motors: Buy TATAMOTORS, stop loss ₹419, target ₹489
Mehul Kothari, AVP -Technical Research at Anand Rathi
Berger Paint: Buy Bergerpaint, stop loss ₹580, target ₹615
Dr Lal Path Labs: Buy Lalpathlab, stop loss ₹2,060, target ₹2,180
Rajesh Bhosale, Technical Analyst, Angel One Ltd
NMDC: Buy NMDC, stop loss ₹103.3, target ₹110
Coal India: Buy COALINDIA, stop loss ₹194.4, target ₹213
Sumeet Bagadia, Executive Director at Choice Broking
Hindalco: Buy Hindalco, stop loss ₹375, target ₹400
Mahindra & Mahindra: Sell M&M, stop loss ₹1,180, target ₹1,100-1,080
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
