Indian stocks closed lower on Friday after their biggest weekly fall in more than two years, fueled by concerns that a sharp rise in interest rates to tame stubborn inflation could derail economic growth. . Investors were further affected by persistent foreign fund outflows and rising crude oil prices.
The BSE Sensex closed at a one-year low of 51,360, down 135 points. Similarly, NSE Nifty closed 0.4% down at 15,293.5. In the broader market, the BSE Smallcap gauge fell 0.8% on Friday, while the Midcap index lost 0.6%.
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“The market has been in a sharp downward trend in the last 14-15 sessions. A minor consolidation or a small upside bounce has led to the sharp weakness so far. Hence, any upside upside from here could turn out to be a sell-off on the upside in the near term. On the upside, the 15600 level (the middle part of Thursday’s long bear candle) is expected to act as an important upside resistance further and an upside break is unlikely. After a short bounce, Nifty may come down towards 15000-14800 levels in the short term,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
“Bank Nifty index continues to battle between bulls and bears on the last day of the trading week. The index is trading in oversold territory and a pull-back rally towards 33,500 levels could be witnessed if it holds the support of 32,500. Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities said, “If downside support is breached, a fresh sell-off at 30,000 level will start.
Stocks to buy as per analyst’s advice –
Mehul Kothari, AVP-Technical Research, Anand Rathi
Sun TV: Buy Sun TV, Stop Loss 420, target 455
Axis Bank: Buy Axis Bank, Stop Loss 623, Target 655
Anuj Gupta, Vice President – IIFL Securities
ICICI Bank: Buy ICICI Bank, Stop Loss 646, Target 730
HCL Tech: Buy HCL Tech, Stop Loss 918, target 1,010
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.