The Indian stock market fell over 1% on Friday and posted its biggest weekly loss in a month. Led by losses in financial and technical stocks, the NSE Nifty 50 index fell 1.6% to 16,201.8 and the BSE Sensex fell 1.8% to 54,303.
When the Reserve Bank of India (RBI) announced its second straight interest rate hike to control inflation, both the indices posted losses of over 2% for a week. Meanwhile, the rupee fell to a new lifetime low against the US dollar, further weakening sentiment. Among the broader markets, the BSE Midcap, Large-cap and Smallcap gauges fell up to 1.7%.
for day trading guide stock market today
“After showing a range-bound action with weak bias over the past few sessions, Nifty has turned bearish with strong downside momentum on Friday. Near-term outlook remains weak and any attempt to bounce back from here on Could be short term. “Nifty may eventually test the recent crucial low of 15,735 in the near future,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
Buy Stock Today as per Analyst Advice –
Rajesh Bhosale, Technical Analyst, Angel One Limited
Torrent Power: Buy Torrent Power, Stop Loss 452, target 482
AU Small Finance Bank: AU Small Bank Sell, Stop Loss 621, target 570
Mehul Kothari, AVP – Technical Research at Anand Rathi
Oberoi Realty: Buy Oberoi Realty, Stop Loss 775, target 825
Voltas: Buy Voltas, Stop Loss 975, target 1,035
Sumeet Bagdia, Executive Director, Choice Broking
Grasim: Buy Grasim, Stop Loss 1,290, Target 1,350-1,375
Dabur: Buy Dabur, Stop Loss 490, target 510-520
Rohit Singre, AVP – Technical Research at Bonanza Portfolio
Trent: Buy Trent, Target 1,160, stop loss 1,085
Avinash Gorakshakar, Head of Research, Profitmart Securities
JSW Steel: Buy JSWSTEEL, Stop Loss 555, target 605
Tata Consumer: Buy Tataconsum, Stop Loss 735, Target 795
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.