The Sensex tumbled 872 points while the Nifty closed below the 17,500 mark on Monday, with sell-off in global equities on renewed concerns over global growth and a tough stance by central banks. The BSE Sensex closed at 58,773.8, down 872 points. Similarly, the Nifty closed at 17,490.7, down 1.5 per cent.
In the broader market, the BSE Midcap gauge fell 1.8% and the Smallcap index fell 1.2%. The Nifty Bank index was down nearly 2%, led by losses in Punjab National Bank (PNB) and Kotak Mahindra Bank.
for day trading guide stock market today
,Nifty’s short term trend remains down and overall bearish chart pattern indicates further weakness. The next support will be seen in the next few sessions near 17330 (23.6% Fibonacci Retracement from June to August Rising Leg). On a downside, the next support for 38.2% retracement is placed at the 16900 level. Immediate resistance is at the level of 17600,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
“Nifty slipped below the declining trend line, indicating a failed breakout. On the lower end, the price has corrected towards the 17500-17400 support area. In the near term, a fall below 17400 could lead to a further correction in the market. At the lower end, support is visible at 17200/17000. On the other hand, Nifty may recover towards 17700 if it does not fall below 17400,” said Rupak Dey, Senior Technical Analyst, LKP Securities.
Buy Stock Today as per Analyst Advice –
Rajesh Bhosale, Technical Analyst, Angel One Limited
Siemens: Buy Siemens, Stop Loss 2,820, Target 2,950
Zee Ent: Buy Zee, Stop Loss 251, target 273
Mehul Kothari, AVP – Technical Research at Anand Rathi
Kotak Mahindra Bank: Buy KotakBank, Stop Loss 1,800, target 1,875
Rain Industry: Buy Rain, Stop Loss 188, target 198
Anuj Gupta, Vice President – Research at IIFL Securities
ICICI Bank: Buy ICICI Bank, Stop Loss 828, Target 890
Coal India: Buy Coalindia, Stop Loss 207, target 230
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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