Indian equities indices closed lower for the third straight session on Friday. The BSE Sensex closed 59 points lower at 57,832.9 whereas the NSE Nifty edged lower by 28 points to settle at 17,276. On a weekly basis, the Sensex lost 0.55% and the Nifty fell about 0.56%.
Sectorally, realty, oil and gas, basic materials, healthcare and energy indices were major the losers. Stock markets this week may face volatile trading sessions this week and would be guided by global cues, movement of the rupee and crude oil prices, as per analysts.
Day trading guide for stock market today
“The short term trend of Nifty continues to be choppy. Inability of Nifty to sustain above 17500 levels could eventually result in a downward correction and that could possibly drag Nifty to retest a recent bottom of 16840 levels. Immediate support is placed at 17150 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Nifty on the weekly chart placed at the significant trend line support around 17000 levels. The formation of upper and lower shadow in the small positive weekly candle indicate presence of high volatility in the market, he highlighted.
Stocks to buy or sell today as recommended by analysts –
Sumeet Bagadia, Executive Director at Choice Broking
India Cements: Buy indiacem, target price ₹220-225, stop loss ₹204
Firstsource Solutions: Sell FSL, target ₹122-120, stop loss ₹131
Avinash Gorakshkar, Head of Research at Profitmart Securities
Voltas: Buy Voltas, target ₹1,310, stop loss ₹1,220
L&T: Buy LT, target ₹1,945, stop loss ₹1,850
Anuj Gupta, Vice President at IIFL Securities
BHEL: Buy BHEL, target ₹60, stop loss ₹48
Coal India: Buy COALINDIA, target ₹185, stop loss ₹159
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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