Indian stock market fell more than 1% on Friday and posted their biggest weekly loss in a month. Dragged down by losses in financial and tech stocks, the NSE Nifty 50 index ended 1.6% lower at 16,201.8 and the BSE Sensex fell 1.8% to 54,303.
Both the indexes logged losses of more than 2% for a week when the Reserve Bank of India (RBI) announced its second straight interest rate hike to contain inflation. Meanwhile, the rupee plunged to a fresh lifetime low against the US dollar, further denting sentiment. In the broader markets, the BSE midcap, large-cap and smallcap gauges slipped as much as 1.7%.
Day trading guide for stock market today
“After showing a range bound action with weak bias in the last few sessions, the Nifty seems to have turned into bearish mode on Friday with strong downside momentum. The near term outlook remains weak and any attempt of upside bounce from here could be short lived. The Nifty could eventually test the recent important bottom of 15,735 levels in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts –
Rajesh Bhosale, Technical Analyst, Angel One Ltd
Torrent Power: Buy TORRENT POWER, stop loss ₹452, target ₹482
AU Small Finance Bank: Sell AU SMALL BANK, 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 Bagadia, Executive Director at 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 Gorakshkar, Head of Research at 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 made above are those of individual analysts or broking companies, and not of Mint.