Amid selling pressure in the global market, the Indian markets also saw a decline today. The BSE Sensex closed at 60,754, down 554 points today. On the other hand, the Nifty closed at the level of 18113 down 1 percent.
Bad global cues have spoiled the mood of the Indian market today. The BSE Sensex closed at 60,754, down 554 points today. On the other hand, the Nifty closed at the level of 18113 down 1 percent. Realty, auto and metal stocks were the most under pressure in today’s trade. Maruti was the top loser of Sensex today and closed with a fall of about 4 per cent. After that, heavy selling was also seen in Tech Mahindra, HCL Tech, Tata Steel, IndusInd Bank and L&T. European markets saw heavy selling in the middle of the trading session, coupled with a rise in US bond yields.
Rahul Sharma of Equity 99 Says that the market is broken about 1 percent today. With the close of the budget, the market may see further decline in the midst of profit-booking. Investors are getting a good opportunity to buy quality stocks this fall. He further said that after today’s correction, the level of 18090 will act as a strong support for Nifty. If this level breaks then we can get to see 18000 level in Nifty. On the other hand, if Nifty goes above it, then it will have to face resistance at the level of 18175 and if the level of 18175 is crossed, then we can see Nifty going towards 18235 and 18300.
Talking on Banknifty, Rahul Sharma said that the level of 38180 will act as a strong support for Banknifty. If this support is broken, then Nifty can again drop us to 37950 and then to 37690. On the upside, a strong resistance is seen for Bank Nifty above 38325 and if this resistance breaks, then Nifty Bank can see us going towards 38450 and then 38580.
5 short term buy calls by Rahul Sharma that can generate huge profits
Prestige Estate: This stock has buy call on Rahul Sharma with a stop loss of Rs 514 for a target of Rs 550.
Oberoi Realty: This stock has buy call on Rahul Sharma with a stop loss of Rs 910 for short term target of Rs 1,050.
MedPlus Health Services Ltd: This stock has a buy call on Rahul Sharma for a short term target of Rs 1220 with a stop loss of Rs 1160.
CMS Info: CMS Info has a buy call on Rahul Sharma with a stop loss of Rs 285 with a short term target of Rs 320.
Axis Bank (above 725): This stock has a buy call on Rahul Sharma with a stop loss of Rs 716 with a target of Rs 747.
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