On Thursday, the Indian market closed with weakness for the third consecutive day after showing weakness from the resistance located around 16800. On Friday, fears related to the fight between Russia and Ukraine did not seem to subside, due to which the Nifty fell 252 points to 16,245, while the Sensex closed 768 points down at 54,333 level. On the other hand, Bank Nifty closed at 34,407, down 536 points.
Experts in the secondary market say that the current pattern of the market indicates weakness to continue. Traders are advised to consciously place bets on selected stocks to take advantage of both sides of the trade.
Anuj Gupta of IIFL Securities Says that there is no reduction in geopolitical tension yet. There is also selling pressure on the US and Asian markets. In such a situation, there is a possibility of weakness in the Indian markets even today. Anuj Gupta says that support is seen at 15,800 for Nifty. At the same time, there is a registration for it at 16400.
Mazhar Mohammad of Chartviewindia says that Nifty50 has formed a spinning top with a huge trading range of 336 points. This is an indication of the volatility in the market. It seems that at the low level of 16,133 Nifty has touched the important support located at 16,130 on the medium term chart. If Nifty slips below 16,130, then the next support for it is seen at 15,850. The possibility of a pull back rally in the zone of 16100 – 15800 cannot be ruled out.
Mazhar Mohammad further says that in the short term, the Indian market will be seen in sync with the ups and downs of the global market. Any further downside in the market will be a good opportunity for long term investors to find good stocks. At the same time, it would be advisable for traders not to trade aggressively and keep themselves safe.
Today’s Intraday Calls which can have huge earnings
Intraday call by Sumeet Bagdia of Choice Broking
Indian Hotels: Sell Now, Target Rs 180, Stop Loss Rs 199
Tech Mahindra: Buy Now, Target Rs 1500, Stop Loss Rs 1420
Intraday Call by Anuj Gupta of IIFL Securities
Tata Teleservices (Maharashtra) Limited or TTML: Buy Current, Target Rs 120, Stop Loss Rs 90
Adani Wilmar Ltd or AWL : Buy Now, Target Rs 400, Stop Loss Rs 330
Avinash Gorakshakar of Profitmart Securities Intraday Calls
Bharat Electronics Ltd or BEL: Buy now, Target Rs 225, Stop Loss Rs 210
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