Stock market today: Indian markets fell for the second consecutive day yesterday on fears of rising commodity prices having negative impact on inflation, currency, interest rates and corporate performance. Nifty closed 107 points lower at 16,498 in yesterday’s trade. At the same time, the Sensex closed at 55,102, down 366 points. At the same time, Bank Nifty fell 428 points and closed at the level of 34,944.
If we look at the movement of the market today, the market is witnessing selling for the third consecutive day due to the Russia-Ukraine war. Nifty has gone below 16 thousand 200. There is a weakness of 1000 points in the Sensex. This week Nifty has fallen around 3 percent and Nifty Bank has fallen by 6 percent. Selling dominates all sectors. AUTO stocks are the biggest losers. The auto index is down 8% this week. However, the Nifty Metal Index has gained 11%. On the other hand, due to the movement of crude, the tension of paint and aviation companies has increased. ASIAN PAINT 15 percent in 3 days and INTERGLOBE AVIATION has dropped 13 percent this week. Brent price is above $112. It has jumped up to 50% so far this year.
According to market analysts, there is no buying trend in the market. Any pullback towards 16,700 – 16,800 is facing heavy resistance. Till this hurdle is not broken, the sentiments in the market will remain weak. Anuj Gupta of IIFL Securities says that amid weakness in the US and Asian markets, weakness in the Indian markets is also expected to continue.
Even after breaking 10% in 1 month, this multibagger has the confidence of the exerts, giving buying advice for 25% returns
There itself Ruchit Jain of 5paisa.com Says that the last few trading sessions are seeing weakness in the Indian markets. Till the time Nifty does not cross the level of 16800 with strength, it will remain weak. In such a situation, we have to avoid taking very aggressive positions and keep our positions light. Immediate support for Nifty is around 16350-16200.
Sumeet Bagdia of Choice Broking Says that today Nifty has a broad range of 16,200 -16,800 for intraday while its short range for investors with high risk appetite is 16,400 – 16,650. Similarly, the broad range for Bank Nifty is 34,300 – 35,800 while the short range for traders with high risk appetite is between 34,700 – 35,300.
Today’s Intraday Calls which can have huge earnings
Intraday calls by Sumeet Bagadiya of Choice Broking
ICICI Prudential: Sell at current level, target Rs 450 -440, stop loss Rs 480
Wipro: Buy at current levels, target Rs 590-600, stop loss Rs 550
Anuj Gupta of IIFL Securities Intraday Calls
Cipla: Buy at current level, target Rs 970, stop loss Rs 885
Coal India: Buy at current level, target Rs 215, stop loss Rs 174
Avinash Gorakshakar of Profitmart Securities Intraday Calls
NALCO: Buy at current level, target Rs 136, stop loss Rs 125.50
HCL Technologies: Buy at current level, target Rs 1180, stop loss Rs 1120
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