On March 02, the market showed a restraint on the rise of two days. The Russia-Ukraine war continues to hurt investor sentiment. Nifty lost 187 points to close at 16,605 in yesterday’s trade. On the other hand, the Sensex closed at 55,468, down 778 points, while the Bank Nifty lost 832 points to closed at 35,372. However, there was some recovery in the market at the end of the trading session.
In yesterday’s trade, banking, financial, auto, pharma, select IT and FMCG stocks had put pressure on the market, but metal stocks were seen flowing against the current. Nifty metal index closed with a gain of 4 per cent yesterday amid rising commodity prices.
Shares of MCX India and HDFC Life were in strong action yesterday and were the second and third biggest gainers in the Futures & Options segment. MCX India closed at 1,366 with a gain of 7.4 per cent, while HDFC Life closed at 560.8 with a gain of 7.2 per cent.
Similarly, Aegis Logistics had also recovered from a 7-day decline yesterday and closed at Rs 191.9 with a gain of about 14 per cent. Let us inform that this stock had seen a decline of 24.5 percent in the last 7 days.
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On the other hand, Crompton Greaves was the top loser of the NSE derivatives segment in yesterday’s trade and the stock closed at Rs 407.45 per share, down 4.91 per cent. This stock has seen a decline of 13 per cent in the last 4 trading sessions.
Let’s know from Jigar S Patel of Anandarathi what should be the investment strategy in these stocks now.
MCX India- This stock looks very good at current levels. There can be some buying in it at the current level. Then, if you get around Rs 1265 in a fall, you should buy in installments, for this keep a stop loss of Rs 1,200. For this the target will be Rs 1700.
Crompton Greaves Consumer Electrical- The chart pattern of this stock is also looking good. There may be some buying in it at current levels. After that, if it goes around Rs 380 in a fall, then it can be bought. We may see this stock going up to Rs 510. On the downside, support is visible for this at Rs 350.
HDFC Life- 560 and 540 are the two best levels seen in this stock on which buying advice will be given. From investment point of view, keep its target at Rs 666 while put stop loss at Rs 510.
Aegis Logistics- This stock has taken heavy beating in recent days but this stock can be bought immediately at current price and any downside move around Rs 180 would suggest further buy for longer term. This stock can easily show us the level of Rs 250-260. For this, put a stop loss at Rs 160.
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