Market Trading Guide: Cipla, Usha Martin among 7 stock recommendations for Monday
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over 1 year ago
Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1% lower on Friday as concerns over instability of the global banking system lingered. Investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets. Besides, a depreciating rupee against the dollar and fresh foreign fund outflows also hit investor sentiments.Nifty ended below 17,000 levels, with a cut of 132 points or 0.77%. Meanwhile, broader markets tanked even more, with Nifty Midcap 100 ending over 1% lower.“On the hourly charts we can observe that the Nifty is trading in the zone of 16,910 – 16,970 where the crucial Fibonacci retracement levels of the previous rise from 16,828 – 17,207 are placed. This zone shall be the make or break support zone and if the Nifty fails to hold on to this support, it is likely that it has started the next leg of the fall. The daily momentum indicator has a positive crossover, which is a buy signal, and is also supporting our view that the pullback rally is not complete.“Thus considering the above we shall continue to maintain our positive outlook on the Nifty. On the upside, the initial hurdle is placed at 17,180 – 17,210. Beyond this, it has the potential to 17,315 – 17,430,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.Here are the stock recommendations for Monday:
Economic Times