Trading Guide: ICICI Bank among 7 stock recommendations for Wednesday
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over 1 year ago
Benchmark Sensex and Nifty slid for the eighth straight day to close at four-month lows on Tuesday as growing worries over interest rate hikes to stem inflation and FII selling unnerved investors. Mixed global cues, selling in index heavyweights and caution by investors ahead of the release of key macroeconomic data waylaid the key indices to their longest losing run in more than three-and-a-half years.From the high of 18,134 scaled on February 16, Nifty has corrected by a sharp 5% in the past 9 sessions and closed below its 200 days SMA at 17,304 points.Sector-wise, it was a mixed show, with media, realty, banking and auto pack ending in the green, while pharma, IT, metals, FMCG and financial services stocks fell.“Finally, the bears managed to drag the Nifty below the line of polarity, the 200-day moving average, on a closing basis. The sentiment looks very negative from here as the index sustains below the crucial long-term average. A further decline towards 17,150–17,100 appears imminent, as bulls appear to be in no hurry to support Indian equities. On the higher end, immediate resistance is visible at 17,400, above which the current trend may reverse,” said Rupak De, Senior Technical Analyst at LKP Securities.Here are the stock recommendations for Tuesday
Economic Times