Indian stocks ended lower for the second consecutive session on Friday as BSE Sensex slid 143 points to 58,644.82. Similarly, the NSE Nifty fell 0.25% to close at 17,516. The indices ended the week up around 2.5% after the government increased spending to stimulate the pandemic-hit economy. , as announced in Budget 2022.
Eight of the 10 most valued companies together added ₹1,51,456.45 crores in market valuation last week, with TCS emerging as the biggest gainer. In the top 10, Reliance Industries and HDFC were the only two companies to see their market valuation erode.
Stock markets are expected to experience volatility this week, with domestic factors such as the RBI policy decision and quarterly earnings being the driving factors, analysts said.
Day trading strategy for the stock market today
“Nifty closed the week higher (up 2.42%) after two weeks of losses. However, on the daily charts, lack of buying enthusiasm amid steady selling by REITs led Nifty to end in the negative. However, the fact that Nifty is slowly correcting raises hopes of a resurrection in the upside of Nifty shortly. Nifty may remain in the 17,374-17,879 band over the next few days,” a said Deepak Jasani, head of retail research at HDFC Securities.
Stocks to buy today according to analysts’ recommendations –
Sumeet Bagadia, Executive Director, Choice Broking
Sun Pharma: Buy Sunpharma, target ₹930, stop-loss 880
State Bank of India: Buy SBI, objective ₹580, stop loss 525
Anuj Gupta, Vice President, IIFL Securities
Steel Authority of India: Buy SAIL, target ₹112, stop-loss 99
Raymond: Buy Raymond, objective ₹820, stop loss 758
Avinash Gorakssakar, Head of Research, Profitmart Securities
Vedanta: Buy VEDL, target ₹370, stop-loss 348
Marico: Buy Marico, target ₹528, stop loss 502
The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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