- Stock market analysts expect the market to consolidate for the next few days
Benchmark BSE Sensex fell for the second straight session on Monday in a volatile trade due to profit taking in oil, IT and auto stocks ahead of the RBI policy announcement. The BSE Sensex dipped 33.9 points to settle at 62,834.6. The Nifty eked out marginal gains and ended at 18,701.
“Going ahead the momentum in the mid and small cap companies is likely to continue. Metals, Banking and Realty sectors would continue seeing traction. Banking stocks will be in lime light ahead of RBI policy outcome. We expect market to consolidate for next few days given the RBI policy on Wednesday and Gujarat election outcome on Thursday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Day trading guide for stock market today –
“Nifty remained sideward during the session as the benchmark index hovered within 140 points range. On the daily chart, a small-bodied candle with a long lower shadow is formed. The lackluster sentiment is likely to continue over the short term. On the lower end, 17,550-18,500 is going to act as a very crucial support; while a rising price finds resistance at 18,800,” said Rupak De, Senior Technical Analyst at LKP Securities.
On Nifty Bank, Kunal Shah, Senior Technical Analyst at LKP Securities said “The index remains in buy mode as long as it holds the support of 42,800 on the downside. The higher-end resistance is visible at 43,500 where a significant amount of call writing has been observed. The index is likely to consolidate in a broad range between 42,500-43,500 and a break on either side will lead to trending moves.”
Stocks to buy today as recommended by analysts –
Ravi Singh, Vice President and Head of Research, Share India
Tata Steel: Buy Tata Steel, target ₹122, stop loss ₹112
DLF: Buy DLF 418, target ₹430, stop loss ₹415
Manoj Dalmia, Founder and Director, Proficient Equities
Reliance Industries: Sell, stop loss at ₹2,677, target at ₹2,652
Adani Enterprise: Buy, stop loss at ₹3,936, target at ₹4,049
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp
