Indian equities ended lower for the second straight session on Friday as BSE Sensex slipped 143 points at 58,644.82. Similarly, the NSE Nifty shed or 0.25% to close at 17,516. The indexes closed the week around 2.5% stronger after the government lifted spending to boost the pandemic-hit economy as announced in Budget 2022.
Eight of the top-10 most valued firms together added ₹1,51,456.45 crore in market valuation last week with TCS emerging as the biggest gainer. On the top 10 chart, Reliance Industries and HDFC were the only two companies that saw an erosion in their market valuation.
Stock markets are expected to witness volatility this week with domestic factors such as RBI policy decision and quarterly earnings being the driving factors, analysts said.
Day trading strategy for stock market today
“Nifty closed the week higher (up 2.42%) after two weeks of losses. However on daily charts, lack of buying enthusiasm amidst steady selling by FPIs resulted in Nifty ending in the negative. However, the fact that Nifty is correcting slowly raises hope of resurrection in the upmove in Nifty shortly. Nifty could remain in the 17,374-17,879 band over the next few days,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Stocks to buy today as recommended by analysts –
Sumeet Bagadia, Executive Director, Choice Broking
Sun Pharma: Buy Sunpharma, target ₹930, stop loss 880
State Bank of India: Buy SBI, target ₹580, stop loss 525
Anuj Gupta, Vice President, IIFL Securities
Steel Authority of India: Buy SAIL, target ₹112, stop loss 99
Raymond: Buy Raymond , target ₹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 views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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