Today is the weekly expiry of Nifty, and the market is looking quite volatile. After a long-term ceasefire, the dispute over Iran has flared up again, sending crude oil prices rising to $114 per barrel. The rise in crude oil prices is not a good thing for India. As a result, market volatility is expected to persist.
On Monday, Nifty closed at 24,119 with a gain of 122 points. During intraday trading, it touched a high of 24,290 and low of 24,005. Yesterday, the US Dow Jones index fell by 557 points.
The good news is that foreign investors have made a comeback. Yesterday, FIIs (foreign institutional investors) bought shares worth ₹2,835 crore, while DIIs (domestic institutional investors) bought shares worth ₹4,764 crore.
The bad news is that the rupee continues to fall, and is close to its record low against the US dollar. This could potentially undermine India’s macroeconomic stability.
Ansh Bhilwad’s favorite shares
Category Stock Name Buy/Sell Target (₹) Stop Loss (₹) CASH Aarti Industries Buy ₹530 ₹506 FUTURES KEI Buy ₹5,337 ₹4,958 OPTIONS LT Mindtree (LTM) 4200 Put Buy ₹225 ₹85 TECHNO APL Apollo Buy ₹2,060 ₹1,785 FUNDA Tata Tech Buy ₹650 ₹568 INVEST Sobha Buy ₹1,600 ₹1,369 NEWS CAMS Buy ₹758 ₹720 MY CHOICE Afcons Infrastructure Buy ₹358 ₹335 MY CHOICE Wockhardt Buy ₹1,502 ₹1,397 MY CHOICE Bharat Forge Buy ₹1,915 ₹1,815 MY BEST Sobha Buy ₹1,600 ₹1,369
₹1 Crore Term Insurance Plan
Category Stock Name Buy/Sell Target (₹) Stop Loss (₹) / Duration CASH ACME Solar Buy ₹303 ₹295 FUTURE Manappuram Finance Buy ₹311 ₹301 OPTION Godrej Properties 1920 Buy Call ₹150 ₹40 TECHNO Quess Corp Buy ₹215 ₹208 FUNDA BHEL Buy ₹400 6 Months INVEST Voltas Buy ₹1,600 12 Months NEWS Jindal Stainless Buy ₹800 ₹770 MY CHOICE EMS Buy ₹350 ₹340 MY CHOICE IIFL Finance Buy ₹467 ₹453 MY CHOICE Muthoot Finance Buy ₹3,556 ₹3,452 MY BEST Manappuram Finance Buy ₹311 ₹301
Short-term resistance is located at 24,334 and 24,600
Nandish Shah, Deputy Vice President, HDFC Securities, said that the market is currently witnessing daily ups and downs – sometimes rising and sometimes falling. Due to surge in crude oil prices, the rupee has hit its record low against the US dollar. This development is expected to have an adverse impact on India’s macroeconomic stability. Over the last five trading sessions, the Nifty 50 index has remained stable around the 24,185 level—close to its 50-day exponential moving average (DEMA).
