There was tremendous volatility in the market last week. On a net basis, Nifty closed at 25471 with a decline of -0.9% due to heavy selling in IT stocks. On Friday alone, a huge fall of 336 points was recorded in Nifty. There is a fall of 30 points in SGX Nifty which is pointing towards the market opening in the red. Know which stocks have been selected by Zee Business analysts Ansh Bhilwad and Pooja Tripathi under the Traders Diary programme.
At present, concerns regarding AI dominate the global market. The S&P 500/Dow/Nasdaq declined 1.4%/1.3%/1.9% last week. Any kind of update regarding AI is increasing the concern of IT companies. Here, US job market data was better than expected, which is supporting the delay in rate cut by the Federal Reserve. This is negative for the market.
FII sold heavily
Foreign investors sold heavily on Friday. FIIs made huge sales of Rs 7395 crore in the cash market. Whereas DIIs have made big purchases worth Rs 5554 crore. At present the market sentiment is neutral and sentiment is negative.
negative for today
Big selling by FII
Global markets are also loose
Fear of AI dominates the world
Sentiment is quite weak due to sharp selling in mid-smallcap stocks
The market does not move on any good news
Sharp selling by FIIs on any bad news
There will be pressure on capital market shares today due to new rules of RBI.
positive for today
Support from good buying of domestic funds
Nifty PCR at 0.64, near oversold level
Results season ends, chances of major accidents less
Where is the big support of the market?
On Friday, Nifty got support at the highest level of 25440 on the budget day.
The fall will increase if the stock closes below this level.
Then major support will be in 25850-26100 range
25850-26000 a big hurdle in recovery
Bank Nifty is still not weak
Very strong support near 59500
shares of ansh bhilwara
cash
ABFRL – Buy, Target 79, Stop Loss 71
futures
HAL – Buy, target 4405, stop loss 4107
Option
Bajaj Finance 1050 Call – Buy, Target 20, Stop Loss 4
techno
Thermax – Buy, Target 3112, Stop Loss 2780
funda
GMR Airports – Buy, Target 101, Stop Loss 91
invest
LTIM – Buy, Target 5700, Stop Loss 4860
news
Torrent Pharmaceuticals – Buy, Target 4240, Stop Loss 4000
my choice
CMS Info – Buy, Target 360, Stop Loss 303
National Fertilizer – Buy, target 82.5, stop loss 76
Azad Engineering – Buy, Target 1680, Stop Loss 1533
my best
Torrent Pharma – Target 4240, Stop Loss 4000
Pooja Tripathi’s shares
cash
Natco Pharma – Buy, target 840, stop loss 814
Future
Alkem Lab – Sell, target 5296, stop loss 5456
Option
Piramal Pharma 165 PE @ 4.69 – Buy, Target 8, Stop Loss 3
techno
IIFL Finance – Buy, Target 518, Stop Loss 502
funda
NBCC – Buy, Target 110, Duration 12 Months
invest
Fortis Healthcare – Buy, target 1080, period 12 months
news
Manappuram Finance – Buy, Target 308, Stop Loss 299
my choice
Hind Zinc – Buy, Target 603, Stop Loss 586
Zydus Lifesciences – Buy, target 922, stop loss 895
Inox Wind – Sell, Target 102, Stop Loss 107
my best choice
Manappuram Finance – Buy, target 308, stop loss 299
conclusion
On Friday, Nifty had made an intraday low of 25444. If Nifty closes below this today, there will be a bigger fall. On an immediate basis, support for Nifty is seen in the range of 25350-25300 while resistance will be seen in the range of 25650-25700. The market will be more influenced by global events for the next 1-2 months. In this, updates related to AI, Fed’s decisions regarding rate cut, geo political events will be important.