09 Jun , 2022 By : Kanchan Joshi
Equity benchmarks lurched lower for the fourth session on the trot on Wednesday after the RBI hiked the policy rate on expected lines but sharply raised the inflation forecast for the current fiscal amid geopolitical tensions and supply chain issues. The 30-share BSE Sensex tumbled 214 points to close at 54,892 in volatile trade. The NSE Nifty declined 0.37% to finish at 16,356.
The Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in inflation that it saw continuing to hurt consumers in the near term.
Das further said the RBI will remain focused on the withdrawal of accommodation as system liquidity continues to be high, but added that this will be done in a way that growth will continue to get adequate support.
Day trading guide for stock market today
"After moving below the crucial support of 16,400 levels (support as per change in polarity), the Nifty has not witnessed any intense selling pressure in the last 2 sessions, which is slightly positive for the market. The current choppy movement could extend for another 1-2 sessions and the lows to be watched around 16,200 levels. Strong overhead resistance is placed at 16,450-16,500 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts -
Rajesh Bhosale, Technical Analyst, Angel One Ltd
Godrej Properties: Buy GODREJPROP, stop loss Rs1,298, target Rs1,440
Maruti: Buy MARUTI, stop loss Rs7,710, target Rs8,310
Mehul Kothari, AVP -Technical Research at Anand Rathi
Indian Oil: Buy IOC, stop loss Rs115, target Rs125
Adani Transmission: Buy Adanitrans, stop loss Rs2,049, target Rs2,220
Anuj Gupta, Vice President - Research at IIFL Securities
State Bank of India: Buy SBIN, stop loss Rs448, target Rs510
Bharti Airtel: BUY Bharti Airtel, stop loss Rs638, target Rs710
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