04 Feb , 2022 By : Kanchan Joshi
Indian equities fell more than 1% on Thursday, snapping three sessions of gains. The BSE Sensex plunged 770 points to close at 58,788 whereas Nifty lost 1.24% to end the session at 17,560. Both the indexes had added 4% in the past three sessions, with a rally sparked by Budget 2022.
HDFC was the top laggard followed by Infosys, L&T, Bajaj Finserv, Bajaj Finance, Tech Mahindra and Kotak Bank. Only five stocks, ITC, Maruti, Titan, SBI, and Asian Paints, closed in the green.
Day trading strategy for stock market today
"The short term uptrend status of Nifty seems to have reversed down. The intense follow-through weakness from here could open more downside in the near term. Confirmation of reversal is likely to drag Nifty down to 17000-16800 levels. Immediate resistance is placed at 17650 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On Nifty Bank, Ruchit Jain, Lead Research, 5paisa.com said "it would be crucial to see the Bank Nifty behavior in the coming session as a break below 38860 could apply brakes to the ongoing momentum. Given these mentioned scenarios in both the indices, we advise traders to avoid aggressive positions and let both Nifty as well as Bank Nifty surpass Thursday’s high which would then signal a continuation of uptrend. Till then, one should trade with a stock specific approach and trade with proper risk management."
Stock picks for today as recommended by analysts -
Sumeet Bagadia, Executive Director, Choice Broking
1] Praj Industries: Buy PrajInd, target Rs455-465, stop loss 425
2] Biocon: Buy Biocon, target Rs405-410, stop loss 385
Anuj Gupta, Vice President, IIFL Securities
3] Equitas: Buy Equitas, target Rs123, stop loss 108
4] GAIL: Buy Gail, target Rs155, stop loss 139
Avinash Gorakssakar, Head of Research, Profitmart Securities
5] Nalco: Buy NationalAlum, target Rs124, stop loss 113
6] Tata Power: Buy Tata Power, target rs262, stop loss 247
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