08 Jun , 2022 By : Kanchan Joshi
Extending its sell-off to the third straight session, equity benchmark Sensex slumped 568 points on Tuesday as investors scrambled to offload riskier assets ahead of the RBI's policy decision. The 30-share BSE Sensex closed 1% lower at 55,107. The NSE Nifty slumped 153 points to end at 16,416.
Wobbly global markets, continuous foreign fund outflows and the rupee crashing to a record low against the US dollar further queered the pitch for Dalal Street. In the broader market, the BSE midcap gauge declined 0.77% and the smallcap index shed 0.67%. Meanwhile, the rupee slipped 7 paise to close at an all-time low of 77.73 against the US dollar on Tuesday.
The Reserve Bank of India (RBI) will announce its monetary policy decision on Wednesday amid expectations of another hike in benchmark interest rate to contain inflation that continues to remain above the central bank's upper tolerance level.
Day trading guide for stock market today
“The short term trend of Nifty continues to be negative. Formation of small negative candles with lower shadows on the downside and placement of crucial supports, one may expect Nifty to witness sustainable upside bounce from the lows of 16,300-16,250 levels in the next 1-2 sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts -
Mehul Kothari, AVP -Technical Research at Anand Rathi
Hero Moto: Buy Heromotoco, stop loss Rs2,450, target Rs2,800
HAL: Buy HAL, stop loss Rs1,860, target Rs1,950
Sumeet Bagadia, Executive Director at Choice Broking
TVS Motor: Buy TVS motor, stop loss Rs715, target Rs770-780
GAIL: Buy GAIL, stop loss Rs146, target Rs156-160
Avinash Gorakshkar, Head of Research at Profitmart
TVS Motor: Buy TVS Motor, stop loss Rs720, target Rs790
GAIL: Buy GAIL, stop loss Rs147, target Rs160
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