29 Oct , 2021 By : Kanchan Joshi
Posting its biggest one-day rout in over six months by tumbling nearly 2% on Thursday, the Nifty 50 index and benchmark BSE Sensex fell 1.94% and 1.89% to 17,857 and 59,984.7, respectively. Banking, FMCG and energy shares came under heavy selling pressure, while midcap and smallcap counters also suffered hefty losses.
Monthly expiry of futures and options also spurred selling, analysts said. Investors lost Rs4.82 lakh crore in Thursday's session, with the market capitalisation of all BSE-listed companies standing at Rs2,60,48,949.80 crore
Trade view for Nifty
“Thursday's decisive weakness after a range movement could indicate a sharp reversal of near term uptrend of the market and one may expect further weakness in the coming sessions. The next lower levels to be watched at 17590-17550 levels by next week. Any attempt of upside bounce from here could encounter resistance around 18040 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The near term outlook for the market is weak and one may expect further downside in the short term, added Shetti. As per this moving average theory, the Nifty could slide down to 20 week EMA, which is currently placed at 17590 levels.
Stocks to buy today as recommended by analysts -
Sumeet Bagadia, Executive Director at Choice Broking
1. TVS Motor: Buy TVS motor, Stop loss Rs630, Target Rs670-680
2. Ambuja Cement: Buy Ambuja Cem, Stop loss Rs380, Target Rs400-410
Ravi Singhal, Vice Chairman, GCL Securities Limited
3. Adani Ports: Sell Adani Ports Rs688, Stop loss Rs701, Target Rs600
Ravi Singh, Head of Research & Vice President, ShareIndia
4. Asian Paints: Buy Asian Paints at Rs3100, Target Rs3200, Stop loss Rs3060
5. ICICI Prudential: Sell ICICI Pru Rs620, Target Rs600, Stop loss Rs630
Manoj Dalmia, Founder and Director, Proficient Equities Limited
6. Minda Corp: Buy Minda Corp at Rs147, Target Rs159, Stop loss Rs141
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