Indian market started lower on Wednesday tracking muted global cues. S&P BSE Sensex plunged over 400 points while Nifty50 slipped below 17600 levels in the first 15-minutes of trade.
Sectorally, selling was seen in banks, IT, finance, realty, and auto stocks while buying was visible in oil & gas as well as metal stocks.
Crucial support for the index is placed at 17000 and further towards 16800 levels, said analysts.
The highest new OI addition was seen at 17800 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts.
“Inability to float above 17690 after the early spike yesterday, suggests easing of upside momentum,” Anand James – Chief Market Strategist at
, said.
This would mean that the eyes are now on the 17470-17400 region discussed on Tuesday, to see if buyers could regroup to stall a 17000-16650 drop, he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Nagraj Shetti, Technical and Derivative Analyst, Securities told ETBureau
BF Investment: Buy| Target Rs 332| Stop Loss Rs 299
Volume has started to rise during the upside breakout in the price and the weekly RSI shows a positive indication.
Balrampur Chini Mills: Buy| Target Rs 397| Stop Loss Rs 362
Sustainable upmove with positive chart pattern like higher highs and lows, which signals strength.
Expert: Kunal Bothra, Market Expert told ETNow
NALCO: Buy| Target Rs 84| Stop Loss Rs 77
UPL: Sell| Target Rs 720| Stop Loss Rs 750
Andhra Paper: Sell| Target Rs 450| Stop Loss Rs 473
Expert: Nooresh Merani, an independent technical analyst told ETNow
Power Grid: Buy| Target Rs 250| Stop Loss Rs 220
M&M Finance: Buy| Target Rs 235| Stop Loss Rs 210
Tata Power: Buy| Target Rs 270| Stop Loss Rs 235
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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