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Indices View
Nifty: CMP: 24,435.50
Markets remained volatile and ended slightly lower, taking a breather after Tuesday’s decline. Following a flat opening, Nifty saw some recovery in the first half but was unable to sustain the gains, eventually closing near the day’s low at 24,435.50. Most sectors, except IT, traded with a negative bias, with pharma, auto, and energy leading the losses. However, some relief in the broader indices helped ease the pressure after the sharp drop.
Apart from the concern of continuous outflow of the foreign investors, the disappointment on the earnings front is largely weighing on the sentiment. Among the key sectors, only IT is maintaining some resilience now while the majority is feeling the heat. We thus reiterate the “sell on rise” view in the Nifty index and suggest maintaining stock-specific trading approach citing the prevailing choppiness due to earnings.
Stocks Recommendations
Tech Mahindra Limited | LTP: Rs 1,735 | Buy | Target: Rs 1,840 | Stop-loss: Rs 1,685
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The IT sector has shown noticeable resilience, with TECHM moving in line with this trend. The stock has rebounded from the neckline of its prior consolidation range, which also aligns with the support zone of its short-term 20 EMA. Given the positive price action and strength in the sector, we expect the stock to maintain its upward momentum, making it a good opportunity for accumulation.
Larsen & Toubro Limited | LTP: Rs 3,453.15 | SELL FUTS | Target : Rs 3,320 | Stop-loss : Rs 3,520
LT has been trading within a broad consolidation range for the past eight months and is now approaching the lower band after a failed rebound attempt. It has also fallen below the support zone of its key 200-day exponential moving average (DEMA), which further strengthens the negative outlook.
Lupin Limited | LTP: Rs 2,068.60 | SELL FUTS | Target : Rs 1,980 | Stop-loss: Rs 2,120
After maintaining a steady uptrend, LUPIN is now showing signs of weakness, having broken down from a distribution pattern. A similar breakdown in the pharma index is amplifying the negative sentiment. Therefore, we recommend initiating short positions based on the specified levels.
(Disclaimer: Ajit Mishra is SVP of Research at Religare Broking Limited. Views expressed are his own.)
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