Equities closed lower on Monday after a volatile session, weighed down by a sell-off in metal stocks after the government imposed heavy export taxes on steel products. The BSE Sensex closed 37.78 points lower at 54,288.61. On similar lines, the Nifty slipped 0.32% to end at 16,214.7.
In the broader market, the BSE smallcap declined 0.64% and midcap slipped 0.26%. Tata Steel was the biggest loser in the Sensex pack, plummeting over 12% , followed by UltraTech Cement, ITC, PowerGrid, HDFC, HDFC Bank, HCL Tech and Reliance Industries (RIL).
Day trading guide for stock market today
“While we remain open to further pullback rallies in the very near term, we must remember that the intermediate trend remains down. The bears would gain more control once the recent intermediate low of 15,735 is broken. Till then enjoy any rally till it lasts,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.
Stocks to buy or sell today as recommended by analysts –
Mehul Kothari, AVP – Technical Research at Anand Rathi
Wipro: Buy WIPRO, stop loss ₹453, target ₹485
Infosys: Buy INFY, stop loss ₹1,426, target ₹1,515
Anuj Gupta, Vice President – Research at IIFL Securities
Paytm: Buy PAYTM, stop loss ₹590, target ₹680
LIC: Buy LICI, stop loss ₹774, target ₹880
Sumeet Bagadia, Executive Director at Choice Broking
GAIL: Sell GAIL, stop loss ₹156.50, target ₹148
Indian Hotel: Buy INDHOTEL, stop loss ₹221, target ₹245-250
Avinash Gorakshkar, Head of Research at Profitmart Securities
TVS Motor: Buy TVSMOTOR, stop loss ₹670, target ₹750
Voltas: Buy VOLTAS, stop loss ₹970, target ₹1,055
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.