Stock market performance took a significant hit today as the Indian stock market experienced a downward trend, with the Nifty 50 index dropping 140 points and closing at 22,302. The BSE Sensex also corrected by 383 points, closing at 73,511, while the Bank Nifty index lost 609 points and finished at 48,285. This shift marked a notable change in the market’s performance, with the India VIX index surging to a new 52-week peak of 17.64. Declining shares outnumbered advancing shares, with the advance-decline ratio standing at 0.40 on BSE, the lowest since April 15, 2024. All sectoral indices closed in the red, except for Nifty FMCG and Nifty IT, with Nifty Reality, Metal, and PSU Banks experiencing the most significant declines.
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, provided expert analysis and recommendations for the Nifty 50 index. He highlighted that the index has immediate support at the 22,200 to 22,100 zone, and if maintained, a relief rally could be expected. Dongre also predicted a hurdle for the Nifty at the 22,500 to 22,600 level. For day trading stocks, he recommended buying TCS, HDFC Life, and DLF.
Looking ahead, Dongre stated that if the Nifty holds the support level of 22,100–22,200, upward movement could be seen in the coming days, with the next resistance at 22,500-22,600. He also noted that the Bank Nifty faced resistance at 49,000 and support at 48,000.
Dongre’s stock picks for the day included TCS with a buy price of ₹3975, target price of ₹4075, and stop loss at ₹3920. HDFC Life was recommended for buying at ₹552, with a target of ₹572 and stop loss at ₹542. DLF was also suggested for buying at ₹860, with a target of ₹890 and stop loss at ₹840.
It is important to note that the views and recommendations provided are those of individual analysts or broking companies and not Mint. Investors are advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly.
