S&P BSE Sensex declined more than 600 points while Nifty50 closed below 18,200 on Wednesday.
Indian equity market witnessed a sharp fall in line with global peers on Wednesday amid fresh COVID worries. The healthcare sector came into the limelight while covid averse sectors were under pain today.
Nifty50 rejected the 9-DMA and saw a rapid decline, however, it was able to hold the 50-DMA of 18,144 which is a positive sign for the bulls.
Despite the fall seen in Nifty50 for the past two trading sessions, it is still a good buy on the dips market where 18,000 will provide immediate support, said analysts.
“On the downside, the area between 18,133 and 18,080 represents a significant demand zone. As long as Nifty trades above 18,080, the general bullish texture will hold, but below 18,080, we can anticipate a short-term trend reversal,” Santosh Meena, Head of Research,
., said.
The 20-DMA of 18,550 is a significant barrier on the upside, while 18,440 is an immediate barrier, he said.
Meena further added that to reverse the bearish scenario, Nifty needs to break through this level. Bulls will anticipate a short covering move since the put/call ratio is oversold.
Bank Nifty has slipped below the 20-DMA on Wednesday, wherein 42,200-42,000 is an immediate and critical support zone.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Brokerage:
Securities told ETMarkets
M&M: Buy| Target Rs 1294| Stop Loss Rs 1244
: Buy| Target Rs 1275| Stop Loss Rs 1204
: Buy| Target Rs 758| Stop Loss Rs 727
Expert: Kunal Bothra, Market Expert told ETNow
: Buy| Target Rs 555| Stop Loss Rs 505
: Buy| Target Rs 2500| Stop Loss Rs 2390
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
