Indian Market End Lower on Friday: Nifty 50 Index Sheds 33 Points
Indian stock market had a range-bound trading session on Friday and finally ended lower. The Nifty 50 index lost 33 points and closed at 19,730 levels, BSE Sensex declined 187 points and settled at 65,794 mark whereas the Nifty Bank index corrected by 577 points to end at 43,583 levels.
FII View on Indian Markets
Foreign Institutional Investors (FIIs) had been net buyers in two consecutive trading sessions but they turned net sellers in the previous session. This indicates that they are cautious of the marketâs movements in the near future.
Market Reaction to Global Economic Uncertainty
Indian markets are being affected by the uncertain global economic situation. The continued negative news flow regarding the progress of the US stimulus package is causing concerns over increasing geopolitical tensions. The US tech stocks correction and the investorsâ reaction to news of further restrictions on businesses in Europe are also weighing on the Indian markets.
Way Forward
Analysts suggest that investors should focus on fundamentals and long-term investments. In the near term, they should revise their portfolio and protective positioning as the markets could remain volatile. It is advised to focus on quality stocks in sectors which are comparatively less vulnerable to market fluctuations, such as FMCG, Pharma, and IT.
Intraday trading tips for Monday
The technical analysis perspective from Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher. Here’s a summary of the provided information:
- Current Resistance Zone for Nifty 50:
- According to Vaishali Parekh, Nifty 50 is facing a hurdle near the 19,800 to 19,850 zone.
- Potential Upside:
- It is suggested that if Nifty 50 decisively breaches this hurdle, it may have the potential to go up to the 20,000 to 20,200 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those intraday trading stocks:
1] IRFC: Buy at ₹76.90, target ₹82, stop loss ₹75;
2] McDowell – N or United Spirits: Buy at ₹1056, target ₹1110. stop loss ₹1036; and
3] Syngene International: Buy at ₹734.25, target ₹757, stop loss ₹722.
