All sectoral indices, barring Nifty Pharma and realty, ended in the red. Nifty Private Bank, Bank and Financial Services fell up to 2%.
“Markets opened gap-down, they recovered from opening lows, however, the sentiments were seen taking a hit due to weak global cues and a drag in banking and auto stocks,” Chandan Taparia of Motilal Oswal Financial Services told Money9.
Bank Nifty and HDFC Bank in that was seen as the key reason for the sharp fall in the index.
“See Nifty bank slipping to 34,500 levels in the near term,” he said. However, he does not see a deeper correction immediately.
“These current dips can be used by investors to add quality names. We see 15,400-15,600 as major supports for the Nifty and a pullback can again take Nifty above 15,900 towards all-time highs of 16,000”
Stocks Recommendation
Buy IEX | Target: 500 | Stop Loss: 415
Burger King | Buy | Target: 190 | Stop Loss: 170
NTPC | Buy | Target: 128 | Stop Loss: 117
How ready are you to buy your dream house? Find out using this hack!
What is stridhan? How is it different from dowry received in marriage?
Should you choose single or joint MF account?
Pay attention to these 9 things before investing in hybrid mutual funds
Do you raise money not only by share sale but also by pledging?