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Posting its biggest one-day rout in over six months by tumbling nearly 2% on Thursday, the Nifty 50 index and benchmark BSE Sensex fell 1.94% and 1.89% to 17,857 and 59,984.7, respectively. Banking, FMCG and energy shares came under heavy selling pressure, while midcap and smallcap counters also suffered hefty losses. 

Monthly expiry of futures and options also spurred selling, analysts said. Investors lost 4.82 lakh crore in Thursday's session, with the market capitalisation of all BSE-listed companies standing at 2,60,48,949.80 crore

Trade view for Nifty

“Thursday's decisive weakness after a range movement could indicate a sharp reversal of near term uptrend of the market and one may expect further weakness in the coming sessions. The next lower levels to be watched at 17590-17550 levels by next week. Any attempt of upside bounce from here could encounter resistance around 18040 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

The near term outlook for the market is weak and one may expect further downside in the short term, added Shetti. As per this moving average theory, the Nifty could slide down to 20 week EMA, which is currently placed at 17590 levels.

Stocks to buy today as recommended by analysts -

Sumeet Bagadia, Executive Director at Choice Broking

TVS Motor: Buy TVS motor, Stop loss 630, Target 670-680

Ambuja Cement: Buy Ambuja Cem, Stop loss 380, Target 400-410

Ravi Singhal, Vice Chairman, GCL Securities Limited

Adani Ports: Sell Adani Ports 688, Stop loss 701, Target 600

Ravi Singh, Head of Research & Vice President, ShareIndia

Asian Paints: Buy Asian Paints at 3100, Target 3200, Stop loss 3060

ICICI Prudential: Sell ICICI Pru 620, Target 600, Stop loss 630

Manoj Dalmia, Founder and Director, Proficient Equities Limited

Minda Corp: Buy Minda Corp at 147, Target 159, Stop loss 141

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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