The sharp fall in Sensex and Nifty on Monday amid a huge selloff in the global equities saw domestic investors losing more than Rs 6 lakh crore. Today s slump in the indices is the sixth out of seven sessions.
All of this can be attributed to the ongoing Russia-Ukraine-US turf escalations and consequent sanctions, which are fuelling commodity prices, adding to fears of faster monetary tightening.
Monday was nothing short of a bloodbath at Dalal Street. Paytm, Nykaa, Zomato not only took a tumble but were also the subject of a meme-fest on social media.
Here are three intraday picks from the brokerage:
Buy Marico (Previous close: Rs 411) For today’s trade, a long position can be initiated in the range of Rs 411-407 for a target of Rs 427 with a strict stop loss at Rs 399.
Buy Tata Chemicals (Previous close: Rs 792) A long position can be initiated in the range of Rs 780-770 for a target of Rs 815 with a strict stop loss at Rs 747.
Sell ICICI Prudential Life (Previous close: Rs 522)A short position can be initiated in the range of Rs 523-528 for a target of Rs 505 with a strict stop loss at Rs 538.
The domestic benchmark indices nosedived in Monday s session following a strong second wave of Covid-19 in the country, leaving the market bulls battered. An across-the-board selling resulted in a 1,469 point crash in the BSE barometer Sensex, with financials and banking counters the worst hit. The index was last quoting at around 47,600 levels. Barring shares of Dr Reddy s Labs, all constituents of the 30-pack index traded in the red. Meanwhile, its NSE counterpart Nifty shed as much as 425 points to hit a low of 14,192, with high volatility marking today s session. India VIX, meanwhile, was trading 10 per cent higher at 22.3. The sell-off was equally bad in the broader markets with mid-cap and small-cap indices trading 2.25-2.50 per cent lower. Except pharma, all indices on NSE traded in the red.