The Sensex fell over 200 points and Nifty closed below its important psychological level of 9,400 led by losses in pharma heavyweights like Sun Pharma, Lupin, Cipla, Aurobindo Pharma and Dr Reddy's Labs. Sumeet Bagadia, associate director at Choice Broking, says on the downside Nifty has support at 9,370 and if it breaks 9,370 it can fall by another 70-80 points. However, any decline should be used as a buying opportunity for target of 9,700 on Nifty, adds Mr Bagadia.
Sell Sintex: If Rs 104 is taken out on the downside Sintex can fall to Rs 100. Traders can sell Sintex with stop loss at Rs 109 for target of Rs 98-100.
Buy HCL Tech: The stock can go up to Rs 890-900 in the near term.
Sell Bank of India: The stock has corrected from Rs 180 to Rs 145 and it can go down to Rs 138-135. Traders should avoid going long and those who have short position should hold their sell positions for target of Rs 138-135 with stop loss at Rs 152.
Sell Aurobindo Pharma: The stock can go down to Rs 510 and those who have sell positions should hold their sell position for target of Rs 510-500.
Sun Pharma: The stock has support around Rs 600 if it breaks 600 it can fall to Rs 550 and for fresh bullish move will come only if Sun Pharma closes above Rs 660.
Adani Ports: The overall structure is looking good investors can buy this stock around dips around Rs 315-320. Purely from trading perspective, traders can sell it for target of Rs 315-320 in the near term.