Indian shares extended selloff to the fifth straight day on Friday.
Indian shares extended selloff to the fifth straight day on Friday. The Sensex opened nearly 300 points lower and touched a low of 31,194.87 while the NSE benchmark Nifty fell over 100 points to a low of 9,704.35 tracking weak global indices. The selloff in the market was broad-based except IT stocks, . Among Nifty stocks, Tata Motors was the top loser, down nearly 4 per cent, on top of yesterday's 8 per cent fall. Vedanta, Tata Motors DVR, Hindalco, Eicher Motors, Cipla were the other big losers in the Nifty, falling between 2.4-3.1 per cent. Out of the 51 stocks in Nifty, only three( Wipro, Tech Mahindra and TCS)were in green. Elsewhere, other Asian shares fell on Friday extending a global slide as tensions ramped up between the United States and North Korea, sending investors fleeing to less risky assets such the yen, the Swiss franc and US Treasuries. Shanghai Composite fell 1.6 per cent while Hang Seng slumped 1.72 per cent.
Here are some of the trading calls shared by market expert Lovelesh Sharma
Buy Nifty August futures at 9,730-9,740 with stop loss at 9,680 on closing basis for target of 9,900/9,970
Buy Tech Mahindra for a target of Rs435 with stop loss at Rs 393
Buy SBI for a target of Rs 315 with stop loss at Rs 285
Disclaimer: Investors are advised to make their own assessment before acting on the information.