The S&P BSE Sensex and NSE Nifty 50 indexes were trading with a negative bias led by declines in HDFC Bank, HDFC, Reliance Industries, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank. The Sensex fell as much as 259 points to 36,801 and the Nifty 50 Index dropped below important psychological level of 10,850. Selling pressure was broad-based as the Nifty 500 Index dropped 0.8 per cent. On the sectoral front, allsector gauges barring the Nifty FMCG Index were trading lower led by the Nifty Metal index's 1.5 per cent decline. Nifty Private Bank, PSU Bank, Financial Services, Bank and Auto sector gauges also fell over a per cent each.
Here are some share market tips (trading ideas) from Choice Broking:
Sell Aurobindo Pharma
Choice Broking has recommended selling Aurobindo Pharma in the range of Rs 589.90 and up to Rs 593 for target price of Rs 565 with stop loss at Rs 603. On an hourly chart, the stock has given a breakdown from its symmetrical triangle which suggests a bearish movement in the counter. A daily momentum indicator relative strength index (RSI) reading is at 51.54 level and trending down side which points out for a negative breath in the counter.
Buy Aditya Birla Fashion and Retail
Choice Broking suggests buying Aditya Birla Fashion and Retail with stop loss at Rs 187 for target price of Rs 198. On an hourly scale, the stock has bounced back after taking a support at its upward rising trend line which indicates that the stock may go up in coming trading sessions. Moreover, the stock has started to trade above its 21 hourly exponential moving average which shows a positive move in the counter.
Sell Century Textile August future
Choice Broking has recommended selling August future contracts of Century Textile for target of Rs 775.50 with stop loss at Rs 866. On a weekly chart, the stock price has moved below the lower bollinger band which suggests bearish rally will continue further for near term. Moreover, the stock has been trading below its 200 weeks moving average which is placed at Rs 907 level which shows negative momentum in the stock.
Click here for more on the stock picks, target prices and research reports shared by brokerages.
Click here for latest on market movement and related information.
Disclaimer: Investors are advised to make their own assessment before acting on the information.