Domestic stock markets moved in a tight range amid cautious trade on Thursday, a day after the Reserve Bank of India announced its fourth rate cut so far this year but lowered its growth projection for financial year 2019-20. The S&P BSE Sensex jumped more than 200 points to hit 36,900 in morning deals, but changed direction at least thrice during the session to touch an intraday low of 36,655.41. The broader NSE Nifty benchmark moved in a range of 72.75 points during the session, between 10,915.70 and 10,842.95 at the day's strongest and weakest points respectively, as against its previous close of 10,855.50. (Read more about stock markets today).
Analysts say that with the RBI policy review now behind, the markets may trade sideways in the near term before some recovery can be expected.
Meanwhile, brokerage Choice Broking has shared some trading ideas, strategies and market tips:
Sell Larsen & Toubro
Choice Broking has a "sell" call on Larsen & Toubro in the range of Rs 1,368-1,378 for a target price of Rs 1,325 with stop loss at Rs 1,400.
Buy BF Utilities
Choice Broking recommends "buy" on BF Utilities for a target price of Rs 174 with stop loss at Rs 160. The stock has started to trade above its 21 hourly exponential moving average which shows a positive move, and on a daily scale, it has bounced from its multiple support line which suggests a bounceback, according to the brokerage.
Buy PVR August futures
After a healthy correction from a near all-time high, PVR has taken support of a previous bottom (February 2019) at Rs 1,435, which suggests a bounceback. Choice Broking recommends buying PVR in the range of Rs 1,470-1,477 for a target price of Rs 1,585 with stop loss at Rs 1,422.
Buy Tata Elxsi
The brokerage has a "buy" call on Tata Elxsi for a target price of Rs 655 with stop loss at Rs 610.
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Disclaimer: Investors are advised to make their own assessment before acting on the information.
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