Indian share markets were off to a weak start on Wednesday with the Sensex falling nearly 200 points and the Nifty slipping close to 9,050 levels. Weak Asian markets, followed by nearly 1 per cent fall on Wall Street, impacted sentiments. Analysts say the Nifty has strong support at the 9,000-9,050 zone. A breach below 9,000 could take the index below 8,800 levels, they add. Indian markets were dragged down by selling pressure in auto, metals, banks, pharma and infra stocks. Telecom stocks also declined, weighed down by Bharti Airtel, which was the top Nifty loser in morning deals. However, some buying in the IT stocks curbed downward movement in the broader indices. Meanwhile, NDTV Profit spoke to some analysts who shared their trading strategies.
Manas Jaiswal, manasjaiswal.com:
Buy MRF for a target price of Rs 62,000 with stop loss at Rs 56,000
Buy IFCI for a target price of Rs 33 with stop loss below Rs 29
Sell Arvind Ltd for a target price of Rs 385 with stop loss at Rs 406
Avinnash Gorakssakar, head research, Joindre Capital Services:
Buy Finolex Industries for a target price of Rs 622
Positive on CEAT, Apollo Tyres
Siddharth Sedani, vice president - advisory, Anand Rathi:
Buy JK Tyre for a target price of Rs 170
Buy Precision Camshafts for a target price of Rs 189
Disclaimer: Investors are advised to make their own assessment before acting on the information.