“NIFTY LOSES OVER 300 POINTS ON 07-FEB”

Posted on by Achiievers
  • On Monday, the Nifty lost over 300 points while the Sensex lost over 1,000 points. The financial markets were shut on Monday on account of the state mourning declared, although the equity markets continued to function, albeit with lower volumes.
  • The sharp fall in the indices was led by a negative advance / decline ratio of 8:42 even as the VIX spiked sharply by 8.5% to the 20.44 levels. It will be critical to see if this level is sustained in the coming days.
  • Foreign investors were heavy net sellers in equities at a level of Rs.1,157 crore while domestic funds and LIC sold stocks worth Rs.1,377 crore on Monday. FPIs have sold $1 billion in February after selling $4.46 billion of equities in January 2022.
  • Dow closed flat on Monday while NASDAQ ended 82 points lower. Markets across Europe were in the positive with gains of over 75 bps while the SGX Nifty is trading with 16 bps gains in early trade and could see some recovery after the fall.

We are not suggesting you to make any changes to the positions for now and will take a view later on the subject.

  • Bector’s Foods at Rs.549 (CMP- 362) – Hold at Averaged Price
  • Petronet LNG at Rs.250 (CMP-212) – Suggest to hold
  • NMDC at Rs.185 (CMP – 154) – Suggest to Hold
  • L&T Finance Holdings at Rs.93.40 (CMP – 74.30) – Suggest to Hold
  • BHEL at Rs.69 (CMP – 57.60) – Suggest to Hold
  • Bandhan Bank at Rs.340 (CMP – 320) – Suggest to Hold
  • MOIL at Rs.197 (CMP – 177) – Suggest to Hold
  • Cipla Rs.980 (CMP – 934) – Suggest to Hold
  • Shree Renuka Sugars Rs.41 (CMP – 36) – Suggest to Hold
  • Exide Industries Rs.189 (CMP – 167) – Suggest to Hold
  • ICICI Prudential Life Rs.715 (CMP – 523) – Suggest to Hold
  • Union Bank Rs.53 (CMP – 47.60) – Suggest to Hold
  • Bharat Electronics Rs.212 (CMP – 202) – Suggest to Hold
  • Nykaa Rs.2,100 (CMP – 1880) – Suggest to Hold
  • Paytm Rs.1,350 (CMP – 955) – Suggest to Hold
  • Policybazaar Rs.1,100 (CMP – 884) – Suggest to Hold

 

What to buy?

After the sharp correction in recent weeks, traders can again look to buy Greaves Cotton for upside targets of Rs.260 in 2 months from now. The stock is a highly momentum play on the EV space in India.