The Indian market closed in the red for the third consecutive session in a holiday-truncated week on Wednesday. Benchmarks Nifty50 and the S&P BSE Sensex dropped 0.3 and 0.4% respectively. The Nifty50 dropped more than 50 points to slip below 17,500, while the Sensex declined nearly 250 points to settle around 58,300.

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The crucial 12-share Bank Nifty ended nearly 300 points lower as the banking index slid below 37,500

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In the broader market, Nifty midcap index fell flat with negative bias, while the small cap index rose 0.19% as India Volatility Index (VIX) settled below 18-mark

Sectorally, FMCG, metal, oil & gas, pharma and healthcare closed higher in an otherwise weak market, while all other sectors largely trade in negative. Banking and financial stocks were the worst hit with HDFC twins leading the drag.

Meanwhile, stocks that were in focus on Wednesday were Godfrey Phillips which closed with over 5% gains, Vakrangee Limited that gained more than 11% and TTML ended nearly 5% lower.  

Here is what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommend that investors should do when market resumes trading on Monday.

GODFRYPHLP: The Counter has given a breakout of Bullish Inverse head & shoulder on the daily chart with the surge in volume.  Overall structure looks very attractive as it trades above its 100,200 SMA moving averages, also it is having demand zone near Rs.1200. On the upside, Rs.1400 is a susceptible level; above this, we can expect a run-up towards Rs.1800+ in the near term. On the downside, if it will break the 1180 levels then 1000 is the next critical zone.
 
VAKRANGEE: The Counter is in a downward trend but in the last few trading sessions counter has given an astute recovery from the 30-32 level with Strong Volume which was multi-year support for the Counter. The Overall structure is distorted but it trades above its all-important moving averages however it is having a demand zone near 33-34. On the upside, Rs. 40 is an immediate susceptible area; above this, we can expect a run-up towards Rs. 42.50 in the near term while Rs 32 is an immediate demand level.

TTML: It is difficult to comment on such kind of technical structure because it witnessed a vertical and ferocious move where risk-reward is not favorable however the structure is still bullish as it is moving in an upsloping channel formation. On the upside, 210-220 is acting as an immediate resistance area while 275-300 is the next major resistance zone. On the downside, 160-145 is an immediate demand zone then 110 is a critical support level.

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.