The Indian markets extended losses for the second day amid weak global cues on Monday. Benchmarks Nifty50 and the Sensex ended with cuts of more than 1% as the former slipped below the 17,000 mark and the latter tanked by more than 600 points. Benchmarks Nifty50 and the Sensex dropped 1.27% and 1.08% respectively amid weak global cues to settle at 16,953.95 and 56,579.89 respectively. 

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Fear of waning demand due to prolonged covid lockdown in China led to oil prices tumbling, he said, adding that continued FII selling in India along with other global uncertainties is favouring bear.   

Banking stocks saw some recovery as Bank Nifty and Nifty Private Bank managed to end in the green even as all sectors ended deep in red.  

In the broader market, Nifty midcap and small cap indices 1.9% and 2.4% respectively as India Volatility Index (VIX) closed above 21-mark.  

"Global markets were painted red due to below-par earnings results, adding fresh concerns to elevated inflation, oil prices, war uncertainties and supply issue," said Vinod Nair, Head of Research at Geojit Financial Services 

Meanwhile certain stocks came in focus on Monday. Stocks that were in focus included Mahindra CIE Automotive, Varun Beverages and Nykaa. Mahindra CIE Automotive closed with 6% gains on Monday, Varun Beverages rose more than 5% and Nykaa dropped nearly 8%. 

Here is what Jatin Gohil - Research Analyst at Reliance Securities, recommend investors should do with these stocks when market resume trading on Tuesday.  

Mahindra CIE Automotive  

Recommendation: Buy above Rs210 | Target: Rs310 | Time Duration: 3-4 months 

After a higher-level reversal, the stock witnessed a pullback and remained sideways (Rs180-210) thereafter. The key technical indicators are positively poised, but they are trading below the threshold levels. Either side breakout will set the trend. A stable move above Rs210 could lead the stock towards Rs260-280-310. In the meanwhile, undergoing consolidation will continue. 

Varun Beverages Ltd 

Recommendation: Buy on dips | Target: Rs1,220 | Time Duration: 1-2 Months 

On 18th April’22, the stock witnessed a breakout from a narrow range consolidation (Rs810-1,015) and explored uncharted territory subsequently. Major moving averages are sloping upwards and its key technical indicators are in favor of bulls. The stock has potential to test its break out level (Rs1,220). In case of any decline, the stock will find support around Rs1,015-985 zone.  

FSN Ecommerce Ventures (NYKAA) 

Recommendation: Sell on rise | Target: Rs1,220 | Time Duration: 4-6 Weeks 

The stock retraced 50% of its prior down-move (Rs2,574-1,219) and after an oscillation, resumed its southward journey. The key technical indicators have given sell signal on short-term timeframe chart. This could drag the stock towards Rs1,500 initially and Rs1,220 subsequently. In the higher side, its 50% Fibonacci Retracement level of prior down-move will cap the up-move, which was placed at Rs1,885.