The Indian domestic equity market extended losses for the fifth straight session as it witnessed huge selling pressure in closing hours amid volatility on Tuesday. After opening in the green on Tuesday, benchmarks Nifty 50 and S&P BSE Sensex dropped more than 1% on Tuesday as rising geopolitical tension and hyperinflation due to soaring crude & metal price weighed on the market.  

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The broader Nifty50 slipped below 17 000-mark, while the Sensex declined by more than 700 points as IT sector continued to lead the downtrend following sectorial headwinds highlighted in weak Q4 results.  

A quick sell-off was witnessed during the closing hours led by banking stocks due to FII selling as the global market weakened.  

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In the broader market, Nifty midcap and small cap indices 1.3% and 1.6% respectively as India VIX closed near 20-mark on Tuesday.  

Sector-wise, IT, FMCG, Realty and Financial Services were worst hit, while oil & gas stocks attracted some buying interest in an otherwise weak market.  

Meanwhile MRPL, HDFC and GAEL were in focus on Tuesday.  Mangalore Refinery closed 9% higher after trading on fresh 52-week high, HDFC dropped more than 5% and Gujarat Ambuja Exports gained 5% on Tuesday.  

Here is what Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research, recommend investors should do with these counters when market resumes trading on Wednesday. 
 

1. MRPL 

MRPL has reversed from the support levels and has given a breakout recently. We have observed the momentum indicators like RSI and MACD indicating positive momentum is likely to continue. We recommend Buy on the stock above 65 with a Target of 120 and Stop Loss of 35. 

2. HDFC 

HDFC has been trading in an ascending channel and is near to its lower band of the ascending channel. We recommend a Buy on the stock near the level of 2100 with a Target of 2900 and Stop Loss of 1870. 

3. GAEL 

GAEL has given the breakout of an ascending channel and has picked up momentum since then. We expect this momentum is likely to continue. We recommend a Buy on the stock above 380 with a Target of 500 and Stop Loss of 280.