The Indian market continued its downward journey and closed with around half per cent cuts on Wednesday. This is the fourth consecutive session when the benchmarks closed in the red. Several factors, including awaited CPI & IIP data this week, profit booking and FIIs selling, contributed to the decline on Wednesday. Besides selling pressure in IT, auto and FMCG stocks also dragged the market in the last session. Small cap took maximum beatings on Wednesday as Nifty small cap declined around 3% in the broader market 

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Indices displayed extreme volatility today ahead of the CPI & IIP data this week, said S Ranganathan, Head of Research at LKP securities 

"While we did see a sharp recovery in Indices during afternoon trade, the market breadth was very weak with several stocks in the broader market taking a big knock-on selling pressure as the Small-Cap Index lost 3% today," he said. 

Meanwhile, certain stocks came in focus due to their big movement on either side. These stocks are SRF Ltd, PB Fintech (Policy Bazaar) and Gujarat Gas. On Wednesday, shares of SRF ended with nearly 6% gains, Policy Bazaar ended higher by more than 3% and Gujarat Gas rose over 6% despite benchmarks ending lower by around half per cent.  

Here is what, Santosh Meena, Head of Research, Swastika Investmart Ltd, says about these stocks and recommend levels to watch out for investors when market resume trading on Thursday.  

SRF: Stock is in a classical uptrend and it is in a trading upward sloping channel formation pattern. The overall structure is bullish as it takes support from the 252-SMA around Rs. 2100. On the upside, Rs. 2300 is an immediate susceptible area; above this, we can expect a run-up towards 2500+ in the near term while Rs 2100 is an immediate support level. 

POLICY BAZAAR: The counter is in a downward trend but in the last trading session, the scrip has given an astute recovery from the 540 level. The overall structure is distorted & it also trades below its all-important moving averages, however, it has a demand zone near 540. On the upside, Rs. 625 is an immediate susceptible area; above this, we can expect a run-up towards Rs. 700 in the near-term.  

GUJGASLTD: The counter is coming out of a long consolidation with strong volume. The pattern suggests an immediate target of Rs 600, while it has the potential to move further upside. On the downside, Rs. 480 will act as an immediate support level. RSI (Relative Strength Index) and MACD (Moving average convergence divergence) are supporting the current strength.