The Indian market fell over one and half per cent on Friday reacting to US inflation data and upcoming Federal Reserve Meeting. The broader Nifty 50 declined 1.68% and the Sensex tanked 1.84% (over 1000 points) as volatility pulled down the market.  

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Following benchmarks, Nifty midcap and small cap indices ended lower by 0.8% and 1.1% respectively.  

On the sectoral front, Nifty IT, Financial Services and PSU Bank were the worst hit as all other sectoral indices closed in the red on Friday.  

"Rising inflation fears gripped the domestic market leading to a heavy sell-off ahead of the release of US inflation data & Fed policy meet next week. The inflation data will be crucial to sense the quantum of a rate hike," said Vinod Nair, Head of Research at Geojit Financial Services. 

Meanwhile, even though the market witnessed a huge correction, certain stocks came in focus on Friday. These stocks were Suprajit Engineering, Cholamandalam Finance and JSW Energy. Suprajit Engineering closed with over two per cent gain, Cholamandalam Finance ended nearly four per cent lower and JSW Energy settled with more than one and half per cent gain on Friday 

Here is what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd suggests investors should do with these stocks 

Suprajit Engineering  

In the last week, the stock corrected over five percent. From last couple of weeks, it is consistently facing selling pressure at higher level. In addition, on daily and weekly charts, it has formed lower top formation and post breakdown, it is comfortably trading below 20 and 50-day SMA, which is broadly negative. As long as, it is trading below 325 or 20-day SMA, the correction wave is likely to continue. Below the same, it could touch the level of 290. Further downside may also continue which dragged the stock up to 280. On the flip side, a fresh uptrend is possible only after 325 or above 20-day SMA level. above which it could move up to 335-345.  

Cholamandalam Finance  

After a sharp correction, the stock took the support near 200-day SMA and bounced back sharply. Post reversal formation, the stock is hovering within the range of 640 to 700. The medium-term texture of the stock is non directional, perhaps, traders are waiting for either side breakout. For the bulls, 700 or 50-day SMA would be the important breakout level to watch. And if the stock manages to close above the same, we can expect a fresh uptrend rally towards 735-750. On the flip side, trading below 640 may increase further weakness up to 620-600.   

JSW ENERGY: 

Post sharp pullback from the level of 240 to 320 one more time, the stock witnessed profit booking near 200 and 50-day SMA.  On daily and weekly charts, the stock is holding the lower top formation which supports further weakness from the current levels. We are of the view that further correction is possible if it succeeds to trade below 240.  Below which, it could slip up to 235 -225. On the flip side, a fresh pullback rally is possible only after 265 or 10-day SMA breakout. Above which, it could move till 280-290 

(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.)