Nifty50, Sensex top gainers and losers: Further downside likely in Wipro, says analyst, recommends sell; buy on Sun Pharma

Indian stock markets ended on a negative note on the day of expiry. The BSE Sensex closed at 57,235.33, down by 390.58 points or 0.68 per cent from the Wednesday closing levels. In the 30-share index, 22 stocks settled in the red while remaining 8 were in green at the closing time. Meanwhile, 12 stocks advanced, 36 declined while 2 remained unchanged in the 50-stock Nifty50. Technical Analyst Nilesh Jain picked two stocks - one each from the gainers and losers to give his strategy. He chose Sun Pharmaceuticals for a buy while Wipro for sell on rise.     

Sensex Top Gainers:

1) HCL Technologies shares ended at Rs 982.05, up 3.19 per cent from the Wednesday closing price.

2) Sun Pharmaceuticals ended at Rs 968.40, up 1.30 per cent on the BSE from the Wednesday closing price.

3) Reliance Industries Shares ended at Rs 2383.85, up 0.37 per cent on the BSE from the Wednesday closing price.

4) Dr Reddy's Laboratories Shares ended at Rs 4251.25, up 0.23 per cent on the BSE from the Wednesday closing price.

5) Ultratech Cement Shares ended at Rs 6181.70, up 0.08 per cent on the BSE from the Wednesday closing price.

Sensex top Losers:

1) Wipro Shares ended at Rs 379.10, down 7.03 per cent on the BSE from the Wednesday closing price.

2) SBI Shares ended at Rs 521.35, down 2.36 per cent from the Wednesday closing price.

3) Larsen & Toubro shares ended at Rs 1876, down 1.85 per cent from the Wednesday closing price.

4) ICICI Bank Shares ended at Rs 853.90, down 1.60 per cent from the Wednesday closing price.

5) Asian Paints Shares ended at Rs 3211.25, down 1.12 per cent from the Wednesday closing price.

Nifty50 Top Gainers:

1) HCL Technologies Shares ended at Rs 981.05, up 3.051 per cent on the NSE from the Wednesday closing price.

2) Sun Pharma Shares ended at Rs 968, up 1.30 per cent on the NSE from the Wednesday closing price.

3) Coal India shares ended at Rs 234, up 0.84 per cent on the NSE from the Wednesday closing price.

4) Dr Reddy's Shares ended at Rs 4269, up 0.66 per cent on the NSE from the Wednesday closing price.

5) Tata Motors Shares ended at Rs 399, up 0.62 per cent on the NSE from the Wednesday closing price.

Nifty50 Top Losers:

1) Wipro Shares ended at Rs 379.60, up 6.95 per cent from the Wednesday closing price.

2) Adani Ports Shares ended at Rs 785.50, up 2.29 per cent from the Wednesday closing price.

3) State Bank of India ended at Rs 521.90, up 2.23 per cent from the Wednesday closing price.

4) SBI Life Shares ended at Rs 1187, up 2.08 per cent from the Wednesday closing price.

5) ICICI Bank Shares ended at Rs 854, up 1.65 per cent from the Wednesday closing price.

Wipro: SELL | LTP: Rs 379.60 | Target: Rs 360| Stop Loss: 390 | Downside 5%

Wipro's drop in net profit for the quarter ended 30 June 2022 was not taken well by the investors today as the stock hit its 52-week lows on the day of expiry. The stock settled at Rs 379.60 dropping by nearly 7 per cent or by Rs 28 from the Wednesday closing price. The downside is open till Rs 360, Jain said, suggesting a sell on rise to the investors, the view is for one week, he added. He is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking. The stock has corrected significantly since hiting its higs of Rs 739.85 in October, last year. 

Sun Pharmaceuticals: Buy | LTP: Rs 968 | Target: Rs 1020| Stop Loss: 945 | Upside 5-6%

The stock is a perfect candidate from the pharma space for buying for investors having a 1-week view, Jain said. Buying at current levels and on decline is recommended for targets of Rs 1000 and Rs 1020. The stock closed with gains today despite the index closing in the red. The stock is expected to soon go past its all-time high of 973, the AVP said. The chart structure shows bullish patterns, he further said.

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