Sensex, Nifty top gainers and losers: Buy SBI for near term gains, ‘Avoid’ recommendation on Tech Mahindra

Domestic equity markets ended in the red for second straight session. Bulls exhibited strong resilience throughout the trading session even as a fall was anticipated on account of US Federal Reserve’s commentary on inflation and 75 bps hike in interest rates made by the Central Bank on Wednesday.

Triggered by strong show by SBI and Titan stocks, frontline indices Nifty and Sensex pulled back from day's lows to end near their Wednesday closing levels.  

The BSE Sensex closed the day at 60,836.41, down by 69.68 points or 0.11 per cent. Meanwhile, the Nifty50 index once again managed a closing above 18000. The benchmark index settled at 18,052.70, down by 30.15 points or 0.17 per cent. 

Also Read: Stock Market HIGHLIGHTS: Sensex, Nifty end with minor losses as SBI, Titan trigger pullback

Sensex Top Gainers and Losers 

Source: BSE

Nifty Top Gainers and Losers 

Technical Analyst Nilesh Jain picked two stocks to give his strategy – one each from top gainers and losers. The stocks picked by him were SBI and Tech Mahindra. 

Buy SBI - Target Rs 600

State Bank of India shares were the biggest gainers on Nifty50 index and ended at Rs 584.65. They were up by 1.88 per cent from the Wednesday closing price.

Jain, who is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking said that the stock is poised for a further upside to levels of Rs 600. This recommendation is for those investors who want to make short term gains.  

The state-run bank will be announcing is September quarter results on 5 November, Saturday and the stock is expected to remain in action because of this. Buying is suggested at current levels and on declines. He puts the stop loss at Rs 570. 

Hold Tech Mahindra - Stop Loss Rs 1040 

As for Tech Mahindra, an ‘AVOID’ call is suggested by the Centrum Broking analyst. He said that the chart structure reflects a weak pattern for this counter. Investors who hold a long position can look to exit if it breaches below Rs 1040. The stock has a strong support at this level, he further said. 

 Tech Mahindra shares today ended at Rs 1,053.90 on the NSE and were down by Rs 28.10 or 2.60 per cent. 

 (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.)