Stocks to buy today: List of 20 stocks for profitable trade on May 5
The Indian market fell more than 2% on Wednesday after the Reserve Bank of India (RBI) hiked the lending rate by 40 basis points (bps) to 4.40 per cent to tame inflation
The Indian market fell more than 2% on Wednesday after the Reserve Bank of India (RBI) hiked the lending rate by 40 basis points (bps) to 4.40 per cent to tame inflation. Benchmarks Nifty50 and Sensex dropped 2.29% each as profit booking marred the market post RBI rate announcement. The 12-share Bank Nifty declined nearly 2.5%, while Nifty midcap and small cap too ended over 2% lower tracking benchmarks
Among stocks, maximum selling pressure was seen in media, realty and consumer durable stocks, followed by auto banking and financial services as all sectors closed deep in the red on Wednesday
"Although the rate hike was anticipated, the sudden announcement of a 40bps increase in repo rate along with a 50bps increase in CRR in response to the rising inflation spooked markets leading to a heavy selloff," said Vinod Nair, Head of Research at Geojit Financial Services.
Meanwhile, on Wednesday, Asian markets were trading in the green in early trade as Hang Seng Index at the Hong Kong Exchange rose by 0.6% and Chinese Shanghai Composite gained 0.5%, while there was no action seen in Japanese Nikkei 225.
Similarly, SGX Nifty Futures, which hints at opening trade for the Indian market, on the Singaporean Exchange gained more than 150 points, indicating a positive opening for the domestic equity market.
Ahead of the market opening, Zee Business research team brings you a list of stocks for profitable trade. The stocks have been picked, keeping in mind the interest of retail investors, who can make good returns from these stocks on the short-term, positional and long-term basis. Below is the list of stocks identified by our analysts on Monday, May 5, 2022.
Kushal Gupta Stock picks
Cash
SJVN - Buy - 29, sl - 27.5
FTR
Infosys - Buy - 1580, sl - 1520
OPTN
ONGC 162 CE@5.7 - Buy - 12, sl - 3
Techno
Oberoi Realty - Sell - 885, sl - 932
Funda
Havells India - Buy - 1500
Duration - 3 months
IPL
NTPC - Buy - 180
Duration: 2-3 months
News
Cigniti Tech - Buy - 433, sl - 415
Mychoice
Taj GVK - Buy - 172, sl - 163
Maruti Suzuki - Sell - 7178, sl - 7480
Ashok Leyland - Sell - 115, sl - 123
Best Pick
Havells India - Buy - 1500
Duration - 3 months
Ashish Chaturvedi Stock Picks
BUY EIH LTD TARGET 165 SL 155
FUTURES
TATA CONSUMER TARGET 825 SL 800
OPTIONS
BUY COAL INDIA TARGET 190 CE TARGET 9.25 SL 5.70
TECHNO
BUY NAVABHARAT VENTURES TARGET 185 SL 160
FUNDA
BUY KEI IND TARGET 1350 SL 1210
IPL STOCK
BUY SUMITOMO CHEM TARGET 570 DURATION 12 MONTHS
STOCK IN NEWS
BUY MATRIMONY TARGET 720 SL 690
MY CHOICE
BUY PETRONET TARGET 220 SL 209
BUY ABB INDIA TARGET 2090 SL 1992
BUY RAIN IND TARGET 180 SL 172.50
MY BEST
BUY KEI IND TARGET 1350 SL 1210
Earlier, reacting to the expected interest rate hike, the US markets closed with sharp gains on Wednesday. Dow Jones surged over 900 points, Nasdaq gained more than 400 points, S&P settled with over 120 points jump and Russell 2000 ended with more than 50 points gain.
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09:13 AM IST