It was a day of consolidation on Thursday in the Indian Stock Market impacted by negative cues from Asian Markets. There is no trend reversal expected sooner in the Indian Stock Market. The Indian equity Indices closed with overall negative sentiments intact in a day of ups and downs trading session.
The day was all about the selling pressure in Ravinder Heights, AKG Exim, Jiya Eco-Products, Radha Madhav Corporation, Sanwaria Consumer, Global Education, and Valiant Organics.
The BSE Sensex declined 379.14 points to 51,324.69, while the Nifty50 fell 89.90 points to 15,119.00 and the bank nifty closed the day at 36,587 (-323.90).
The overall sentiments seem to be of a volatile outlook on Thursday. It will be interesting to see if the Nifty can close around 15400 or it comes down to 15100, the last trading day of the week.
Sectorally, the movement was observed in oil & gas, public sector, utilities, power, and metal, while banks, finance, auto, healthcare, telecom, and realty witnessed profit booking.
Forming a bearish candle, the Nifty 50 pack continued to settle at lower highs and lows. It managed to hold above 15,000 even with the downfall for the third straight day.
The bearish reorganization in the market was driven by auto stocks, private banks, while PSU banks continued their outperformance in hopes of privatization.
The Foreign institutional investors sold on Friday Rs. 903.07 Crores whereas Domestic institutional investors sold Rs. 1217.34 Crores.
FII’s resuming to buy will be the key to the market's upwards movement in the near term.
Rbl Bank, Bandhan Bank, Indus Bank, Axis Bank, ICICI Bank, HDFC Bank, Federal Bank will continue to be in the limelight and expected to do well on Thursday.
Some of the other stocks which can be active on Friday are the PSU banks like SBI, Bank of Baroda, and PNB, Canara Bank, etc.
The insurance sector stocks HDFC Standard Life, SBI Life, and Max financial services will be bought at every dips due to favorable future business outlook.
NBFC’S - Bajaj Twins, Shriram Transport Finance too will look go up in the coming days after consolidation on Thursday’s session.
Infosys, Tech Mahindra, TCS, Wipro have been consolidating for the last couple of weeks and are being sold into on every rise. The I.T. Stocks are poised for an up move and can be accumulated at lower levels for substantial gains in the near term.
Pharma stocks like Divi’s Lab, Sun Pharma, Cadila, and Cement stocks like ACC, and Grasim are Likely to show strength as the broader market looks to regain lost ground.
Also, Bharat Forge, Bharti Airtel, Maruti, Adani Enterprise, Adani Port, is expected to be keenly watched by the traders.
The general Sentiments in the market seem to be Bullish for the rest of the days of this week.
The Dow Jones happens to be down by 119.68 points at 31,493, S&P was in the red too by 17.36 points at 3,914 and the Nasdaq Composite was down by 100.14 points at 13,865.
The stocks to keep an eye on in the Indian equity markets will be the Power Finance Corporation Ltd, Tata Power Company Ltd, ICICI Lombard General Insurance Company Ltd, Piramal Enterprises Ltd,
# 5 Banking Stocks: Axis Bank, ICICI Bank, Bandhan Bank, RBL Bank, Indusind Bank.
#5 NBFC Stocks: Bajaj Fin serves, HDFC Ltd, Mahindra and Mahindra financial, Shriram Transport, Bajaj Finance.
# 5 Pharma Stocks: Lupin, Biocon, Sun Pharma, Dr. Reddy’s, Divi’s Lab.
#5 Information Technology Stocks: Tech Mahindra, Co forge, Infosys, TCS, L&T Technology.
#10 Other Main Stocks to watch out for on this Friday Morning in the Indian Equity Markets:
Maruti, Tata Motors, Ashok Leyland, Reliance, Adani Port, Grasim, Bharti Airtel, HDFC Standard Life, Bharat Forge, Tata Elixsi.
BHEL, CANBK, IDEA, SAIL ban for February 19.
#Stocks to Watch for Trading from LakshmiShree in-house Technical Expert Ansul Jain-
19th February Picks — IBULHSGFIN, ICICI PRU LIFE, L&T FINANCE, LIC HOUSING FINANCE.
Watch YouTube Video Analysis here – https://youtu.be/swPfDJ7wGR8
According to the research analyst, the traders are recommended to avoid making a new buying position till there is a further upswing and a breakout of 15,370.
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