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Explore bargain hunting in 46,700-46,000 range

Today the benchmark indices closed three per cent to 3.5 per cent lower as compared to their previous close.

Trends on SGX Nifty indicate a positive opening for the index in India with a 49 points gain
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Trends on SGX Nifty indicate a positive opening for the index in India with a 49 points gain

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Stock Picks

- CIPLA - Above 910 with a target of 937 and Stop loss of 897. It is trading in a Strong uptrend and has recently breached an important resistance level

- BRITANNIA - Above 3,822 with a target of 3888 and Stop loss of 3795. It has a support of both the short-term and medium-term moving averages indicating positive trend.

- DR REDDY - Above 5,120 with a target of 5,190 and Stop loss of 5,095. The stock is in upward trending channel and given a phase breakout.

- DABUR - Above 577.50 with a target of 564 and Stop loss of 553.50. It has a support of 8 and 40 EMA.

- BAJAJ FINANCE - Above 4,600 with a target of 4,900 and Stop loss of 4,400. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Mumbai: Today the benchmark indices closed three per cent to 3.5 per cent lower as compared to their previous close.

After February 26, today (April 12) is the second time the BSE Sensex fell more than 1,700 points in a day. The market breadth was extremely negative and it stood at 1:7 during the time of market closing.

The market has broken all-important crucial supports without any major efforts and closed at the lowest point of the day.

"Based on the Sensex's daily formation, we could see the market falling to 46,700/46,600 levels. Bargain hunting is advisable between 46,700/46,000 levels," says Shrikant Chouhan, EVP, (equity technical research), Kotak Securities. The Bank-Nifty collapsed to 30,500, which was approximately a sell-off of 2,000 points. The profit-taking was seen in Commodities and Real estate stocks from the highs.

Kumud Das
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