The Nifty50 extended losses for the second consecutive session on Tuesday, falling briefly below 11,500 levels intraday after the rupee hit record low of 71.57 to the dollar and rising crude oil prices. The index closed sharply lower, forming bearish candle on the daily charts.
All sectoral indices closed in the red with Bank, Auto, FMCG, Metal and Pharma correcting upto 2 percent while IT was the only gainer, rising 2 percent on rupee weakness.
The midcaps and smallcaps hit hard as the Nifty Midcap and Smallcap indices fell more than 2.5 percent.
The Nifty50 remained volatile from the beginning of trade, opening at 11,598.75 and closing at 11,520.30. The index after opening higher fell immediately and bounced back to hit an intraday high of 11,602.55, but erased those gains to trade lower. It managed to rebound in afternoon but failed to hold those gains and hit an intraday low of 11,496.85 before closing 62.10 points down at 11,520.30.
India VIX moved up by 2.87 percent to 13.78 and a sudden jump in volatility in last two sessions is a cause of concern for immediate basis.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Sell Shriram Transport Finance with target at Rs 1260 and Rs 1230 keeping a stop loss at Rs 1335
Buy Mahindra CIE Automotive with target at Rs 318 and stop loss at Rs 258
Buy Shreyans Industries with target at Rs 205 and stop loss at Rs 163
Rajesh Agarwal of AUM Capital
Buy HCL Technologies with stop loss at Rs 1058 and target of Rs 1100
Buy JK Paper with stop loss at Rs 168 and target of Rs 179
Buy Ipca Laboratories with a stop loss at Rs 774 and target of Rs 798
Buy Axis Bank with a stop loss at Rs 632 and target of Rs 652
Buy Zydus Wellness with stop loss at Rs 1724 and target of Rs 1800
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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