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Trade Spotlight: What should investors do with India Cement, Bank of Baroda & HDFC Bank?

Stocks like India Cement fell more than 5 percent, Bank of Baroda fell more than 9 percent, and HDFC Bank was down by nearly 3 percent were some of the stocks in focus.

January 29, 2021 / 08:06 AM IST
 
 
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Indian market witnessed another day of sell-off on January 29, the F&O expiry day, pushing both Sensex and Nifty50 towards crucial support levels.

The S&P BSE Sensex recouped some losses but still dropped over 500 points while the Nifty50 fell more than 100 points.

Sectorally, selling pressure was seen in realty, IT, FMCG, auto, and healthcare stocks while some buying was seen in oil & gas, telecom, banks, and consumer durables.



For positional traders, the level of Rs 63 or 50-Days SMA should be the key support level. If the stock manages to trade above the same then we can expect a fresh uptrend wave till Rs 75. On the flip side, if it closes below Rs 63, traders may prefer to exit out from trading long positions.