Sectorally, buying was seen in healthcare, FMCG, auto, capital goods, and consumer durables while selling was seen in IT, metals, power, and the public sector.
The Indian rupee made a record low against the greenback in the morning trade for the fourth consecutive session.
The market opened with strong gains despite negative global cues. US stocks closed in the red as retail inflation in the US accelerated to 9.1% which is the highest in 41 years.
“Even though the keenly awaited US CPI inflation data for June came at 9.1% against an expectation of 8.8%, US markets declined only moderately, by less than 1%. It is important to note that core inflation (inflation minus food and energy) in the US is declining and, therefore, CPI inflation too will decline going forward since crude prices have corrected sharply,” Dr. V K Vijayakumar, Chief Investment Strategist at
, said.
Foreign institutional investors (FIIs) remain net sellers in the cash segment of the Indian equity markets. On Wednesday, FIIs were net sellers of Rs 2,840 crore while DIIs were net buyers of Rs 1,799 crore.
FIIs have used the July rally to press further big selling, but experts feel that DIIs will support the market on every dip.
“This renewed FII selling may strengthen the bears, but DIIs and retail investors are likely to turn strong buyers at every dip since India’s economic fundamentals are strong and, more importantly, valuations are attractive, particularly in segments/stocks where FIIs are selling,” added Vijayakumar.
On the technical front, 15,800 levels will be important support that traders should watch out for, and on the upside, traders can look for a target closer to 16600 in the coming weeks, suggest experts.
“We expect buy on dips strategy to remain fruitful for market participants. Thus, any dip from here on towards 15,800-15,700 should be used as incremental buying opportunity as strong support for the Nifty is placed at July low of 15,500,” Dharmesh Shah, Head – Technical, ICICI direct, said in a note.
“Eventually, we expect the index to resolve higher and gradually head towards 16,600 in coming weeks,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Sr Derivatives & Technical Research Analyst, IIFL to ETBureau
KEC International: Buy| Target Rs 465| Stop Loss Rs 434
The stock has given an Inverse Head & Shoulder pattern breakout with high volumes which is a positive sign for the bulls.
PI Industries: Buy| Target Rs 3000| Stop Loss Rs 2875
The stock has given a symmetrical triangle breakout on the daily chart.
Indus Tower: Buy| Target Rs 228| Stop Loss Rs 217
The stock future has added long positions which auger well for the bulls.
Expert: Kunal Bothra, Market Expert told ETNow
Buy or Sell: Stock ideas by experts for July 14, 2022
ET Now spoke to various experts and here’s what they have to recommend for today’s trading session. Kunal Bothra has a buy/sell recommendation on Sun Pharma and City Union Bank while Nooresh Merani has buy/sell recommendation on Axis Bank and Dr. Reddy’s Labs for today’s trading session. Check out the targets and stoploss.
Sun Pharma: Buy| Target Rs 888| Stop Loss Rs 848
Citi
: Buy| Target Rs 156| Stop Loss Rs 147
Expert: Nooresh Merani, independent technical analyst told ETNow
Axis Bank: Buy| Target Rs 720| Stop Loss Rs 668
Dr Reddy’s Laboratories: Buy| Target Rs 4800| Stop Loss Rs 4400
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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