Equity benchmarks edged lower for the fourth session on Wednesday after the RBI hiked the policy rate on expected lines, but the inflation forecast for the current fiscal rose sharply amid geopolitical tensions and supply chain issues. The 30-share BSE Sensex lost 214 points to end at 54,892. NSE Nifty closed 0.37% lower at 16,356.
The Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second hike in five weeks, to rein in inflation that it continued to hurt consumers in the near term.
Das further said that the RBI will focus on return of housing as liquidity of the system remains high, but added that it will be done in such a way that growth will continue to get adequate support.
for day trading guide stock market today
“After breaking below the crucial support of 16,400 levels (support as per change in polarity), Nifty has not seen any intense selling pressure in the last 2 sessions, which is slightly positive for the market. The current choppy movement extends to another one. There may be 1-2 sessions and lower levels are to be seen at 16,200 levels. Strong overhead resistance is placed at 16,450-16,500 levels,” said Nagaraj Shetty, Technical Research Analyst, HDFC Securities.
stock to buy Today as recommended by analysts –
Rajesh Bhosale, Technical Analyst, Angel One Limited
Godrej Properties: Buy GodrejProp, Stop Loss 1,298, Target 1,440
Maruti: Buy Maruti, Stop Loss 7,710, target 8,310
Mehul Kothari, AVP – Technical Research at Anand Rathi
Indian Oil: Buy IOC, Stop Loss 115, target 125
Adani Transmission: Buy AdaniTrans, Stop Loss 2,049, Target 2,220
Anuj Gupta, Vice President – Research at IIFL Securities
State Bank of India: Buy SBIN, Stop Loss 448, target 510
Bharti Airtel: Buy Bharti Airtel, Stop Loss 638, target 710
DisclaimerThe views and recommendations given above are those of individual analysts or broking companies and not of Mint.