The Indian stock market saw significant drops for the second day in a row. Concerns over escalating tensions in West Asia led to investors selling off stocks across various sectors. The situation worsened after Iran launched over 300 missiles and drones at Israel, in response to a suspected Israeli strike on its embassy in Syria.
At the beginning of trading, the Sensex dropped by 930 points, hitting a low of 73,315.16, compared to the previous close of 74,244.90. Eventually, it closed down by 845 points, or 1.14%, at 73,399.78.
Similarly, the Nifty 50 started 180 points lower at 22,339.05 from the previous close of 22,519.40. It continued to decline, reaching a low of 22,259.55, down by 260 points. Finally, it ended the day with a loss of 247 points, or 1.10%, at 22,272.50.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., mentioned that global geopolitical concerns, along with weak earnings and rising US interest rates, weighed on Indian equities. Additionally, India’s Wholesale Price Index (WPI) inflation rose to a three-month high of 0.53% in March, further dampening sentiments.
Regarding technical stock picks, Vaishali Parekh from Prabhudas Lilladher suggested the following:
- SJVN: Buy at ₹127.70 | Target Price: ₹152 | Stop Loss: ₹114 The stock has been consolidating for some time but is now showing momentum and maintaining above the significant 50EMA level. The RSI is improving, indicating further upside potential. A buy recommendation is suggested with a target of ₹152 and a stop loss of ₹114.
- Sun TV: Buy at ₹629 | Target Price: ₹707 | Stop Loss: ₹597 Sun TV has crossed the significant 50EMA level and broken out of a descending channel pattern on the daily chart, indicating a positive bias. The RSI also signals a trend reversal, suggesting a buy opportunity with potential upside. A target of ₹707 is suggested with a stop loss of ₹597.
These recommendations come amid the start of the result season and political parties making promises ahead of elections. Globally, investors will be watching for US core retail sales and China Q1 GDP numbers for further cues.
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