Polyplex Corporation – Day Trading Guide: Tata Power among 6 stock recommendations for Monday

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It was a tough week for the Dalal Street investor. On Friday, Sensex and Nifty finished in the red for the sixth consecutive day. Benchmark Sensex closed at 51,360, while Nifty50 fell below 15,300.

Recording its worst week in nearly two years, Sensex fell around 5.19%, while Nifty50 fell 5.36% over the past five sessions.

“It was a devastating week for D-Street bulls, with domestic markets taking severe losses amid global signals. The week started with a downside spread for the Nifty spot, and it remained under pressure throughout the week,” said Mehul Kothari – AVP, Technical Research, Anand Rathi Shares & Stock Brokers.

He said the selloff deepened after the US Fed announced a 0.75 basis point rate hike. As a result, Nifty not only broke through the 15,670 low decisively, but also slipped below the 15,200 mark. Eventually, the index lost around 1,000 points during the week and ended with a down more than 5.5%.

On the other hand, the Nifty Bank index outperformed by breaking down about 5% and showing relative strength as the 32,000 low is still not broken. For the week ahead, 32,000 would be crucial support for the index. A daily close below the same value could bring more pessimism and will open the doors to the 31,000/30,500 levels. A sustained move above 33,000 would strengthen the bulls to show a strong pullback in the markets,” added Kothari.

Here are the top six analyst-suggested stock recommendations:

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