The rupee hit a fresh record low for the 5th day as it touched 79.94 against the US dollar.
Sectorally, buying was seen in utilities, power, telecom, oil & gas, and IT.
Nifty50 could face some resistance around 16,250 on the upside while on the downside crucial support is placed at 15,800 levels, suggested experts.
Nifty has corrected gradually in the last few sessions from its swing high of 16,250 and has now reached its important support zone, they said.
“A rising trendline support from the recent lows and the 38.2 per cent retracement of the up move is placed in the range of Rs 15,850- 15,800 and the index has almost tested that support range,” Ruchit Jain, Lead Research,
Our markets have held above their crucial support inspite of negative news follows such as higher inflation, rising dollar index etc.
“This divergence could now lead to the next leg of the up move if the market resumes the positive momentum Hence, traders are advised to look for buying opportunities from a short-term perspective as the risk-reward ratio for contra bets seems favourable here,” said Jain.
He further added that the immediate support for Nifty is placed in the range of 15,850-15,800 while resistance will be seen around 16,250.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd to ETBureau
Voltas: Buy| Target Rs 1020| Stop Loss Rs 970
The stock recorded a trend line breakout post reversal from the important support zone that suggests a fresh leg of the up move.
ZEEL: Buy| Target Rs 232| Stop Loss Rs 220
The stock recorded an Ascending triangle chart formation and a breakout from the resistance zone is likely in the coming sessions which will add to the momentum.
Sun Pharma: Buy| Target Rs 910| Stop Loss Rs 865
The stock is moving in a rising channel formation with a Higher High and Higher low series which suggests the up move is likely to continue in the near term.
GSPL: Buy| Target Rs 240| Stop Loss Rs 227
The stock formed a Cup & Handle chart pattern and a breakout from the resistance is possible for further up move.
Expert: Kunal Bothra, Market Expert told ETNow
Buy or Sell: Stock ideas by experts for July 15, 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 Maruti suzuki and ICICI Bank while Nooresh Merani has buy/sell recommendation on HDFC Bank and L&T for today’s trading session. Check out the targets and stoploss.
Maruti Suzuki India: Buy| Target Rs 8800| Stop Loss Rs 8400
ICICI Bank: Buy| Target Rs 775| Stop Loss Rs 739
Expert: Nooresh Merani, independent technical analyst told ETNow
HDFC Bank: Buy| Target Rs 1420| Stop Loss Rs 1335
L&T: Buy| Target Rs 1800| Stop Loss Rs 1600
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)