ICICI Bank fell more than 3 percent, Sun Pharma plunged more than 6 percent, and Future Retail was up 20 percent.
Indian market fell more than 2 percent each on Monday tracking border tensions between US and China, but initial trends suggest that D-Street could see some respite on Tuesday.
Let’s look at the final tally on D-Street on Tuesday – the S&P BSE Sensex fell 839 points to 38,628 while the Nifty50 ended 260 points lower at 11,387.
Sectorally, selling pressure was seen in realty, healthcare, utilities, power, and capital goods space. On the broader market front – the S&P BSE Midcap index was down 3.7 percent while the S&P BSE Smallcap index fell 4.3 percent.
ICICI Bank fell more than 3 percent, Sun Pharma plunged more than 6 percent, and Future Retail was up 20 percent.
We have collated views of experts on what investors should do when the market resumes trading on Tuesday, 2 September:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities.
ICICI Bank: Hold | Target: Rs 440
The stock tested its 200-Day average at Rs 422 levels and witnessed a reversal after a sharp up move from Rs 340 levels over the past few days.
We believe that the stock could scale back to Rs 375-380 levels which is 50% retracement of the move and it would be a good opportunity to add longs.
On the higher side crossover of its long-term averages would give a fresh up move for a target of Rs 440 levels.
The stock made a new 52-week high at Rs 560 levels but failed to hold and declined sharply along with the broader market correction.
We believe that the stock will remain sideways and witnessed a time correction from current levels. On the downside, key supports are placed at Rs 485-490 levels to invest at lower levels
Future Retail: Hold| Book Profits at Rs 190-195
The stock has locked at the upper circuit with positive news flow of the merger ratio and a breakout above its medium-term averages.
We believe that it will face resistance near to its 200-Day average at Rs 195 levels and after a rapid move we recommend to book profits at higher levels.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.