On September 9, the S&P BSE Sensex fell 171 points to 38,193 while the Nifty50 dropped 39 points to close at 11,278.
Indian market slipped for the second consecutive day in a row on September 9 weighed down by both global and domestic cues. The Sensex managed to close above 38,000 while the Nifty50 failed to reclaim 11,300 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 171 points to 38,193 while the Nifty50 dropped 39 points to close at 11,278.
Sectorally, some action was seen in energy, metals, healthcare, and telecom while selling pressure was seen in banks, the public sector, and realty stocks.
Stocks like Tata Motors closed 1 percent lower, SBI fell more than 4 percent, AstraZeneca was down more than 3 percent, and Alkyl Amines close 2.4 percent lower.
We have collated views of experts on what investors should do when the market resumes trading on Thursday, 10 September:
Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management
Tata Motors: Immediate support is seen at Rs 132 odd levels
The stock has been in an uptrend for the last six months forming a higher top and higher bottom on the daily chart.
Volumes have been indicating buying interest in the stock. But, the stock has hit a resistance zone of Rs 149-155.
The major resistance trend line connecting the highs of the fall from September 2016 has been hit. Also, the key 61.8 percent Fibonacci retracement of the fall Rs 201-63 comes at Rs 149 level.
Thus, some profit-booking or sideways action can be expected. Now, the immediate support is seen at Rs 132 odd levels and below that at Rs 120.
However, crossing and sustaining above Rs 155 levels, expect a resumption of uptrend towards Rs 172 and then possibly Rs 195 levels.State Bank of India: Stock needs to cross and sustain above Rs 210 levels
After consolidating below Rs 200 levels for the last five months, the stock witnessed a breakout couple of weeks ago to hit a high of Rs 231.
Since then it has been on the decline and has broken below the rising support trend line connecting lows of the last three months.Now, the stock needs to cross and sustain above Rs 210 levels for any strength to emerge In that case, the counter can move towards Rs 240-245.
If the stocks trades below Rs 200, we expect weakness to continue. It can then test Rs 180 and then Rs 170 levels.
Astra Zeneca: Stock may consolidate between Rs 4,500 and Rs 3,600 levels
The stock witnessed a breakout above Rs 3,670 and hit an all-time high of Rs 4,970 recently. But, the stock immediately came under profit-booking to test its breakout level of Rs 3,670.
Thus, the stock may consolidate between Rs 4,500 and 3,600 levels before giving a directional move.Alkyl Amines: A close above Rs 3,400 will keep the momentum going
The stock has been in an uptrend forming a higher top and higher bottom on the daily chart for more than a year now.
It recently hit an all-time high of Rs 3,573 and then went sideways for the last couple of weeks.
If the stock moves above Rs 3,400, the uptrend is likely to resume and a close above Rs 3,573 levels will see a fresh breakout towards Rs 3,830 and then Rs 4,050 levels.
On the downside, a break below Rs 3,000 may lead to deeper correction which can take the stock towards Rs 2,740 and then Rs 2,600 levels.
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