Stock market next week: On the last day of the business week, the stock market broke at six days. Sensex, Nifty slipped about 0.9% and closed while the midcap, flat closing of the smallcap index took place. There was heavy pressure in banking shares. The Nifty Bank fell 606 points to close at 55,149, while all 12 banking stocks remained in red mark. Metal, FMCG, Oil-Gas, IT and realty shares were seen selling. However, the pharma index closed up. Flat closing of midcap and smallcap index. 42 out of 50 Nifty and 23 out of 30 of Sensex declined.
How will the market move next week
In such a situation, the market can remain on Monday, talking about it Equinox Research & Advisors Pankaj Randar Said that the rating of S&P for India, announcement of GST rate cuts, FII is selling despite better PMI data. Talking about the shorts of Nifty, on Friday, the breakout of the Nifty on Friday, the formation of an Evening Star took place and the decline continued. If the rage of 24850 breaks, the market may deepen further and this decline can go up to 24650-24700. At the same time, the bank Nifty has proved to be the biggest villain. The overall market has a structure week. The index has also become slightly sideways negative.
Places these shares next week
Seeing the move of the market, I have chosen 2 shares for Monday. These 2 shares can be made profitable. The first stock is Poonawala Fin and the second stock is ICICI Lombard
Poonawala Fin (Fut)- This stock can be purchased in a futures option around Rs 460. It can show a target of Rs 480-490. Put a stoploss of Rs 457 in this stock. This stock saw a good lead in closing. Which can also be carried forward in Monday’s trading session.
ICICI Lombard (Fut)- The ICICI Lombard would recommend selling in the range of Rs 1920. The news coming in the insurance sector will affect this stock. Sell the stock for a target of Rs 1880-1860. And put Stoploss at Rs 1945.
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