Indian stock market: Indian stock market indices—the Sensex and Nifty 50—closed lower on Friday, July 18, marking their third straight week of losses. The Nifty 50 slipped below the crucial 25,000 mark. Over the last three weeks, the Sensex has shed about 2,300 points, or nearly 3%, with the Nifty 50 posting a similar 3% decline.
On July 18, the Nifty 50 declined by 143 points, or 0.57%, to settle at 24,968.40, while the Sensex lost 502 points, or 0.61%, closing at 81,757.73.
The mid and small-cap segments, which had outperformed the benchmark indices in recent sessions, also faced selling pressure on Friday, with the BSE Midcap and Smallcap indices declining by 0.62% and 0.64%, respectively.
Investors saw a wipeout of almost ₹3 lakh crore in a single trading session, as the total market capitalisation of companies listed on the BSE declined to ₹458 lakh crore from ₹461 lakh crore in the prior session.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has turned weak as the Nifty 50 index has closed close to its 50-DEMA support of 24,900.
“ On breaking below this support, the key benchmark index may try to touch next support of 24,650,” Bagadia said.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday – Nova Agritech, Manali Petrochemicals, and Vardhman Acrylics Limited.
Nova Agritech | Buy at ₹58.97 | Target Price: ₹64 | Stop Loss: ₹57
Manali Petrochemicals | Buy at ₹79.25 | Target Price: ₹85 | Stop Loss: ₹76
Vardhman Acrylics Limited | Buy at ₹52.12 | Target Price: ₹56.5 | Stop Loss: ₹50.2
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
