Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, on Tuesday said index-wise 23,080 and 23,160 will be two important spot levels for benchmark Nifty50 to watch out for. On the stock-specific front, the market expert selected Indian Overseas Bank as his top pick from the banking sector. "The PSU counter has potential to test Rs 81-82 levels on the higher side. IOB is looking positive on charts and one should try to gauge momentum. Support zone lies around Rs 69," Krishan told Business Today TV. IOB shares were last seen trading 3.76 per cent lower at Rs 71.62.
The other stock which the analyst liked was from the IT space, namely HCLTechnologies Ltd. "One can accumulate HCLTech for a positional basis near Rs 1,350-1,355 levels, keeping a stop loss of Rs 1,320. Expected near-term targets will be Rs 1,400-1,420," Krishan stated. The stock was up 0.14 per cent at Rs 1,356.25.
Meanwhile, Indian equity benchmarks were trading slightly higher today, led by gains in automobile and pharma shares. Although, broader market (small- and mid-cap shares) were negative as Nifty Midcap 100 fell 0.52 per cent and small-cap shed 0.44 per cent. India VIX, fear index, jumped 3.86 per cent to 24.09-level.
Eight out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Auto and Nifty Pharma were outperforming the NSE platform by rising as much as 0.25 per cent and 0.30 per cent, respectively. However, Nifty PSU Bank and Nifty Oil & Gas fell 1.09 per cent and 0.46 per cent, each.
On the stock-specific front, HDFC Life was the top gainer in the Nifty pack as the stock surged 2.48 per cent to trade at Rs 578.25. Divi's Labs, Dr Reddy's, Hero MotoCorp and SBI Life rose up to 2.34 per cent.
In contrast, Adani Ports, Coal India, Power Grid, NTPC and BPCL were among the top laggards.
The overall market breadth was weak as 2,287 shares were declining while 1,360 were advancing on BSE.