Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, on Friday selected Bharti Airtel Ltd as one of his top pick for the day. "The stock looked positive on charts and can see a strong follow-up buying in the near period. Any kind of dips around Rs 1,260-1,250 should be considered as an opportunity to enter. Keep stop loss at Rs 1,210 for a potential upside target of Rs 1,300," Krishan told Business Today TV. Airtel shares were last seen trading 0.36 per cent higher at Rs 1,271.80.
The other stock which the market expert suggested was Multi Commodity Exchange of India Ltd (MCX). "The stock has a decent run in the near term. One can consider buying the scrip around Rs 3850-3860 levels. Rs 3,720 should be kept as stop loss for a potential upside of Rs 4,050," Krishan from Angel One stated. MCX's stock was down 1.62 per cent at Rs 3,827.50.
Meanwhile, Indian equity benchmarks continued to fall for the fifth straight session, dragged down by all sectoral indices. Broader markets (mid- and small-cap shares) were also trading with sharp cuts. India VIX, fear index, spiked 5.80 per cent to 13.80-level.
All the 16 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Auto, Nifty Pharma, Nifty PSU Bank and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 1.49 per cent, 1.12 per cent, 1.62 per cent and 1.11 per cent, respectively.
On the stock-specific front, Bajaj Auto was the top loser in the Nifty pack as the stock cracked 3.34 per cent to trade at Rs 8,720 in late morning deals. Tata Motors, Axis Bank, BPCL and Hindalco fell up to 2.59 per cent.
In contrast, Grasim Industries, ITC, M&M, HDFC Bank and Apollo Hospitals were among the top gainers on Nifty50.
The overall market breadth was weak as 2,424 shares were declining while 1,085 were advancing on BSE.