Jay Thakkar of ICICI Securities said 22,800 acted as support for the benchmark Nifty50 recently. "This weekly expiry may be seen in the 22,600-23,300 range," the market expert told Business Today on Tuesday.
In response to a query on Jio Financial Services Ltd, Thakkar said, "There is a short build-up in this stock and lots of MTS (Margin Trading System) positions as well. One should wait and watch until we see a meaningful bottoming play." Jio Financial shares settled 0.67 per cent lower at Rs 220.95.
When asked about Kalyan Jewellers India Ltd, he suggested that Rs 400 would be the right level to enter adding that the stock would consolidate and one should enter at lower levels. Kalyan Jewellers' stock today tanked 4.45 per cent to Rs 484.50 level.
For Ola Electric Mobility Ltd, Thakkar underscored that the pure-play electric vehicle (EV) firm has lost its market share to TVS. "Till we don't see a revival coming in fundamentally from the point of view of services or gaining market share or increasing sales, the stock can continue to bleed," the market specialist stated. Ola Electric's counter slipped 1.61 per cent to close at Rs 60.34.
Meanwhile, Indian equity benchmarks resumed fall today after a single-day hiatus. Domestic indices settled lower as consumer and bank stocks dragged. Broader markets (mid- and small-cap shares) also declined.
12 out of the 19 sector gauges -- compiled by the NSE -- traded in the red. Sub-indexes Nifty FMCG, Nifty Consumer Durables, Nifty PSU Bank and Nifty Bank were underperforming the NSE platform by falling as much as 0.88 per cent, 1.36 per cent, 0.54 per cent and 0.35 per cent, respectively.
The overall market breadth was weak as 2,918 shares declined while 1,032 advanced on BSE.
Foreign institutional investors (FIIs) bought Rs 4,786.56 crore worth of shares on a net basis today, while domestic institutional investors (DIIs) purchased Rs 3,072.19 crore worth of shares, exchange data showed.