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Nifty Slides: Banking, Metal Stocks Drag Down Market
17 May
Summary
- Nifty ended lower, breaking a two-session winning streak.
- Banking, metal, and realty stocks were the primary drivers of the decline.
- Analysts suggest Kirloskar Oil and Wheels India for short-term gains.
The Nifty concluded Friday's trading session on a subdued note, halting its recent two-session winning streak. The decline was primarily influenced by weakness in the banking, metal, and realty sectors, pushing the index below the 23,800 level.
Market analysts have indicated a bearish setup for the Nifty, citing resistance from key Exponential Moving Averages (EMAs) on daily and weekly charts. Furthermore, the India VIX saw a notable increase, reflecting heightened market volatility.
Despite the broader market's challenges, two stocks, Kirloskar Oil and Wheels India, have been highlighted for their short-term upside potential. Kirloskar Oil offers an estimated 4% gain with a stop loss at Rs 1,680, while Wheels India shows potential for an 8% rise with a stop loss at Rs 1,410.
Analysts advise a cautious approach, with immediate support for the Nifty identified near 23,500, and potential further downside if this level is breached. Resistance remains a key factor around the 23,800 zone.
