Recent turbulence in the stock market has created widespread fear among investors as the Nifty index has slipped below the 23000 mark. Global tensions and conflicts in the Middle East have driven up crude oil prices, resulting in a massive downturn in the Indian stock market. Monday proved to be a highly stressful day for market participants. The ongoing rally over the past two days came to a sudden halt, and the National Stock Exchange (NSE) benchmark index Nifty 50 crashed by nearly 257 points. 95. This steep market fall also breached the crucial psychological level of 23,000, triggering an atmosphere of fear among investors.
What Should Investors Do?
In such a fear-driven environment, the biggest question on everyone's mind is what retail investors should do. Jigar S. Patel, Equity Technical Research Manager at brokerage firm Anand Rathi, has shared vital advice on this matter, while he stated that investors must avoid panic selling their holdings in distress. Looking at technical data, the Nifty had touched a low of 22,180 on October 8, following which the index showed a remarkable recovery. That's why, if the market approaches the 22,200 zone, maintaining composure rather than rushing into distress selling would be a much better strategy.
3 Stocks for Short-Term Gains
Even though the broader market remains sluggish, certain stocks continue to exhibit strength on technical fronts. According to brokerage Anand Rathi, bets can be placed on these 3 stocks to generate solid returns over a short timeframe.
- Just Dial: This stock is currently trading above all its major moving averages and has registered a robust breakout. Its charts are indicating clear bullish momentum. The stock closed at 745 rupees on Monday. Experts have recommended buying it with a target price of 800 rupees, while suggesting a stop loss at 670 rupees to protect against downside risk.
- Oriental Hotels: The brokerage has recommended Oriental Hotels as its second pick. After establishing its base, this stock is displaying clear upward signals. At Monday's market close, the share stood at 149.29 rupees. Good short-term earnings are expected from this counter. Experts have set a target of 171 rupees, with a recommended stop loss of 140 rupees.
- BSE: The Bombay Stock Exchange stock is forming an excellent pattern on technical charts. Previous breakout levels are acting as strong support for this counter. Experts have advised accumulating this stock in the range of 3,350 to 3,400 rupees. It closed at 3,336 rupees on Monday. It is believed that this stock could soon touch a major target of 4,000 rupees, with a safe stop loss recommended at 3,000 rupees.
Thus, amidst the heavy market decline and uncertainty, instead of engaging in panic selling, investors can look at investing in these fundamentally and technically sound recommended stocks to secure their portfolios and earn short-term profits.