Domestic equity benchmarks BSE Sensex and Nifty declined in Friday's trade, dragged by high-weightage financials and weak global cues, after the European Central Bank hiked rates and renewed fears in the US banking system with the collapse of PacWest Bancorp. The Nifty 50 was down 0.25 percent at 18,210.40 as of 10:54 am, while the S&P BSE Sensex lost 0.31 percent to trade at 61,555.27.

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On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is now placed to witness sharp upside breakout of the crucial resistance zone of around 18200-18300 levels. Hence a decisive move above this area could open the next upside targets of around 18600-18700 levels in the near term. Immediate support is placed at 18150-18100 levels."

"The most significant trend in the market now is India’s outperformance even in the context of the challenging global environment. The mother market US has turned weak and S&P 500 has slipped for the fourth day on renewed fears of the stress in the US banking system. But the Nifty, defying weak global cues, is resilient and is only 3.5 percent away from the all-time high," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Sustained FII buying of Rs Rs 10,900 crore during the last six trading sessions aided by appreciating rupee and India’s improving macros is the prime driver of this rally. Improving corporate earnings as reflected in the Q4 numbers also have emboldened the bulls,"Vijayakumar said.

He went on to added: "A market correction is imminent. It would be a good idea to take some money off the table even while continuing with the Buy on Dips strategy."

Day trading guide for today

Here's what several experts have recommend for today's trading session. Vaishali Parekh has a buy recommendation on Havells, Axis Bank, Reliance Industries Limited while Mitessh Thakkar has a buy/sell recommendation on Asian Paints, Coromandel International, Havells India, and Godrej Consumers Products for today's trading session. Check out the targets and stoploss.

Vaishali Parekh's buy or sell stocks:

Havells: Buy at Rs 1,256, target price Rs 1310, stop loss Rs 1230

Axis Bank: Buy at Rs 865, target price Rs 920, stop loss Rs 830

Reliance Industries Limited: Buy at Rs 2,448, target price Rs 2,600, stop loss Rs 2,400

Mitessh Thakkar's stocks to buy today:

Asian Paints: Buy, stop loss below Rs 2,950, upside target Rs 3,050

Coromandel International: Buy, stop loss at Rs 955, target Rs 1,050

Havells India: Buy at Rs 1,250, stop loss at Rs 1,230, targets Rs 1,295

Godrej Consumers Products: Sell, stop loss at Rs 945

Other buy or sell stocks:

Kotak Mahindra Bank: Buy, stop loss at Rs 1,930, target price Rs 1,975

JK Tyre: Buy at current market price, target Rs 205, stop loss Rs 184

Delta Corp: Buy at current market price, target Rs 222, stop loss Rs 207.

First Published:May 5, 2023 11:30 AM IST