Buy at current levels and keep a final stop loss at 46.5K

Stock Picks

- ADANIGAS - Above 389 with a target of 398 and Stop loss of 380. It has reversed from the support of 8 AND 40 DMA.

- CONCOR - Above 445 with a target of 460 and Stop loss of 435. It has reversed from the support of 40 EMA.

- CUMMINSIND - Above 632 with a target of 640 and Stop loss of 624. It is trading in an upward trending channel.

- GUJGASLTD - Above 378 with a target of 390 and Stop loss of 370. It has a support of 8 and 40 DMA.

- JSWENERGY - Above 75.50 with a target of 80 and Stop loss of 71. It is trading in an upward trending channel.

(Source-CapitalVia)

Mumbai: The market opened lower and closed at the lowest point of the day on the back of consistent weakness in global markets as well as selling from FIIs in the cash segment.

We are of the view, a Kotak Securities report said, that hot money is exiting ahead of the major event of the Union Budget. The decline is steeper than expectations from traders and reversal is missing.

"We are approaching monthly expiry on Thursday and on a monthly basis, the market has erased all the gains despite the Nifty/Sensex moved to 50,185. Certainly, it is negative for the market in the medium term (1 to 3 weeks), however, in the short term, we could see relief rally from 47,500/47,200) levels," says. Shrikant Chouhan, EVP, equity technical research at Kotak Securities. The strategy should be to buy at current levels and keep a final stop loss at 46,500 (50 DAYs SMA) for the same, he added.

Markets are jittery ahead of the Union Budget. We saw major selling in bank, auto, metal and pharma stocks. The upcoming budget will be a tight rope walk for the government and negative surprises of higher taxation, that could impact consumption, which cannot be ruled out. Except FMCG, all the other sectoral indices ended in red, a CapitalVia repost said.