Indian equities witnessed an across-the-board selloff on Wednesday, July 22, with benchmark indices falling nearly 1% each. According to latest reports, the Sensex crashed 715 points, or 0.92%, to end at 76,755.05, while the Nifty 50 fell 191 points, or 0.79%, to close at 23,996.25. This marked the third consecutive day of losses for the benchmarks, with the Sensex having declined nearly 1,400 points, or almost 2%, over the three sessions, while the Nifty 50 shed over 300 points, or 1.4%. Mid-cap and small-cap indices fell about 1% and 1.5% respectively, reflecting a broader risk-off mood across market segments.
Market expert Raja Venkatraman from NeoTrader has recommended three stocks for trading on July 23. The latest recommendations include NESTLEIND (₹1,493.60), PIDILITIND (₹1,608.60), and ICICIGI (₹1,583.50). NESTLEIND is recommended as a premium FMCG company showing strong Q1 numbers signalling FMCG sector revival, with buy above ₹1,496 and target price of ₹1,625 over 2 months. PIDILITIND is positioned as India's leading adhesives manufacturer with range breakout potential, while ICICIGI is recommended as a short opportunity due to brokerage upgrade expectations despite being one of India's largest private-sector non-life insurers.
According to Venkatraman's latest technical analysis, NESTLEIND has support at ₹1,375 and resistance at ₹1,700, with a buy recommendation above ₹1,496 and stop loss at ₹1,440. PIDILITIND shows support at ₹1,500 and resistance at ₹1,700, with a buy recommendation above ₹1,610 and stop loss at ₹1,540. ICICIGI is recommended as a sell below ₹1,580 with target price of ₹1,425 over 2 months. The recommendations come with specific target prices and risk management levels tailored to current market conditions and technical setups.
As reported by Mint, sectoral performance was broadly weak with FMCG (+0.65%) and Auto (+0.18%) being the only sectors to post gains, while Media (-2.68%), Realty (-2.60%), and PSU Banks (-1.80%) led the declines. As many as 40 stocks ended in the red in the Nifty 50 index, with InterGlobe Aviation (IndiGo), Dr. Reddy's Laboratories, and Jio Financial Services ending as top laggards, falling up to 4%. Bajaj Auto, Nestle India, and Tata Consumer ended as top gainers, rising up to 6%. Despite weakness in large caps, small-caps gained 0.5% and mid-caps rose 0.3%, supported by strong earnings momentum. UltraTech Cement advanced 1.5% after robust profit, while SBI Funds Management surged 6.2% on its market debut.
