
Top stock market recommendations: INOX India, and Apollo Hospitals Enterprise are buy calls from Aakash K Hindocha, Deputy Vice President – WM Research of Nuvama Professional Clients Group. The analyst recommends selling TVS Motor Company. Below is his views on on Nifty, Bank Nifty and each of the three stocks:Index View: NiftyNifty hit a close at a 10.5 month low as the index has adapted a range between 23700 – 24300 broadly. Any close below 23700 could allow for fresh 400-500 additional downside while a sustained upside opens only on closing above 24300 as a number.Given the surge in India VIX above 20 readings this week it indicates a daily trading range on Nifty to be northwards of 300 points, indicating that the ongoing volatility is here to stay.Bank NiftyBank Nifty ended 3.5% lower so far this week as the index has been underperforming Nifty from the start of this month and this week. Given the weight adjustments taking place in frontline private banks and panic profit taking triggered in PSU names. Bank Nifty has slipped below its 200 DMA after a gap of 11 months, and a fresh swing low even after Monday’s panic low is expected to be printed on charts. The recent gap below 200 DMA is likely to remain a resistance / supply zone for the immediate short term on the index. Downside levels we are seeing to unfold towards 54600 odd.
Stock recommendations:
INOX India (BUY):- LCP: 1193
- Stop Loss: 1125
- Target: 1288
- LCP: 3600
- Stop Loss: 3780
- Target: 3370
- LCP: 7684
- Stop Loss: 7475
- Target: 8300
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