Stocks to buy—21 February: Ankush Bajaj recommends three stocks for today
Subscribe to enjoy similar stories. The Indian stock market opened with a gap-down on Thursday, 20 February, but saw a swift recovery in the initial phase. However, selling pressure resurfaced, keping the Nifty 50 below the 23,000 mark throughout the session.
Read this | Can India’s defence sector fire on all cylinders again? Both Sensex and Nifty 50 ended the session in negative territory. The Nifty 50 index declined by 19.75 points to settle at 22,913, while the Bank Nifty index fell 235.55 points to 49,334.55, a drop of 0.48%. Sectoral performance was mixed, with financial services, banking, and the service sector experiencing declines of 0.75%, 0.48%, and 0.36%, respectively.
However, some sectors managed to close in positive territory, with public sector enterprises (PSE) gaining 2.15%, the metal sector rising 0.96%, and the energy sector advancing 0.83%. Read this | United Breweries’ premium bets take the driver’s seat, but it’s a bumpy road Among Nifty 50 stocks, Shriram Finance emerged as the top gainer, rising 4.13%, followed by NTPC, which gained 3.29%, and M&M, which closed 2.98% higher. On the other hand, HDFC Bank was the biggest loser, falling 2.32%, while Maruti Suzuki and Tech Mahindra declined by 1.94% and 1.66%, respectively.
Nifty is trading near a crucial demand zone between 22,830 and 22,650, repeatedly testing the 22,800 level, which suggests potential weakness. A breakdown below 22,650 could trigger a further decline towards 22,200. On the upside, the overall trend is expected to remain bearish unless the index decisively closes above 23,400.
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