Indian stock market: The Indian stock market closed sharply lower on Friday, July 11, as escalating trade tensions between the US and its trading partners, combined with a disappointing start to the Q1 earnings season, weighed heavily on investor sentiment.
The Sensex dropped 690 points, or 0.83%, to finish at 82,500.47, while the Nifty 50 declined by 205 points, or 0.81%, ending the day at 25,149.85.
The BSE Midcap index fell by 0.65 per cent, while the Smallcap index closed with a loss of 0.70 per cent.
Domestic market benchmarks declined for the third straight session after Trump intensified his tariff war by declaring a 35% import duty on Canadian goods effective August 1.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market sentiment has turned weak as the Nifty 50 index has slipped below the crucial support levels of 25,250 on a closing basis.
“ The next crucial support for the key benchmark index is placed at 24,900. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, July 14. The three stock picks by Bagadia are – Jaiprakash Power Ventures, NHPC, and Reliance Power.
Here are the three stocks to buy on Monday:
1] Jaiprakash Power Ventures: Buy at ₹23.63 | Target Price: ₹25.52 | Stop Loss: ₹22.80
2] NHPC: Buy at ₹88.05 | Target Price: ₹94.21 | Stop Loss: ₹84.96
3] Reliance Power: Buy at ₹64.81 | Target Price: ₹69.34 | Stop Loss: ₹62.54
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.