Technical Picks: Nagaraj Shetti of HDFC Securities suggests these 2 stocks amid stock market fall today

Stock market today: The Indian benchmark indices, Nifty 50 and Sensex, experienced selling pressure for the fourth straight session on Monday, February 10, with the Sensex dropping more than 650 points and the Nifty 50 nearing 23,340 during intraday trading.

As of 14:11 IST, the Nifty 50 had declined 0.93% to reach 23,340.90, while the Sensex decreased by 0.85% to 77,187.39. Analysts highlighted five contributing factors behind the market decline, including Trump’s tariffs, elevated valuations despite the recent downturn, ongoing weak earnings affecting sentiment, continuous outflow of foreign capital, and the weakness of the rupee.

Dr. Vikas Gupta, the CEO and Chief Investment Strategist at OmniScience Capital, pointed out that Indian equity markets are facing pressure due to ongoing selling by foreign institutional investors, mainly influenced by factors from the US—specifically the uncertainty surrounding Trump’s policies—rather than local issues. In spite of the Reserve Bank of India’s interest rate cut and a growth-oriented Union Budget, foreign investments have not yet rebounded.

Nevertheless, the upcoming meeting between Modi and Trump could lead to a “mini deal” concerning trade, which might uplift market sentiment. Furthermore, the ₹16 lakh crore capital expenditure plan detailed in the Union Budget serves as a long-term growth driver that has not been fully recognized by the market.

” The rupee’s sharp depreciation, driven by concerns over potential US trade tariffs, may prompt RBI intervention. Rising US Treasury yields and capital outflows from emerging markets continue to weigh on sentiment. Even as the BJP’s electoral victories in Haryana, Maharashtra, and Delhi should have bolstered investor confidence, global uncertainties have overshadowed domestic factors,” added Gupta.

Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

Nifty 50 continued to decline for the fourth consecutive sessions so far today and is currently trading lower by 170 points. Nifty 50 has now entered crucial supports of around 23,400-23,300 levels, but so far there is no signs of any reversal forming at the lower levels as per intraday. Any intraday pull back could find resistance around 23,500 levels.

Technical Picks: Stocks to buy or sell in the near-term

Nagaraj Shetti of HDFC Securities recommends these two stocks this week – Castrol India Ltd, and LIC Housing Finance Ltd.

1. Buy Castrol India Ltd at ₹209.70, Target at ₹220, Stoploss of ₹203, Timeframe 1 week.

2. Sell LIC Housing Finance Ltd at ₹566.80, Target at ₹535, Stoploss of ₹585, Timeframe 1 week.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.