In its worst week in nearly two years, Sensex fell about 5.19 percent, while Nifty50 fell 5.36 percent over the past five sessions.
“It was a devastating week for the D-Street bulls, with domestic markets taking a serious loss amid global signals. The week started with a downward gap for the Nifty spot, and it remained under pressure throughout the week said Mehul Kothari – AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
He said the sell-off worsened after the US Fed announced a 0.75bp rate hike. As a result, Nifty not only broke through the low of 15,670 decisively, but also crept below 15,200. In the end, the index lost about 1,000 points over the course of the week, ending with a drop of more than 5.5%.
On the other hand, the Nifty Bank index has outperformed 5% and is showing relative strength as it still hasn’t broken the 32,000 low. For the coming week, 32,000 would be crucial pillars for the index. A daily close below the same could fuel even more pessimism and will open doors to 31,000/30,500 levels. A sustained move above 33,000 would strengthen the bulls to show a sharp pullback rally in the markets,” Kothari added.
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