Chandan Taparia named Federal Bank and Indian Hotels Company in trade recommendations for Friday as Indian benchmarks notched another session of losses, according to LiveMint.
LiveMint reported the calls on Oct. 22 for the Oct. 23 session. Its report paired Federal Bank with a ₹368 target and a ₹336 stop-loss. For Indian Hotels Company, it listed a target of ₹830 and a stop-loss of ₹760. Neither setup included an entry price or holding period.
At Motilal Oswal Financial Services Ltd., Taparia is the head of derivatives and technicals within wealth management, LiveMint reported. The outlet tied the Indian Hotels Company setup to a move above ₹750. For Federal Bank, it cited a revived uptrend, a return above short-term moving averages and a potential break above a downward-sloping trendline.
Thursday's session extended the decline in India's headline indexes to a third day, PTI reported. The close left the Sensex at 73,249.39, 460.30 points below its previous finish; the Nifty 50 settled at 22,687.65 after a 123.70-point retreat. PTI put the declines at 0.62% and 0.54%, respectively. On Wednesday, the Sensex lost 143.21 points to finish at 73,709.69, while the Nifty fell 77.60 points to 22,811.35, PTI said.
PTI pointed to rising oil prices, intensifying tensions in West Asia and weak global cues as factors behind Thursday's market pressure. Upstox reported that December Brent futures touched an intraday high of $112.67 a barrel, with the advance reaching as much as 3.54%. PTI also flagged Japan inflation data as a market focus ahead.
