HDFC Securities Analyst Recommends Oracle Financial Services and Sun Pharma Shares Amid Market Volatility
Vinay Rajani of HDFC Sec suggests Oracle Financial Services, Sun Pharma shares to buy
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On May 18, Indian equity markets experienced a significant selloff, with the BSE Sensex dropping over 1,000 points. Amid this volatility, Vinay Rajani of HDFC Securities recommends buying shares of Oracle Financial Services at ₹9,100 with a target of ₹9,800, and Sun Pharmaceutical Industries at ₹1,875 with a target of ₹1,950, citing bullish patterns and strong indicators.
- 01The BSE Sensex fell over 1,000 points to an intraday low of 74,180, erasing nearly ₹9 lakh crore in investor wealth.
- 02Nifty 50 has corrected by over 1,250 points from its recent high, approaching crucial support at 23,262.
- 03Oracle Financial Services has shown bullish patterns, with a target price set at ₹9,800 and a stop-loss at ₹8,700.
- 04Sun Pharmaceutical Industries surpassed a key resistance level of ₹1,850, with a target price of ₹1,950 and a stop-loss at ₹1,825.
- 05The market is currently under pressure from rising Brent crude prices and the depreciation of the Indian Rupee.
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On May 18, the Indian equity markets faced a sharp selloff, with the BSE Sensex plummeting over 1,000 points to an intraday low of 74,180, erasing approximately ₹9 lakh crore (roughly $1.1 trillion USD) in investor wealth. The Nifty 50 index corrected by over 1,250 points from its recent high, nearing a critical support level at 23,262. Vinay Rajani, Senior Technical and Derivative Analyst at HDFC Securities, suggests a cautious approach for traders amid this volatility. He identifies Oracle Financial Services Software as a buy at ₹9,100, targeting ₹9,800 with a stop-loss at ₹8,700, noting bullish patterns in its price movement. Additionally, he recommends Sun Pharmaceutical Industries at ₹1,875, with a target of ₹1,950 and a stop-loss at ₹1,825, citing strong performance in the healthcare sector. Rajani advises investors to be cautious, especially in rate-sensitive sectors, as global market volatility could impact domestic sentiment.
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The significant drop in the stock market may lead to increased caution among investors, affecting their investment decisions and potential returns.
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