Market Analyst Recommends Time Technoplast and Gujarat Ambuja Exports Shares Amid Market Selloff
Stocks to buy: Nagaraj Shetti recommends Time Technoplast, Gujarat Ambuja Exports shares to buy
Mint
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On April 30, 2023, the Indian stock market experienced a significant selloff, with the Sensex dropping over 1,150 points. Amid this downturn, Nagaraj Shetti of HDFC Securities recommends buying shares of Time Technoplast at ₹190.50 and Gujarat Ambuja Exports at ₹154.50, with specified targets and stop-loss levels.
- 01Sensex fell over 1,150 points or 1.5%, marking a significant market downturn.
- 02Nifty 50 dropped more than 350 points or 1.6%, reflecting investor concern.
- 03Analyst Nagaraj Shetti recommends Time Technoplast and Gujarat Ambuja Exports shares.
- 04Time Technoplast is suggested at ₹190.50 with a target of ₹203.
- 05Gujarat Ambuja Exports is recommended at ₹154.50 with a target of ₹164.
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On April 30, 2023, the Indian stock market faced a notable selloff, with the Sensex declining by over 1,150 points (1.5%) to an intraday low of 76,349 and the Nifty 50 dropping by more than 350 points (1.6%) to a low of 23,801. This downturn resulted in a loss of nearly ₹9 lakh crore in market capitalization, falling from ₹469 lakh crore to ₹460 lakh crore. The rupee also weakened, surpassing 95 per US dollar, influenced by rising oil prices and a hawkish stance from the US Federal Reserve. Brent crude oil reached a four-year high of $126 per barrel, raising concerns over inflation and economic growth in India, the world's third-largest crude importer. Amid this market volatility, Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, recommends buying shares of Time Technoplast at ₹190.50 with a target of ₹203 and a stop-loss at ₹184. Additionally, he suggests purchasing Gujarat Ambuja Exports at ₹154.50, targeting ₹164 with a stop-loss at ₹150. Both stocks exhibit positive technical indicators despite the overall market weakness.
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The stock market's decline could affect investor confidence and lead to increased costs for consumers due to rising oil prices.
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