Market Trading Guide: Cipla, Petronet LNG among 6 Stock Picks for Tuesday – Stock Ideas

Benchmark stock indices Sensex and Nifty closed lower on Monday after hitting record highs in early trade amid selling in blue chip IT stocks and HDFC Bank. The 30-share BSE Sensex closed at 76,490.08, down 203.28 points, after crossing the 77,000-mark in early trade, under selling pressure in the closing session.

NSE Nifty snapped a three-day rally and closed 30.95 points lower at 23,259.20.

“Nifty’s near-term trend continues to be positive amid high volatility. Recently, Nifty has crossed the 22,250 level (mid-section of Tuesday’s trading candle) and Nifty may move towards the next upper hurdle of 23,200 (mid-section of Tuesday’s trading candle). There is a long bear candle) and immediate support is at 22,640 level in the near term,” said Nagaraj Shetti, senior technical research analyst at HDFC Securities.

Here are six stock picks for Tuesday.