6 hrs ago
Nagaraj Shetti Flags eClerx Buy, UNO Minda Sell Call
India’s main stock indexes rose a little on Thursday, helped by banking shares.
Banks collected more foreign money than expected through schemes linked to the Reserve Bank of India.
This could give banks more money to lend before the festive season.
However, the market had fallen during the previous three sessions.
Higher oil prices and bond yields had made investors worry that interest rates could stay high.
Analyst Nagaraj Shetti said the Nifty 50 still looks weak overall.
He suggested buying eClerx Services because its chart showed signs of a possible upward breakout.
He suggested selling UNO Minda because its chart showed signs of further weakness.
The article’s headline calls UNO Minda a stock to buy, but the detailed recommendation says to sell it.
Nifty 50 and Sensex each gained 0.35% on Thursday, 3 September, led by banking stocks.
Lenders raised $136.4 billion through the Reserve Bank of India’s foreign-currency deposit and borrowing schemes.
Nagaraj Shetti said Nifty 50’s broader trend remains weak, with resistance at 24,100–24,200 and support at 23,800 and 23,600.
Shetti recommended buying eClerx Services at ₹2,000, targeting ₹2,165 with a ₹1,920 stop-loss over two to three weeks.
Shetti recommended selling UNO Minda at ₹1,240, targeting ₹1,180 with a ₹1,270 stop-loss, despite the headline describing it as a stock to buy.
- Who
- Indian stock-market investors, lenders, HDFC Securities analyst Nagaraj Shetti, and companies eClerx Services and UNO Minda.
- What
- The Nifty 50 and Sensex rose 0.35% each, while Shetti issued short-term technical recommendations for eClerx Services and UNO Minda.
- Where
- Indian stock markets, including the Nifty 50 and BSE Sensex.
- When
- Thursday, 3 September; market levels were also reported at 12:23 IST.
- Why
- Banking stocks gained after lenders mobilised $136.4 billion through Reserve Bank of India schemes; Shetti’s recommendations were based on technical chart patterns and indicators.
Bullish Signals
Bearish Signals
Overall market direction
Bullish Signals
Banking stocks supported 0.35% gains in both major benchmarks, and higher-than-expected fund mobilisation was expected to strengthen liquidity before the festive season.
Bearish Signals
Nagaraj Shetti said the Nifty 50’s overall trend remained weak, with lower tops and bottoms indicating possible selling on rallies.
eClerx Services outlook
Bullish Signals
Shetti recommended buying eClerx Services, citing resilience during weak markets, a possible bullish flag breakout, and positive volume and RSI patterns.
Bearish Signals
Shetti warned that the broader market had not confirmed a bottom reversal, so the stock recommendation remains a short-term technical call rather than a broader market signal.
UNO Minda outlook
Bullish Signals
The article headline describes UNO Minda among shares to buy in the short term.
Bearish Signals
The detailed recommendation says to sell UNO Minda, citing a distribution pattern, a downside consolidation breakout, a triple-top-type formation, and weakening volume and daily RSI.
Key facts
- Index performance
- Nifty 50 and Sensex each gained 0.35% on Thursday, 3 September.
- Fund mobilisation
- Lenders mobilised $136.4 billion through foreign-currency deposit and borrowing schemes linked to the Reserve Bank of India.
- Nifty level at 12:23 IST
- 23,905.80, reported as flat.
- Sensex level at 12:23 IST
- 76,604.93, reported as flat.
- eClerx Services recommendation
- Buy at ₹2,000; target ₹2,165; stop-loss ₹1,920; timeframe two to three weeks.
- UNO Minda recommendation
- Sell at ₹1,240; target ₹1,180; stop-loss ₹1,270; timeframe two to three weeks.
- Crude oil prices
- Brent fell 0.4% to $95.26 per barrel, while WTI slipped 0.1% to $90.84 per barrel.
Sources
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