Top 5 Stock Market action to look out for today

The Nifty is likely to remain under selling pressure on Wednesday as weak cues from across the globe strengthen bears' hands a day after the Index lost 1 percent in trade. Stock-specific action is seen related to earnings.

Overnight close on Wall Street was negative with the main indices totalling losses of as much as 0.4% to 1%. European markets, too, ended in the red with losses of 0.3%-1.1%. Stocks in Asia are muted as well with major indices struggling in the red on Wednesday. Commodities remain on slippery slope: Gold, Copper, Silver, Crude Oil Futures, all of them trade in negative territory.

Gold trades near 5-year lows and more losses are seen. Crude Oil is at 15-week lows ahead of US inventory data

Meanwhile, the Nifty closed at 8,529 points on Tuesday, down 0.9 percent. Today's trading range has a support at 8,432 levels while the resistance is seen in 8,600-8,637 range. Stock specific action is expected related to earnings. The SGX Nifty Futures, trading in Singapore, point to an opening of below 8,500.

The derivatives space has given equally bearish signals. Foreign investors emerged net sellers to the tune of 227 crore rupees in the cash market, their first sale in 7 sessions. Domestic funds chipped in with 146 crore rupees worth of purchases. Net buying was seen in Index Futures worth `1,256 crores; Net Sales worth 13 crores in Stock Futures; Net Sales amounting to 806 crore rupees in Index Options and net sales totalling 176 crores in Stock Options.

Meanwhile, delivery based selling to the tune of `1,700 crore was seen on Sun Pharma while `1,100 crore rupees worth of Infosys stock was purchased on Tuesday.

STOCKS TO WATCH:

CITIGROUP ON HPCL, BPCL, IOCL: Raises price targets on all three oil marketing companies citing benign price environment for Crude Oil, their main raw material purchase. Price Target on HPCL raised to `1,106 from `749. Target on BPCL raised to `1,062 from `932 and on IOC to `506 from `407.

LIC HOUSING FINANCE: BoFA ML raises price target to `590 vs `565.

COAL INDIA: BoFA ML reinstates coverage with a Buy Rating and a Price Tgt of `534.

INDIABULLS HOUSING FINANCE: BoFA ML raises price target to `800 from `750.

AUROBINDO PHARMA: USFDA has found some quality issues related to Aurobindo's Unit 12 in Hyderabad, reports the ET.

(Image credit: Indiatimes)