New Delhi: The Indian stock market fell for the fifth consecutive day on Thursday, disappointing investors. FMCG and pharma sector stocks played a major role in Thursday's decline. Due to this the morning's rise also ended. Major Indian indices, S&P BSE Sensex and Nifty 50 fell by 110 points (0.14%) and 26 points (0.11%) respectively. Sensex closed at 77,580, while Nifty ended at 23,532. Concerns about withdrawal by foreign investors are being cited as the main reason behind this decline.

Nifty shows 'gravestone doji' pattern
According to Rupak Dey, Senior Technical Analyst, LKP Securities, Nifty showed a 'gravestone doji' pattern near its 200-day EMA, which indicates bearish sentiment. "This indicates a 'sell on rise' approach, as the index is in the oversold zone. If Nifty breaks below the 200-day EMA, the selling pressure may increase further. The support for this could be 23,450 and the resistance could be 23,650," Dey said.
 

Bajaj Holdings & Investment
 

Bajaj Holdings is currently in a bullish trend and has recently shown a breakout, which indicates its positive movement. Its technical indicators are strong, and the Relative Strength Index (RSI) is also in a positive trend, which indicates that the stock has the potential for upside movement. This stock is recommended to buy at Rs 10,850-10,855 levels. Its target price is Rs 11,350 and stop loss is Rs 10,600.
 

Tips Music
 

The flag and Pole pattern is forming on the chart of Tips Music, which indicates a breakout and uptrend. After this pattern, the stock is likely to rise, which is getting stronger with the support of strong volume and Exponential Moving Average (EMA). Tips Music is recommended to buy at Rs 923-925 level. Its target price is Rs 960 and stop loss is Rs 900.
 

HCL Technologies

HCL Technologies has a Return on Equity (ROE) of 24.4%, which reflects its strong financial performance. Apart from this, its valuation is also good and if the stock breaks out above Rs 1,897, it can reach Rs 2,050. It is suggested to buy this stock at the level of Rs 1,865, while the stop loss is kept at Rs 1,832.