The Indian market has been trading lower by around two per cent amid ultra-hawkish stance of Federal Reserve chair Jerome Powell related to economy and rate tightening. The markets globally have been jittery since Powell's remark. Amid weak global cues, domestic equity benchmarks Nifty 5o opened below 17,200, while the Sensex dropped around 1500 points, largely dragged by IT stocks.  

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Tech Mahindra was the top loser on the benchmarks. Tech Mahindra share price fell by more than 5% to Rs 1027 per share in Monday's intraday trade 

All indices started in red, however, Nifty FMCG showed some buying interest soon after opening with Britannia and HUL gaining marginally. Nifty IT was the top laggard among sectoral indices, falling by almost 4% 

In the broader market, Nifty midcap and Smallcap fell by more than one and half per cent each in the opening trade as India VIX traded near 20-mark with a change of nearly 10% 

"Markets expected Powell to remain hawkish at Jackson Hole but the ultra-hawkish tone of the Fed chief's message and his warnings that Fed's policy will "cause some pain to households and businesses" and this is "the unfortunate costs of reducing inflation" were not expected and factored-in by the markets,"said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 
The 17% rally in S&P 500 from mid-June to mid-August was mainly driven by expectation that with declining inflation Fed would pivot towards lower interest rates by early 2023, he said, adding that this expectation has been belied by Powell's message that rates will go up and remain there for 'sometime'. 

Earlier, certain stocks came in focus on Friday when the market ended with marginal gains on Friday. These stocks were Mazagon Dock Shipbuilders, which hit 52-week high of Rs 373.45 per share on the BSE, TTML that dropped around three per cent to Rs 88.40 per share and Chambal Fertilizers dropped more than one per cent intraday to Rs 343.75 on Monday.  

Here is what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, suggests investors should do with these stocks:  

Mazagon Dock Shipbuilders  

On Friday, the stock rallied over 13 percent and hit a fresh all-time high of Rs 359.55.  A promising bullish candle on daily and weekly charts and strong price volume activity indicating further uptrend from the current levels. Technically, for the breakout traders now, 340-335 would act as a sacrosanct support level.  if, the stock manages to trade above the same, we can expect continuation of uptrend rally till 370-380. On the flip side, below 335 uptrends would be vulnerable. 

TTML:  

On the daily and weekly charts, the stock consistently facing selling pressure at higher levels. after a pullback rally from 101 to 111 once again, it took the resistance near 20-day SMA and corrected sharply. in this quarter so far, it corrected over 20 percent and also formed bearish candle which is broadly negative. We are of the view that, as long as the stock trading is below 20-day SMA (Simple Moving Average) the correction formation is likely to continue. Below which, it could hit the level of 90-85 On the flip side, 102 would be an immediate hurdle. Above the same, a minor pullback rally is possible till 105-108. 

 CHAMBAL FERTILISERS  

In this quarter so far, the stock rallied over 30 percent. On last Friday, despite tepid market conditions the stock rallied nearly 7 percent and formed a long bullish candle on daily charts. A strong price volume activity indicating a further uptrend from the current levels.  For the positional traders now, 335 or 20-day SMA (Simple Moving Average) could be the key level to watch out for. If stock manages to trade above the same then we can expect uptrend continuation wave up to 360-375 However, below 335 traders may prefer to exit out from trading long positions.