Will Q3 results deepen Dalal Street sell-off? 3 stocks to watch amid uncertainty

Dalal Street is facing increased volatility after Sensex, Nifty opened higher, showing signs of recovery on Tuesday after they crashed in the previous session, raising questions about whether stock markets will see further downside as companies prepare to announce their Q3 FY24 results. Sensex and Nifty plunged over 1.5%, and the Nifty PSU Bank suffered a loss of close to 4% in Monday's bloodbath on Dalal Street, reflecting weak investor sentiment, dampened market conditions and uncertainty. FACTORS BEHIND MARKET VOLATILITY Several factors have contributed to the current market volatility: Disappointing quarterly updates: A few large-cap companies, particularly in the banking sector, have shared weaker-than-expected Q3 updates ahead of the results season. "Market sentiment has been dampened by a few disappointing quarterly updates, particularly from the banking sector, ahead of the earnings season, coupled with concerns over rising HMPV virus cases in India. Below are specific stock recommendations from Dr Ravi Singh, SVP - Retail Research at Religare Broking, detailing potential moves based on current market conditions: Piramal Enterprises Limited Analysis: The stock recently failed to sustain gains after breaking out in December and has now formed a bearish flag pattern.