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But not all earnings are bad in June quarter, there are few stocks which brokerages upgraded their rating either on hope of further growth or worth seems to have priced in.
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The fall of July series was mainly led by selling pressure from foreign institutional investors (FIIs) desk. They cumulatively sold equities worth Rs. 13,035 crores in July series.
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Despite the big names disappointing traders, there are stocks that have encouraged brokerages to raise target price on them
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Ashwani Gujral of ashwanigujral.com recommends selling Jindal Steel & Power with a stop loss of Rs 134, target of Rs 126, Raymond with a stop loss of Rs 710, target of Rs 685 and Hero MotoCorp with a stop loss of Rs 2430, target of Rs 2350.
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Ashwani Gujral of ashwanigujral.com recommends buying State Bank of India with a stop loss of Rs 360, target of Rs 374 and Bharti Airtel with a stop loss of Rs 348, target of Rs 364.
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Prakash Gaba of prakashgaba.com recommends buying Mahindra & Mahindra with target at Rs 675 and stop loss at Rs 650, Mahanagar Gas with target at Rs 875 and stop loss at Rs 854 and Tata Chemicals with target at Rs 653 and stop loss at Rs 630.
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If Nifty crosses above 11,750 levels, a bounce-back towards 11,820 and then possibly 11,870 levels can be expected.
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In case of banks, Morgan Stanley believes asset quality and loan growth are expected to be strong which will drive their earnings going ahead, especially after facing problem on asset quality front for past several quarters.
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We expect markets to consolidate in the range of 11,800-12,100. Any decisive move beyond this range will add further momentum into the prices.
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Though the global market setup is not very strong, technical setup for Indian markets indicates a continuation of the bullish trend
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The chart pattern suggests that if Nifty crosses and sustains above 11,970, it would witness buying that would lead the index towards 12,100-12,250
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If the bullish pattern does not hold, key support levels are 5-week EMA placed around 11,760 and 20-DMA placed at 11,650
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While a majority of the sectoral indices have formed bearish price patterns last week, the stocks in the IT sector seem to say a different story
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Bank Nifty options data for upcoming weekly expiry depicts 31,000 as strong support as aggressive Put writing is seen at 31,000 and on upside the highest Call OI is at 32,000, which can act as strong resistance
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Prakash Gaba of prakashgaba.com advises buying HUL with target at Rs 1810 and stop loss at Rs 1765
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Sudarshan Sukhani of s2analytics.com recommends buying Kotak Mahindra Bank with stop loss at Rs 1355 and target of Rs 1395 and Infosys with stop loss at Rs 732 and target of Rs 745.
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Morgan Stanley, CLSA, and Credit Suisse downgraded the stock and slashed its 12-month target price to Rs 650 which roughly translates into a downside of about 13 percent from Friday’s closing price of Rs 743.
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For next week Nifty has strong support at 11,550-11,500 and resistance at 11,710-11,760, said Sumit Bilgaiyan of Equity99
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Ashwani Gujral of ashwanigujral.com recommends buying Can Fin Homes with a stop loss of Rs 355, target of Rs 372, Cholamandalam Investment with a stop loss of Rs 1470, target of Rs 1510 and Bajaj Finance with a stop loss of Rs 3100, target of Rs 3165.
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The global investment bank is of the view that going forward, the two major events that will give a new direction to the market are Q4FY19 results and the outcome of the central elections.
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Sudarshan Sukhani of s2analytics.com recommends buying Tata Consultancy Services with stop loss at Rs 2055 and target of Rs 2100, Infosys with stop loss at Rs 743 and target of Rs 761 and V-Guard Industries with stop loss at Rs 218 and target of Rs 226.
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Sudarshan Sukhani of s2analytics.com recommends buying Hexaware Tech with stop loss at Rs 352 and target of Rs 368, Tata Consultancy Services with stop loss at Rs 1995 and target of Rs 2070 and ICICI Prudential Life Insurance with stop loss at Rs 354 and target of Rs 370.
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CLSA said strong growth in US is positive for most firms, but more for Infosys & Cognizant while strong growth in CMT is positive for Tech Mahindra, Wipro & HCL Technologies
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Higher high- higher low formation continuously over the last 5 weeks supports this medium-term bull hypothesis. This medium-term bull trend key support level is a gap formed between 11,231 and 11,168.
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Sudarshan Sukhani of s2analytics.com recommends buying Infosys with stop loss at Rs 734 and target of Rs 760, Manappuram Finance with stop loss at Rs 117 and target of Rs 126 and Bata India with stop loss at Rs 1346 and target of Rs 1380.
