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With May F&O expiry coming this week coupled with a mixed set of global and domestic cues, we can expect a volatile trade in the coming week, Dinesh Rohira, Founder & CEO, 5nance.com, said in an exclusive interview with Moneycontrol’s Kshitij Anand.
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On the lower side, the recent low of 10,418 will act as an immediate support for the index, below which it is likely to correct and retest its daily 200-day daily moving average (DMA) placed near 10,330 levels.
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Rajesh Agarwal of AUM Capital recommends buying Infosys with stop loss at Rs 1197 and target at Rs 1246, a buy in Coal India with stop loss at Rs 274 and target of Rs 288 and a buy also in Housing Development Finance Corporation with stop loss at Rs 1775 and target at Rs 1845.
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Most brokerages expect the improvement to be gradual. A possible increase in GST rates in subsequent GST Council meetings remains a strong headwind for the stock.
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"We recommend traders to buy this around Rs 283 to Rs 280 with a price target of Rs 320 and a stop loss placed below Rs 266," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers.
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Nifty’s weekly relative strength index (RSI) (14) is hovering near its crucial level of 60. At present, 10,640 will act as immediate support and any break below this level will temporarily halt the current optimism. In that case, the Nifty is likely to correct towards 10,540–10,490 levels.
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Rajat Bose of rajatkbose.com is of the view that one can buy ACC with stop loss below Rs 1529.80 and target at Rs 1551, a buy on Bharti Infratel with stop loss below Rs 320 while targets are Rs 332 and Rs 335 while one can sell Asian Paints with stop loss above Rs 1216 and targets are Rs 1197 and Rs 1182.
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Ashwani Gujral of ashwanigujral.com is of the view that one can buy ITC with a stop loss of Rs 283, target of Rs 297, a buy in Pidilite Industries with a stop loss of Rs 1080, target of Rs 1240 and a sell in Balrampur Chini with a stop loss of Rs 70, target of Rs 62.
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Rajesh Agarwal of AUM Capital recommends buying Yes Bank with target at Rs 365 and stop loss at Rs 341, a buy on Tata Steel with target at Rs 589 and stop loss at Rs 569 and a buy also on Wockhardt with target at Rs 810 and stop loss at Rs 780.
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Midcap and smallcap indices rose over a percent each this past week, outperforming the headline index, and there are some stocks that investors can look at buying this week.
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"We are expecting an upside movement in the counter up to the level of Rs 295-312 while downside support comes at Rs 253," says Sumeet Bagadia, Associate Director, Research at choiceindia.com.
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Here is a list of top 10 high growth stocks which are available at reasonable valuations based on a report from Morgan Stanley.
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Prakash Gaba of prakashgaba.com recommends buying CG Power with target at Rs 84 and stop loss at Rs 81.50, a buy on ITC with target at Rs 275 and stop loss at Rs 265 and a buy also on Jet Airways with target at Rs 680 and stop loss at Rs 630.
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"At the current market price of Rs 1419 (P/E of 95x on trailing 12 months EPS), the stock already discounts the growth story and is too expensive. There is no comfort on the valuation front," says Akash Jain, Vice-president, Equity Research at Ajcon Global Services.
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It looks like the worst is over for Indian markets which is reasonably priced; however, stock picking has become difficult. Going forward, if we look at what is happening across the globe and back home, most investors have moderated their return expectations from the market, indicated Porinju Veliyath of Equity Intelligence India.
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“If the monsoon predictions are accurate, the agricultural sector is set for a boost. Rain vs Food inflations although are not so directly related deficient rainfall should theoretically result in lower crop output and drive up prices due to a demand-supply mismatch,” Ritesh Ashar – Chief Strategy Officer (CSO), KIFS Tarde Capital told Moneycontrol.
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"We expect the company’s performance to improve with steady rise in revenues and improvement in margins due to GST," says Sumit Bilgaiyan, Founder of Equity99.
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Identifying multibaggers for your portfolio is not easy as they won’t give returns overnight. Hence, for the stocks to become wealth creators investors have to buy them early and give these stocks time to rise and give multi-fold returns.
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Prabhudas Lilladher expects the Nifty to trade in a range of 9,640-10,500 in the near term.
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Sudarshan Sukhani of s2analytics.com is of the view that one can sell Bosch and can buy Havells India, ITC and Maruti Suzuki and can hold Bharti Airtel.
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IDFC Bank, Coal India, and metals, among others, are being tracked by investors on Monday.
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Ashwani Gujral of ashwanigujral.com recommends buying Tech Mahindra with a stop loss of Rs 614 and target of Rs 635 and has a buy also on Tata Consultancy Services with a stop loss of Rs 3000, target of Rs 3150.
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Manoj Murlidharan of Religare Securities is of the view that one can sell Tata Motors and can buy ITC.
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The year 2018 started on a positive note with benchmark indices hitting a fresh record high but things changed soon after the Budget 2018 was announced. Benchmark indices have plunged over 7 percent each from their respective record highs.
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Ashwani Gujral of ashwanigujral.com recommends buying Tech Mahindra with a stop loss of Rs 588, target of Rs 620, a buy on NIIT Tech with a stop loss of Rs 788, target of Rs 825 while a sell call on Century Textiles with a stop loss of Rs 1190, target of Rs 1130.
