Nifty is trading in a short-term range of 9,380 to 8,900 and considering the time cycle, we could see major moves in the coming days if Nifty trades on either side of the above-mentioned levels.
Check out the 10 companies with the highest fall since January 14 all-time high of Sensex level.
Technically, the recent fall towards 11,600 was in line with the expected impact of the weekly and monthly negative divergence in Nifty’s RSI.
Benchmark index Nifty, on February 5, recovered almost 100 points from its intraday low and closed above its smaller degree horizontal trend-line.
Bulls are protecting the cluster of recent lows placed between 11,800 and 11,880 levels, which is the lower end of the range.
Prakash Gaba of prakashgaba.com recommends buying Hindustan Unilever with target at Rs 1920 and stop loss at Rs 1865 and Page Industries with target at Rs 20000 and stop loss at Rs 18000.
Given the current market scenario, the earnings reported by companies suggest a gradual recovery setting in, Centrum Wealth Research said
We maintain our stance that convergence between the broader market and the benchmark index is essential for any sustainable move.
Domestic mutual funds (DMFs), the largest buyers of Indian stocks during the quarter, also added the most positions in ICICI Bank and Axis Bank, and reduced positions in ITC
Nomura maintained its buy rating on RIL post Q3 results with a target price of Rs 1480 while CLSA maintained its buy rating on HDFC Bank Ltd post Q3 results and also raised its 12-month target price to Rs 2730.
We expect stock-specific performance to continue as earnings season gathers pace while we expect the index to strengthen above December-high of 10,985, says Dharmesh Shah of ICICI Direct.com.
In short-term, the trend could turn negative for a decline towards its 50% retracement at 10,650 levels while on the upside 10,950-11,000 zones could continue to act as a big barrier
Largecap and quality midcaps are a better bet at current levels. In terms of sectors, investors can look at banking, insurance, AMC companies, IT and retail-oriented stocks
In Samvat 2074, indices climbed to all-time highs as Sensex touched 38,989.65 on August 29, while Nifty hit 11,760.20 on August 28
Nearly 60% or 298 S&P BSE500 companies gave negative returns,18 of which fell 20-60% in just 1 month
Edelweiss believes that with new leverage constraints, capital access challenges and diminished risk appetite, India’s cyclical recovery could be more normalised or relatively muted.
Some brokerage houses remained neutral to bearish on HUL stock as earnings are already priced in and do not indicate any upgrades.
Credit Suisse also maintained its target price on the stock.
In the worst case scenario, correction may get extended up to 11,200 kinds of levels on the downside before resuming its up move
If you conclude that a company’s management is not trustworthy, it is prudent to stay away from such companies, no matter how attractive the stock price or valuation is.
Ambareesh Baliga is of the clear belief that it is time to start buying. “Buy in small quantities; it is time to buy bluechips like ITC, Dabur, HUL,” he said.
the fact that Biocon has got approval for Insulin Glargine form EU Commission & the Australian regulator will help them consolidate their position & market share in this space, said Prakash Diwan.
players like Titan and TBZ are likely to get premium for being relatively clean in their books and benefit from lack of competition, said Deepak Shenoy of Capitalmind.in.
In an interview to CNBC-TV18, SP Tulsian of sptulsian.com shared his readings and outlook on specific stocks and sectors.
Bullish on Petronet LNG and Navneet Education on back of strong fundamentals, said R Sreesankar of Prabhudas Lilladher.