Religare Broking advises ‘Buy on Dips’ amidst sectoral traction; ACC, Bajajfinsv, Bata India and Coforge among top stocks to watch
时间:2024-06-16 18:09:55 阅读(143)
By Ajit Mishra
Markets have been maintaining a positive momentum and making a record high with every passing day. Favorable global cues, especially from the US markets, combined with noticeable traction in heavyweights from the lagging sectors like Banking, IT is fuelling the momentum. Among the key indices, Nifty has tested a new milestone of the ‘21,000’ mark and Sensex also crossed the ‘70,000’ level. The broader indices are also trading in tandem and trading at record levels.
Traders should continue with a ‘buy on dips’ approach and focus on index majors and quality midcaps. Among the key sectoral indices, we reiterate our preference for Banking and IT majors and suggest staying selective in the others. Besides, we are seeing early signs of exhaustion in midcap and smallcap space so maintain extra caution in stock selection.
Nifty (CMP: 21004.50)Nifty has crossed the new milestone of the “21,000” mark, after six weeks of successive rise. It has the potential to test the 21,200-21,500 zone and expects the index to hold the 20,300-20,550 zone in case of profit-taking.
Bank Nifty (CMP: 47,268.25)The banking index is on the front foot now and is likely to outperform the Nifty ahead. We expect the index to inch towards 48,600 and then the psychological mark of 50,000 levels. In case of any dip, the 45,700-46,300 zone would act as a strong cushion. Traders should prefer private banking majors and stay selective in the PSU pack.
Stocks to WatchBullish- ACC, Bajajfinsv, Bata India, Coforge, Dixon, Hindalco, HDFC life, Polycab
Bearish- Crompton, Deltacorp, IGL, Industower, M&M Fin, SBI Card, Syngene
(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are author’s own. Please consult your financial advisor before investing.)
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