Nifty technical pullback on cards, may move towards 16600; Reliance, SBI, HUL, Infosys among top picks
时间:2024-06-26 09:51:25 阅读(143)
Despite market sentiment being at bearish extremes, benchmark index NSE Nifty 50 may stage a technical pullback soon from oversold territory. The index may head towards 16,600 in the coming months, said ICICI Direct in its research report. Currently, the benchmark index has approached oversold territory after seven month’s corrective phase amid weak global cues. Thereby offering a decent pullback opportunity in coming months, according to the brokerage report. “Going ahead, we expect the index to resolve higher gradually and extend pullback toward 16600 zone while key support is placed at 14800-14600,” it said. Reliance Industries, Infosys, SBI, M&M, HUL are among the top stock picks.
Extreme bearish reading of sentiment indicators leads to 10% pullback rally in 3 months
Nifty to gradually resolve higher and extend pullback towards the 16600
“We expect the index to gradually resolve higher and extend pullback towards the 16600 region in coming months wherein strong support is placed in the vicinity of 14800-14600 zone, which we expect to hold as it is 80% retracement of CY-21 rally (13596-18604), at 14600. Thus, dips should be utilised to construct a portfolio by accumulating quality stocks in a staggered manner,” the report said. Historically, investing in such scenarios as the present one has been rewarding over the medium term as the index has not corrected more than 2-3%. Thus, it offers favourable risk reward amid low participation, the brokerage noted.
Top stock picks
BFSI: State Bank of India (SBI), HDFC, Kotak Bank, Federal Bank, Bajaj Finance
Telecom & Technology: Reliance Industries (RIL), TCS, Infosys, L&T Infotech, HCL Technology, Coforge
Capital goods: L&T, ABB, Siemens , BEL, AIA Engineering, ELGI Equipment, Sanghvi Movers, Timken India
Consumption: Hindustan Unilever (HUL), Titan, ITC, Asian Paints, Tata Consumer, Havells India, Jubilant Foods, Astral Poly
Auto: Mahindra & Mahindra (M&M), Maruti Suzuki, Ashok Leyland, Jamna Auto, Mahindra CIE, FIEM Industries, Minda Inds
Infra and Realty: DLF, Brigade Enterprise, Phoenix Mills
Pharma & Chemicals: Divi’s Laboratories, Cipla, Syngene, Torrent Pharma, SRF Ltd
Metal: JSW Steel, Hindalco, Graphite
Others: Adani Port, Indian Hotels, Zee Entertainment, Trent, Concor, Nocil, Balrampur Chinni, BDL, Bluedart, Dixon Technologies, Kansai Nerolac, NRB Bearing
Bank Nifty to hold above crucial support area of 30500-31000; use dips to accumulate quality banking stocks
According to the ICICI Direct report, Bank Nifty index in the last two year’s up move since March 2020 has seen five major corrections to the tune of 18-22%. The average decline comes around 20%. “In the current scenario, with 17% decline already behind us, we expect the index to hold above the crucial support area of 30500-31000 as it is the confluence of the previous major low of April 2021 and the 20% decline from the April 2022 high (38765) around 31000 levels,” it said. Any dips from here on should be used to accumulate quality banking stocks in a staggered manner as the index is expected to hold key support threshold of 30500-31000, it added.
(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
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If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.
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