Nifty needs to hold 17777 to surge to 17900-1810; Buy these two stocks for gains
时间:2024-06-26 06:42:54 阅读(143)
By Rahul Shah
Equity benchmarks rose for the second week in a row, aided by gains in metals, FMCG, energy, PSU banks and cement. Tech and media were the lone sectors that declined in the week. Investors reacted positively to the central bank’s continued efforts to support growth and its commitment to managing inflation. Consistent inflows into equity funds also cheered investor sentiments.
Quarterly results are knocking on the door. Moreover, CPI and IIP data will be in focus. Tech major TCS (Monday) and Infosys (Wednesday) will announce Q4 results next week. HDFC Bank will announce Q4 results on Saturday and management commentary will be important after the announced merger with HDFC. Expect rangebound market ahead of long holiday but stocks specific action may continue. Expect momentum to continue in mid and small cap counters after the sharp correction in the last few months on account of attractive valuation compared with large caps. Global markets are likely to be volatile on account of geopolitical tensions between Russia-Ukraine, on expectation of US Fed to aggressively hike interest rate and spike in US Bond to 3-year high at 2.70% which is a major concern.
However, domestic cues remain upbeat on account of strong macro data, cool down oil price from recent high, impressive pre-quarterly update by corporates, strong exports growth and industrial activities back to pre-covid levels like hotel, entertainment, airlines, auto and infrastructure sectors. Also reports that equity mutual funds have attracted a net sum of Rs 28,463 crore in March, making it the 13th consecutive monthly net inflow, despite a volatile stock market environment and amidst continued FPIs selling, added positively to market sentiments. Nifty has formed a base and trading above its 50 DEMA around 17270. It has been inching higher; however, it has formed a doji candle on the weekly scale indicating a halt in the trend. Now, the important levels to watch out is 17777. A hold of 17777 can take it to higher levels of 17900-18100. On the lower side, we can expect support at 17600-17500
Balrampur ChiniTarget – 550 | Stop Loss – 598
Balrampur Chini has given a breakout on the daily chart and is sustaining at higher levels. RSI oscillator is also positively placed on the daily and weekly scale. Considering the current chart structure, we advise traders to buy the stock for an up move towards 550 with a stop loss of 496
SBITarget- 499 | Stop Loss – 499
SBI has retested the breakout on the daily scale and started the next leg on the upside. It has formed a bullish candle on the daily scale indicating buying interest. RSI oscillator is also positively placed on the daily and weekly scale. Considering the current chart structure, we advise traders to buy the stock for an up move towards 550 with a stop loss of 499.
(Rahul Shah is Senior Vice President, Group Advisory Leader-PCG, Broking & Distribution, Motilal Oswal Financial Services. Views expressed are the author’s own Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)
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- AMC”.
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In its consultation paper, Sebi has suggested that trustees of mutual funds should focus on market abuse by AMC, its employees and mis-selling by the AMC to increase the asset base.
Also, trustees should be responsible for fairness of fees and expenses charged by the AMC, compare its performance with peers and ensure that AMC’s sponsor is not getting any undue advantage.
In addition to the core areas, the trustees should be responsible for periodically reviewing the steps taken by AMCs for the folios which do not contain all KYC attributes with bank details.
Further, Sebi has suggested that trustees and their resource persons should independently evaluate the extent of compliance by AMC and not merely rely on AMC’s assurances.
To facilitate trustees’ supervision, AMCs should provide them with analytical information.
Presently, the trustees primarily rely on the AMCs for ensuring compliance with the applicable rules.
Under the rules, trustees hold the property of the mutual fund in trust for the benefit of the unitholders. The trustees appoint an AMC to float schemes for the mutual fund and manage the funds mobilised under various schemes, in accordance with the investment objectives.
“In view of the increasing scale and reach of the mutual fund industry, trustees’ role in respect of unitholders’ protection assumes even greater significance,” Sebi said on Friday.
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Over the past decade there has been a five-fold increase in the size of the mutual fund industry. The assets under management (AUM) has surged from Rs 7.93 lakh crore in November 2012 to Rs 39.89 lakh crore in December 2022.
To ensure that trustees devote time and attention to their core responsibilities, Sebi has suggested that for fulfilling other responsibilities, trustees may rely on professional firms such as audit firms, legal firms, merchant bankers for carrying out due diligence on their behalf.
The Sebi also listed some duties trustees can delegate to AMCs. This include ensuring that all systems are in place prior to the launch of any scheme by the AMC, and calculating any income in the mutual fund due to the fund and any income received in the mutual fund for unitholders.
The regulator has proposed to provide a one year time to existing trustees with board of trustee structure to convert into a trustee company, from governance point of view.
Presently, two structures for trustees are permitted — corporate and board of trustees structure. Moreover, there are a few mutual funds which have the board of trustees structure while the trustees of all other mutual funds have adopted the structure of a trustee company.
Considering the enhanced role of trustees over the period of time, Sebi has suggested to increase the minimum number of trustees to adequately perform their functions. Presently, the minimum number of trustees prescribed is four.
Also, it has been proposed that the chairperson of the trustee company should be an independent director.
Sebi has suggested that apart from the meeting of the audit committee of AMCs and trustees (which mostly comprises of independent directors), the board of AMCs and the board of trustees may be mandated to meet at least once a year to discuss the issues concerning the mutual funds.
The regulator proposed that the existing MF Regulations on AMC and its obligations may be amended to include additional clauses with respect to the obligations of the board of AMC.
The proposed amendment may include a clause which casts an obligation on the board of AMC to ensure that all the activities of the asset management company are in accordance with the provisions of these regulations.
The Securities and Exchange Board of India (Sebi) has sought comments from public till February 24 on these proposals.
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