5 Minutes Read
Nifty likely to head towards 10,550-10,600, says Ashwani Gujral
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
The markets closed higher on Monday, in-line with its Asian peers. The NSE Nifty gained 48 points to close at 10,379, while the BSE Sensex moved 162 points higher to 33,789 points.
The NSE Nifty is likely to head towards the 10,550-10,600 range, said Ashwani Gujral, market expert.
The markets closed higher on Monday, in-line with its Asian peers. The NSE Nifty gained 48 points to close at 10,379, while the BSE Sensex moved 162 points higher to 33,789 points.
Dipan Mehta, market expert said that earnings seasons will be critical for the markets. “We do see a lot of stock volatility around that time. After many weeks of bad news you have may have some good news coming through.”
“The first half of the earnings always see good results. So, after such a correction that we have seen, I think maybe a bottom has got formed and the earnings season could be a trigger for the market to rally even higher from these levels.”
Banks were among the top index gainers yesterday with  HDFC Bank, Axis Bank and IndusInd banks as the top bank stocks.
On banks, Gujral said, “From a three-year perspective, I think Yes Bank is better because corporate banks have had a downside and maybe you could see Rs 380 and then even Rs 450-460. However, for the short-term don’t try to buy banks which are at 52-week lows.”
For the Nifty Bank and the Nifty, Gujral said if one looks at the trend line from the top of the market to all the way through the various intermediate tops which we formed, the trend line broke plus the 200-day moving average was regained.
“Now, unless the world totally goes for a toss and trade war etc, given those caveats, I think on declines towards 24, 800, I think the Bank Nifty should be bought. Similarly if we decline say towards 10250 thereabouts for some reason, I think the Nifty can now be bought very safely and the next target is probably 10550-10600.”
The global markets show a weak performance as of now, though trade war fears eased.
The Wall Street initially recorded large intraday gains of 400 points. The gains, already showing a downward trend towards the close, retracted further when a daily reported that the FBI raided Michael Cohen, Trump’s personal lawyer’s, residence.
The Asian markets opened lower this morning in response to the volatile performance by the US markets. Japan’s Nikkei recovered from lows but stays in the red.
The Singapore’s SGX Nifty is trading at levels around 10, 390 versus the Nifty April Future’s Monday close of 10,391, indicating a flat opening for the Indian markets today.
Stock recommendations before the opening bell
>Mehta recommends exiting ICICI Bank, oil marketing companies, IT stocks.
>Mehta remains positive on IndusInd Bank, Yes Bank, Kotak Mahindra Bank, Bajaj Finance, Capital First and Titan.
>Gujral recommends buying IGL and exiting oil marketing companies.
>Gujral also maintains his positive view on midcap IT space.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
