Nishit Master believes Indian markets will continue to do well in 2023 as India remains the fastest-growing major economy of the world in an environment where growth is slowing everywhere else, including in the US, Europe, and China.
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Ambit Asset Management is keenly evaluating sectors such as software, pharma and select discretionary where value is emerging. says Bhansali
After the recent run-up, the consolidation can be seen in coming sessions but overall, the momentum remains strong that can take the Nifty50 towards 19,000 in short term, with crucial support at 18,300, experts said.
Piyush Garg of ICICI Securities is bullish on the telecom space but cautious about mid-sized and product-based IT companies.
Manish Sonthalia believes the bull run in Indian equities will continue moving forward and market performance will get stronger moving forward.
Voltas closed nearly 3 percent higher at Rs 842.35 apiece on Thursday and formed long bullish candle on the daily charts with strong volumes
Looking at the ratio charts of Persistent against the Nifty IT index, we can spot the stock since mid-2019 has most of the time outperformed the benchmark. Persistent in the latest week has given a breakout from the double bottom pattern, indicating beginning of the trend to the upside.
The consistency in momentum may indicate that the Nifty50 is likely to inch towards the 19,000 mark first before any kind of major consolidation and correction, with supports at 18,600 and 18,500 levels, experts said.
A developed market recession could negatively impact the revenues of India's services sector, where the urban affluent population is employed, dampening the consumption sentiment, he says.
The Nifty is trading in uncharted territory, so theoretically, the upper side is unlimited.
Bharat Dynamics has given a falling trend line breakout with a rise in volumes on the daily chart. The momentum indicator RSI has also given a positive crossover which confirms the buy signal on the daily chart.
Jindal Steel & Power shares rallied 4 percent to Rs 535.75, the highest closing level since April 29 this year, and formed bullish Engulfing kind of pattern on the daily charts with strong volumes. The stock has seen a breakout of long downward sloping resistance trend line adjoining April 11 and November 23 this year.
All eyes are now on 19,000, as data indicates that Nifty will trade in the 18,500-19,000 range in the coming sessions, say experts
Stay invested in high-quality businesses to generate outsized returns over the long term, and any correction in the markets should be used to add high-quality names to the portfolio, says Co-Founder and Chief Investment Officer of Enam Asset Management Company.
For the Nifty, support is at 18,325–18,245, while on the upside, 18,800-18,888-19,000 will be the next resistance levels
IDBI Bank shares gained nearly 3 percent to close at Rs 54.30, the highest closing level since November 10, 2021 and formed high wave kind of pattern on the daily charts, making higher highs higher lows for third consecutive session.
As long as the Nifty trades above 18,550, the uptrend will continue and the index can move to 18,750-18,800, Shrikant Chouhan of Kotak Securities has said
Bhasin believes that a bit of an upside is yet to be seen in the stock market where the Nifty may hit 18,800-18,900 points.
Real estate stocks have been badly bruised in 2022, despite demand being strong as liquidity tightened. With liquidity tightening peaking out, it's worth looking at the sector.
The momentum seems to be in favour of bulls but having consistent run-up for the last few days, some bouts of volatility and consolidation can be seen in coming sessions, before taking gradual march towards first 18,700-19,000 area
Indian growth is likely to see a seasonal slowdown post the bumper festive season of 2022. It is also likely that some brushoff from global growth slowdown will impact Indian economic growth.
Delta Corp climbed 5 percent to Rs 232, the highest closing level since May 24 this year, and formed long bullish candle on the daily charts with above average volumes. Also there was a breakout of more than a month-long consolidation.
IRB Infrastructure Developers has broken out on the daily line chart with higher volumes to close at highest level since November 9. The stock price has been forming higher top higher bottom candle stick pattern on the daily chart.
The Nifty will likely move towards 18,700 and higher in the coming sessions, with initial support at around 18,400-18,350, experts said