The stock market has gained a lot since the fall of March. After about 7 months, the Sensex has returned to the level of 40 thousand. Nifty also touched 11850 in Thursday’s trade. Both indices have climbed more than 50 percent since the March low. Experts believe that the market outlook for the long term is strong. But recently, the valuation of many stocks is once again high. In such a situation, there is more possibility of correction before the next rally.
Top Stock Idea
The expert believes that if there is some correction in the market, then space will be found once again for new investment. It is advisable to remain stock specifically for now. In such a situation, if you are confused about new investments, then it is better to place bets in those stocks which are cheap and have strong fundamentals. Due to the stock being cheap, the market fluctuations will not have much effect on them. At the same time, when the rally comes in the market, growth will benefit. Another advantage is that instead of investing more in one place, you will get a chance to invest in different better stocks.
The multinational company ONGC is the largest crude oil and natural gas company in the country. ONGC owns 75 per cent of domestic production. The company is also at number 11 in Global Energy Masters. The company is benefiting from being on the Dominant position. In the coming days, the government is talking about changing the gas price formula. If this happens, ONGC will prove to be a gainer. At present, the outlook of the company is better. Brokerage house ICICI Securities has given a target of Rs 124 in the stock. In terms of the current price of 68 rupees, it can get 82 percent return.
Easter Industries has a good experience of 30 years. The company manufactures polyester film, speciality polymers and engineering plastic compounds. The company’s products are in good demand in the packaging and textile industry. Brokerage house Khambata Securities has given a target of Rs 131 for the stock. In terms of the current price of Rs 92, it can get 42 percent return.
Ashok Leyland is a well-known automobile company of India. The company is the second-largest commercial vehicle manufacturer in India. It is the world’s fourth-largest bus maker and the 10th largest truck maker in the region. Ashok Leyland manufactures bus and truck. The company also makes specialized vehicles for the army. Brokerage house Edelweiss has set a target of Rs 83 for the stock and Sharekhan for Rs 98. The current price of the share is Rs 76. In this context, it can get 28 percent return.
GreenPanel is India’s largest wood manufacturer. The company has state of the art manufacturing plants in Uttarakhand and Andhra Pradesh. The company manufactures top quality medium density fiberboard, plywood, wooden flares and doors. The stock valuation of the company is better. Demand for the company’s product has started increasing once again after the lockdown. The company will be better off seeking demand recovery. Brokerage house ICICI Securities has a target of Rs 100 for the stock. In terms of the current price of Rs 62, it can get around 61 percent return.
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