For the past few months, due to many reasons like Russia-Ukraine war, US Fed meeting, there has been huge volatility in the market. However, now it seems that the market has digested most of the negative news and buying in all sectors like Consumption, Auto, IT and BFSI seems to be returning.
Earlier this month, auto companies presented their sales figures for the month of March, which were in line with expectations, but results of some companies like TVS were weaker than expected. From the current week, the results of the fourth and full financial year of FY 2022 will start coming. Large cap companies will start with TCS and after that many more companies will present their results.
The next week after this week will be very volatile as it will see the reaction on the company’s results. However, all banking stocks have issued updates on strengthening loan growth and improving asset quality. The collections of micro finance companies have also improved and the conditions are looking better for them in the coming years.
The 5 weeks rally in the market has now reached an important resistance level and now profit-booking is being seen in it. Now the market can remain in the negative range from the sideways for a short time before moving upwards. After this consolidation, it is expected to pick up again. Once Nifty crosses the level of 18,100 and remains firmly on the upside, then we can see the level above 18,600 in it.
Support is seen on the downside for Nifty at 17,600. Even if this support breaks, the next support for Nifty is at 17,325 and 17,000. As long as Nifty holds above 17,300, the trend will remain positive for it.
Three such buy calls in which earnings of up to 23 percent can be made in the next 3-6 months
SRF: Buy | LTP: Rs 2,748 , Buying advice in this stock is a target of Rs 3,100 with a stop loss of Rs 2,600. This stock can give returns of up to 13% over a period of 3-6 months.
Bharat Electronics: Buy , LTP: Rs 240 | Buying advice in this stock is a target of Rs 295 with a stop loss of Rs 225. This stock can give returns of up to 23 per cent over a period of 3-6 months.
Steel stocks got wings, know from experts whether this flight will continue even further
Reliance Industries: Buy , LTP: Rs 2,616 | Buying advice in this stock with a stop loss of Rs 2,550 and target of Rs 2,850 would be a buy. This stock can give returns of up to 9 per cent over a period of 3-6 months.