As the markets closed yesterday, they failed to hold on to the opening gain but both Sensex and Nifty ended on a rather higher note. Sensex gained 159 points, while Nifty went up 61 points.
The Nifty Bank index had a gain of 0.30 per cent ending at 43,766.50.
Even after a muted global landscape due to Chinese rate cuts being lower than expected, domestic equity market continued to see a rise.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Market has corrected from near record highs and has turned volatile. A healthy feature of the ongoing 3-month old rally is that it has been characterised by corrections which made ‘buy on dips’ strategy successful. Much of the ongoing volatility in the market is due to sectoral churning happening on a scale. This has turned Bank Nifty weak and Nifty Auto and Nifty Realty strong."
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He further added, "It is important to understand this sectoral churn and diverse sectoral trends. While Nifty is up by 3% YTD, Nifty Bank is up by only 1%. In sharp contrast to this trend, Nifty Auto is up by 15.86% and Nifty Realty is up by 17% YTD. Banking stocks are witnessing profit booking in spite of the sound fundamentals and part of this money is moving to autos and realty reflecting their improving prospects."
Here is a list of stocks one can check today based on recommendations by Anuj Gupta, Vice President, Research, IIFL Securities
Lemontree:
This stock indicated a bullish chart structure, having a positive trend. Overall, shares are moving up after consolidation.
Buy, SL 86, Target 104.
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Upgrow Capital:
Stock is seeing rising volumes with a positive trend having a bullish Candle stick Pattern; stock's strength is visible on weekly charts.
Buy, SL 209, TARGET 255
MRPL:
Technically strong, the stock is showing bullish chart pattern having substantial volumes. Also, there is fresh breakout at 72 levels.
Buy MRPL, SL 70, Target 85.
M&MFin:
Stock is showing strong trend with higher top higher bottom. Tractor demand is expected to increase in the Monsoon.
Buy M&MFin, SL 312, Target 340.
Ujjivan SFB:-
Showing a strong trend with strong fundamentals, having a bullish outlook in charts. The stock is expected to rise further.
Buy Ujjivan SFB, SL 35.40, Target 45.
