The Indian equity markets continued its forward movement on Monday and seems to be poised to follow the trend on Tuesday. The bulls consolidated on Monday having crossed 13200 nifty levels on Friday.
Now, Most analysts are of the view that nifty would look forward to maintaining the upward bais on Tuesday also with its near term targets of 13500 -13600nifty. The nifty closed at 13,355(+97) and Sensex closed at 45,426 (+347) whereas Bank Nifty closed Positively at 30,211(+159).
The Foreign institutional investors continuing to buy with the Monday figures at Rs3792crores even though domestic institutional investors continue to sell with Monday figures at Rs2767crores. Market pundits are of the opinion that by the time FII’s buying continues, the market will be steadily moving upwards in the coming days.
The U.S. Markets closed with Dow Jones closing at 30,069( -148), S&P closing at 3691(-7), and Nasdaq closing at 12519(+55). The majority of the analyst believes that Indian markets will be further consolidating with trades on both sides due to the Mixed signals from US Markets with Nasdaq being positive and Dow jones closing in negative.
Some of the stocks which can be active on Tuesday are Indusind Bank, Axis Bank, Icici bank, Sbi from the banking sector and Sbi life, Max financial services, and Hdfc standard life from the insurance sector, Shriram Transport Finance.
Infosys, Tech Mahindra, TCS, and HCL technology are the favored stocks of the most analyst in the Information Technology Sector.
The other stocks like PSU Banks stocks, HUL, Tata Consumer Products, Bharat Forge, Bharti Airtel, Maruti, Adani Enterprise, Adani Port, Lupin UltraTech Cement are expected to be in the action.
Some of the analysts are of the view that some of the Pharma stocks which were strong on Monday like Lupin, Dr. Reddy’s will be stocks to watch out for in the coming days.
It is also to be noted that few analysts are advising a word of caution in the midcap and small-cap stocks. According to them, these stocks tend to be highly volatile, and heavily leveraged trades are avoidable for a prudent investor.
To sum up, for this Tuesday the momentum seems to be intact .
The upward movement towards 13500-13600 Nifty levels in the near term seems highly possible.
The bank nifty moving another 400-500 points upwards in the coming days seems to be the call of most analysts.
In our own Market, Bharat Band as the farmer Union press for re-appeal of 3 agricultural laws will be shaped up today.
Best wishes for a wonderful Tuesday !!
Cheerful Trading !!
