The Tuesday trading session in the Indian equity markets was a consolidation trading day with buying on dips being fruitful.
The markets opened gap up and was in a narrow range for the most part of the day .
The bank Nifty was stronger than nifty and got good support as far as the buying at lower levels was concerned.
The I.T Sector also was positive in the early morning trade.
The afternoon session again brought in some sustained buying in the financails and finally at the closing bell, the NIFTY closed below at 14814 levels (+78), the Sensex at 50051(+280) and the bank nifty closed at 34184(+581).
UltraTech Cement was the top gainer in the Sensex pack, rising around 3 per cent, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI and Maruti.
On the other hand, ONGC, PowerGrid, ITC, NTPC, M&M and HDFC were among the weaker stocks.
Majors Stocks like HDFC Bank, ICICI Bank and Reliance Industries all gained despite a weak trend in global markets.
The Foreign institutional investors Sold on Tuesday Rs108 Crores whereas Domestic institutional investors sold Rs529 Crores.
FII’s will have to resume buying for the positive upmove to continue in the markets . Most analysts are expecting the markets upwards towards 15250 nifty levels.
The U.S. Markets closed on Friday with strong positive cues as Dow Jones closed in at 32,423( -308) , S&P at 3910 (-30 ) whereas NASDAQ closed in at 13227 (-149).
For the coming week, most analysts believe that Indian markets will be trending in a range if the Foreign institutional investors continue buying and there is positive global cues.
Most experts expect that with FII’S starting to buy again, the indices will continue to trend upwards for the coming few days .
Stocks to watch out for this Wednesday Morning in the Indian Equity Markets
There seems to be a possibility of the banking and financial sector bouncing bank to higher levels as they showed tremendous strength in Tuesday's Trading Session.
Private banks like Icici Bank, Bandan Bank, Indusind Bank , Kotak Bank , Axis Bank, Federal Bank, HDFC Bank will look to consolidate and move further up.
PSU Banks like Canara Bank, Karnataka Bank; Bank of Baroda did see some strength on Tuesday and is likely to go up further in the coming days
NBFC’S – Mahindra and Mahindra Financial Services, PEL, Bajaj Twins, Shriram Transport Finance will under the radar of the traders.
The I.T Majors like Wipro, TCS, Infosys, Tech Mahindra, and HCL Tech are looking very strong and these stocks can move up quickly.
The Mid- Cap I.T. Stocks like Mastek, Intellect Design, Sonata Software also can be watched keenly for any upwards move in the days to come.
Cement stocks like Grasim , Shree Cement , Dalmia Bharat ,Ramco Cement are likely to show strength as the broader market looks to maintain the upwards momentum from Tuesday’s session.
Pharma stocks like Divi’s Lab , Dr Reddy’s, Lupin, Cipla, Sun Pharma, and Cadila are expected to give good returns in the short term.
The general Sentiments in the market seemed to have turned positive again with the Fii’s resuming buying on tuesday and traders will be looking for global cues to take the markets to new highs in the coming week.
The stocks to keep an eye on in the Indian equity markets will be the I.T Sector, Banking Sector, NBFC Sector , Pharma Stocks, FMCG Stocks, and Cement sector Stocks.
# 5 Banking Stocks: Bandhan Bank, Indusind Bank, Axis Bank, HDFC Bank, ICICI Bank.
#5 NBFC Stocks: PEL ,Bajaj Finance, HDFC LTD, IBull Housing, Shriram Transport.
# 5 Pharma Stocks: Cadial , Lupin, DrReddy’s, Divi’s Lab, Sun Pharma.
#5 Information Technology Stocks: Wipro , Tech Mahindra , TCS, HCL TECH, Co- Forge.
#10 Other Main Stocks to watch out for on this Wednesday Morning in the Indian Equity Markets:
Reliance , Asain Paints, Bajaj Finserve , Chola Finance, Indusind Bank, L&T, , Tata Motors , Deepak Nitrate, Ashok Leyland, Adani Port.
# Stocks to Watch for Trading from LakshmiShree in-house Technical Expert Ansul Jain-
24th March Stock Picks — Asain Paints, Baja Finserve , Chola Finance, Indusind Bank, L&T).
( Watch YouTube Video Analysis here – https://youtu.be/fBWh7I4NCDg )
After a positive day of trading on Tuesday , the view is that the Indian equity Markets is that the bulls seems to be back on Tuesday . There can be a period of consolidation before an upmove in the coming days.
Most Analysts expect the markets to reach new highs in this March expiry.
Best wishes for a Profitable Wednesday in the Indian equity markets!
INDIAN EQUITY MARKETS THIS WEDNESDAY MORNING!
We do conduct Pre-Market Analysis webinars daily in the morning. You can join this live webinar of today through our Facebook Page & Youtube Channel.
Cheerful Trading !!
