The Tuesday trading session was a day of consolidation in the Indian equity markets.
The bulls and bears tried to control the direction of the markets throughout the trading day. Indian equity markets opened gap up and then couldn’t scale higher due to continuous profit booking at higher levels.
Profit-booking was visible in midcap and smallcap stocks after witnessing a sharp rally in the last couple of days.
ONGC, Bajaj Finance, SBI, Bajaj Auto and HDFC were among the gainers.
On the losing side were ICICI Bank, UltraTech Cement, Asian Paints, ITC, Kotak Bank, Axis Bank and PowerGrid .
According to most Analysts, The Nifty traded flat despite positive global cues. Except pharma, most of key sectors ended the day in the red
Reliance Industries has been showing strength and holding on to the indices for the last couple of Days in the Indian equity markets.
Finally, at the closing bell, the Nifty closed at 15,574 (-7) whereas the Sensex ended at 51,934 (-2).
Analysts believe that investors will continue to focus on the trajectory of daily COVID-19 cases and vaccination ramp up in the country in the near term.
The sentiments in the global markets have turned bullish in the last couple of days and the same will be a factor in the coming days.
The Foreign institutional investors Sold on Tuesday Rs 449 Crores while Domestic institutional investors Bought Rs 230 Crores.
If the FII’s continue to buy, then it will be a big positive for the up move in the markets. Most analysts are expecting the markets upwards towards 15700-15800 nifty levels in the near term.
Most experts expect that if FII’S buying continues, the indices will go upwards in the coming few days.
Stocks to watch out for this Wednesday Morning in the Indian Equity Markets
The PSU sector was in the limelight for the last many days and the same is expected on Wednesday too.
There seems to be a possibility of the banking and financial sector bouncing bank to higher levels.
The I.T., OMC, Metals & Chemicals Sector also will be keenly watched by the traders.
PSU Banks like Canara Bank; PNB Showed good momentum in the last few trading sessions. They are likely to go up further in the coming days.
NBFC’S – Bajaj Finance , Mahindra and Mahindra Financial Services, PEL, Bajaj finserve, Shriram Transport Finance will under the radar of the traders.
Private banks like HDFC Bank, ICICI Bank, Bandhan Bank, Indusind Bank, Kotak Bank, Axis Bank, Federal Bank, will look to scale higher from hereon.
The I.T Majors like Wipro, TCS, Infosys, Tech Mahindra, Co-forge and Mastek can move up quickly.
The Mid- Cap I.T. Stocks like LT Infotech, Intellect Design, Sonata Software also can be watched keenly for an upwards move in the days to come.
Pharma stocks like Cadila, Glenmark Pharma, Lupin, Divi’s Lab, Dr. Reddy’s, Cipla, and Sun Pharma are expected to give good returns in the short term.
The general Sentiments in the market seemed to have turned bullish. The traders will be looking for global cues for direction in the coming days.
The stocks to keep an eye on in the Indian equity markets will be the PSU sector, OMC, Chemicals Sector, Banking Sector, NBFC Sector , Pharma Stocks, FMCG Stocks, and Cement sector Stocks.
# 5 Banking Stocks: Rbl Bank, HDFC Bank, Indusind Bank, Icici Bank, Axis Bank.
#5 NBFC Stocks: Shriram Transport, Bajaj Finserve, PEL, HDFC LTD, Bajaj Finance.
# 5 Pharma Stocks: DrReddy’s, Divi’s Lab, Cadila, Glenmark Pharma, Sun Pharma.
#5 Information Technology Stocks: LTTS, Mastek, Tech Mahindra, TCS, Wipro.
#10 Other Main Stocks to watch out for on this Wednesday Morning in the Indian Equity Markets:
Mastek, PI Industries, Tata Motors, Bandhan Bank, Motherson Sumi, India Bulls housing , SBI,Rbl Bank ,Hindalco, M&M.
# Stocks to Watch for Trading from LakshmiShree in-house Technical Expert Ansul Jain-
2nd June March Stock Picks — National Aluminium, NMDC, PVR , Sun Pharma.
( Watch YouTube Video Analysis here –https://youtu.be/JY6p35FgVwA)
After a consolidation day of trading on Tuesday, the view is that the Indian equity markets will go higher if Fii continues to Buy.
Most Analysts expect the markets to reach 15750-15800 levels for the near term.
Best wishes for a Profitable Wednesday in the Indian equity markets!
INDIAN EQUITY MARKETS THIS WEDNESDAY MORNING!
