Highlighting Robust Market Breadth for Next 3-4 Weeks
In January, Foreign Institutional Investors (FIIs) have showered above Rs. 9000 crore in the cash segment of the Indian equity market. The week ending January 7, the Indian market has hyped by 2 percent each as a result of bulls helping benchmark indices to conquer crucial resistance levels. The Nifty50 scaled above 14,300 levels while the S&P BSE Sensex measured closer towards 49,000. It is still bought on the dips market as long as the index holds above 14K suggest experts.
The rollout of the vaccine in many parts of the globe including India resulted in fuelled sentiment.
Currently, all Nifty 50 components are trading above their 200 days SMA, suggest experts.
“The rejuvenation of upward momentum backed by across sector participation signifies inherent strength that makes us confident to revise our target towards 14600 in coming weeks,” Dharmesh Shah, Head – Technical, ICICI direct. He added, “In the process, we expect broader market to relatively outperform the benchmark as Midcap index clocked a fresh all-time high after three years, highlighting revived buying demand." Shah comments that support is now seen at 13800.
Top ten trading ideas for the next 3-4 weeks include M&M, ACC, Torrent Pharma, Hero moto corp, Ajanta Pharma, Maruti Suzuki, axis bank, Marico limited, Happiest mind technologies, and Torrent Power Ltd.
M&M: Buy| LTP: Rs 770| Target: Rs 810| Stop Loss: Rs 737| Upside 5%
ACC: Buy| LTP: Rs 1760| Target: Rs 1870| Stop Loss: Rs 1694| Upside 6%
Torrent Pharma: Buy| LTP: Rs 2850| Target: Rs 2930| Stop Loss: Rs 2800| Upside 3%
Hero MotoCorp: Buy| LTP: Rs 3159| buy above 3165| Stop Loss: Rs 3063| Target: Rs 3310| Upside 5%
Ajanta Pharma: Buy above 1835| LTP: Rs 1782| Stop Loss: Rs 1748| Target: Rs 1965| Upside 12%
Maruti Suzuki: Buy above 8060| LTP: Rs 8015| Target: Rs 9575| Stop Loss: Rs 7640| Upside 19%
Axis Bank: Buy| LTP: Rs 672| Target: Rs 750| Stop Loss: Rs 630| Upside 11%
Marico Limited: Buy| LTP: Rs 424| Target: Rs 465| Stop Loss: Rs 400| Upside 10%
Happiest Minds Technologies: Buy around: Rs 337| LTP: Rs 344| Target: Rs 370| Stop Loss Rs 318 | Upside 7%
Torrent Power Ltd: Buy around: Rs 328| LTP: Rs 335| Target: Rs 360 | Stop Loss: Rs 310 | Upside 10%