Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 continued to rise for a second straight day on Tuesday amid gains across global markets, though investors remained cautious amid concerns about the Omicron variant of COVID-19.
Sushil Kedia, Founder of Kedianomics, believes Exide is looking good for a return to Rs 250 levels.
Among autos, a number of those names are deeply oversold, but there are not great reversal signals in place for all of them.
The margins are fairly strong in the business, and with certain market practices improving in terms of payments and so on, you can expect to see that there is a certain clean-up in the numbers,” he said.
I am not that greater believer that the domestic economy has certainly robustly turned around; the evidence of that is clearly lacking,” he said.
“You are looking for companies that can benefit from export, even if they are being propped up by the government in the form of PLI schemes and so on.
Nischal Maheshwari, CEO of Institutional Equities and Advisory at Centrum Broking, remains positive on hospital and diagnostic spaces.
Intervention by the RBI, the inflation trajectory, the movement of crude prices and the pace of liquidity unwinding by global central banks will guide the rupee in the short to medium term,” he said.
Are the markets done with sudden sell-offs for now? Concerns about the Omicron variant of COVID-19 and tightening of monetary policy around the globe have been discounted in the current prices.
Dalal Street benchmarks still have some distance to cover to revisit their all-time highs.
The Nifty50 is now around 7 percent below its lifetime high, touched in October 2021.
Gaurang Somaiya, Forex and Bullion Analyst at Motilal Oswal Financial Services, said the rupee consolidated in a broad range of 72.50-75 against the US dollar for much of 2021, but surpassed the barrier to 76.50 just before the end of the year.
The recent move in the dollar suggests that the range has shifted higher and further lows for the rupee could be bought in…
“The market may test the 34,000 level again but might not break below it and should eventually see a pickup in the banking and financial space,” he said.
But as long as we have not surpassed 17,290, I leave open the possibility of some short-term volatility between here and one more dip maybe below 17,000; that risk is there.
Most of the selling is sort of done; the panic lows are in place, because 16,400 is around the 40-week average or even very close to the 200-day average that a lot of people watch…