Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second da – CNBCTV18

Market Watch: Brijesh Bhatia, Senior Research Analyst, Equitymaster

 

On market

Considering the markets we have seen a stellar  2077 (I guess he means Samvat) and I still believe 2078 will belong to bulls. The recent dips right from 18,000 on the Nifty –we are hovering in a narrow range for quite a few trading sessions. But it is still a buy on the dips market and definitely 17,400, the recent low will act as a major support zone for Nifty.

If one were to look at the cycle of mid-cap and small-cap outperformance against the Nifty, it generally goes for 18 to 22 months and it’s still around 9-10 months young. So probably 2022 or somewhere 2078 (Samvat) might continue to outperform or for mid-caps and small caps over the Nifty. I would definitely look for an investment on the dips into the mid-caps as well as some of the landscapes which are looking exciting.

IT

The large caps IT stands out to be a very strong, power sector stands. TCS, Infosys, and Tech Mahindra stand out to be strong contenders. In the pharma midcap space, Glenmark and some of the large-cap like Sun Pharma stands out to be a better play. From midcap it is infrastructure and power is the one sector for the next one year that will continue to outperform and Tata Power could be the one stock Bharti Airtel could be a good accumulation into the infra space.

Cement

In the last six months realty has been come back very strongly. Infra is coming back after a long consolidation of 10 years. So, cement won’t back out – We have UltraTech, ACC already running up and Birla Corp is breaking out of the fresh momentum of 85 days consolidation breakout. So from large-cap Ultratech and ACC stands out to be a good accumulation and the mid-cap Birla Corp is one that could be a standout in this space.

Banks

Banks will continue to outperform. We saw Kotak Mahindra Bank coming out strong when it broke out of Rs 1300 and a similar structure is breaking out into IndusInd Bank as well. So Rs 1750-1800 can be eyed on IndusInd Bank from 6 to 12 months perspective.

source: Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second da – CNBCTV18

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