Nifty may head to 18100, SBI, Infosys, RIL, Titan, Tata Motors among top stock picks; continue buying on dips
Indian fairness markets have been flat on Friday. Given the worldwide developments, market volatility is predicted to stay excessive within the close to time period. However, financial recovery coupled with authorities focus on Capex and home manufacturing would drive total progress in FY23, in accordance to consultants. ICICI Direct stated in its report that Nifty is on highway to recovery in the direction of 18,100. It believes that buying on decline technique ought to continue to work in favour of market members and buyers ought to focus on accumulating high quality shares on dip as Nifty will not be anticipated to breach 16,800. Reliance Industries, Titan, SBI, Infosys, Tata Motors stay among the top stock picks.
Nifty may head in the direction of 18100, accumulate high quality shares on dips
According to analysts at ICICI Direct, purchase on dips technique fared nicely for buyers throughout March 2022 correction. Going forward, they count on Nifty to resolve increased type base formation that was fashioned above 52 week’s EMA & progressively head in the direction of 18100 in April 2022. “Hence, we believe that buying on decline strategy should continue to work in favour of market participants,” it stated. Investors’ focus ought to be on accumulating high quality shares on dip as Nifty will not be anticipated to breach the important thing help threshold of 16,800 zone, it added.
Top stock picks
BFSI – State Bank of India (SBI), HDFC, Axis Bank, Bajaj Finserv, Bank of Baroda
Technology & Telecom – Reliance Industries (RIL), Infosys, LTI, Mindtree, Persistent
Capital items – L&T, Thermax, Grindwell Norton, SKF India ,Siemens
Consumption – Titan, ITC, Bata India, United Spirits, Voltas, Trent
Auto – Tata Motors, Bajaj Auto, Balkrishna Inds, Minda Corp
Infra and Realty – Ultratech Cement, DLF, Brigade Enterprises, Phoenix Mills.
Pharma – Sun Pharma, Cipla, Divis Laboratories, Laurus Labs
PSU – Concor, BEL, HAL, BEML, Canara Bank
Metal – JSW Steel, Tata Steel, Hindalco, JSPL, NMDC, JSL
Others – ABFRL, Adani Ports, Balrampur Chini, TV18 Broadcast, Easy journey Planners, JK Paper, Gokuldas Export, Navin Fluorochem
Bank Nifty outlook constructive, buying alternative in high quality banking shares
The Bank Nifty noticed buying demand from close to the foremost help space of 32,500 final month. It rebounded over 14% in simply two weeks from excessive oversold territory. In the method, it retraced 61.8% of latest decline at 36,600 in simply two weeks. “Going ahead, the overall bias remains positive. The current temporary breather of last two weeks should not be seen as negative, Instead it should be capitalised on as buying opportunity in quality banking stocks,” stated ICICI Direct.