Market anticipates a boost
The benchmark indices showed sluggish activity on Wednesday, Sensex down 118 points. Among sectors, PSU banks gained over 1 per cent, while profit-booking was seen in select FMCG and media stocks
image for illustrative purpose
Mumbai, May 16: The benchmark indices showed sluggish activity on Wednesday, Sensex down 118 points. Among sectors, PSU banks gained over 1 per cent, while profit-booking was seen in select FMCG and media stocks.
Technically, the market consolidated near the 50-day and 20-day SMA (Simple Moving Average) or 73,300 after a promising pullback rally over two days.
“For bulls, the 50-day SMA or 73,300 will act as an immediate breakout level, Above the market can rally up to 73500-73600, On the other hand, selling pressure is likely to increase below 72800, potentially retesting 72500-72300 levels,” says Shrikant Chouhan, Head – Equity Research, Kotak Securities.
Due to weakness in the index heavyweight HDFC BANK, failed to surpass the level of consolidated without breaching the support of the lower boundary.
The latest US April inflation data signals a potential Fed rate cut, igniting optimism among bulls. With expectations of a rate cut in September, the market anticipates a boost in corporate earnings.
“Amidst upcoming Q4 results from key players like M&M, HAL, and others, Oberoi Realty stands out with a significant YoY profit surge, propelling it to a record high,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
As Go Digit IPO garners attention and market sentiment fluctuates, indicates market sentiment.Chart analysis favours stocks like Oberoi Realty, Indian Hotels, and Adani Port, with Oberoi Realty singled out as a strong buy, propelled by momentum.
