Renewed upsurge in large-cap stocks
The stock market was able to maintain positive sentiments as the manufacturing sector posted the highest growth in the past three months.
image for illustrative purpose
Mumbai: The stock market was able to maintain positive sentiments as the manufacturing sector posted the highest growth in the past three months. Investor's sentiments also got the boost as in July, India's exports increased by 47.19 per cent to $35.17 billion, owing to strong rise in petroleum, engineering, and gems and jewellery exports.
The market witnessed some strong trend in the market and after overcoming the resistance level around the BSE Sensex level of 53,500 points. While sustaining above 53,500 level is the key factor from a short-term perspective, our research suggests maintaining above this level is important for market to gain momentum and extend the rally until 53,850 points, an analyst's report said. Arun Malhotra, founder and CIO, CapGrow Capital Advisors LLP, said: "Markets are buoyant and the large caps have started moving up. Majority of the buoyancy in the last three months have been witnessed in small and midcaps that are due for correction. The Q1FY 22 results have been descent and will keep the market steady. A shift from small cap to large caps seems to be the trade right now."
Stock Picks
- BAJAJFINSV: Above Rs1,4315 with a target of Rs14,455 and Stop loss of Rs14,185. The stock is in upward trending channel and is on the verge of a breakout.
- ZYDUSWELL: Above Rs2,230 with a target of Rs2,252 and Stop loss of Rs2,210. It has support of 8 and 40 EMA.
- DMART: Above Rs3,570 with a target of Rs3,600 and Stop loss of Rs3,545. The stock is in upward trending channel and has given a breakout.
- ABCAPITAL: Above Rs118 with a target of Rs121 and Stop loss of Rs116. It has a support of 8 EMA.
5. BOSCHLTD: Above Rs15,242 with a target of Rs15,390 and Stop loss of Rs15,122. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
