Here is a list of the top five stocks to keep an eye on today in the stock market
Both the Sensex and Nifty finished at a new high on Friday after rising for the fourth consecutive week. The Nikkei 225 increased 137.90 points to 18,826. At 63,384.58, the Sensex increased by 466.95 points.
On December 1, 2022, Nifty and the Sensex reached their most recent record closes, closing at 18,812.50 and 63,284.19.
To reach Rs 292.8 lakh crore, the market capitalization of BSE-listed businesses climbed by Rs 2.07 lakh crore.
While banks and non-banking financial institutions made a significant contribution, pressure was also felt in the information technology and real estate industries. Leading the charge were titans of the industry like HDFC Twins and RIL, while TCS, Infosys, and Wipro pulled the indexes down.
For the fourth day in a row, foreign investors in Indian equities were net purchasers on Friday.
FPI inflows continued in June with a total investment of Rs 16405 crores up till the 17th, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. This is in addition to the enormous Rs 43838 crores that FPIs invested in May. FPIs’ ongoing investment demonstrates their growing faith in the robustness of the Indian economy and the potential profits of the business sector. Among the major rising economies, India has the strongest growth and profitability story, according to the majority of international investors. FPIs are investing to take advantage of this opportunity.
He continues, “FPIs continue to purchase equities in the banking sector, automakers and auto parts, capital goods companies, and companies involved in the construction industry. They are retailers of textiles, metals, electricity, and IT. Profit booking may be anticipated in the short future since the benchmark indices are close to record levels and valuations are high (Nifty is trading at 20 times FY 24 earnings).
Investors also praised the administration for its discussions with Moody’s Investors Service in an effort to improve the nation’s credit rating. The current Moody’s rating for India is “Baa3,” which is the lowest investment grade, with a “stable” outlook.
Today’s Forecast
“Indian stocks are expected to reach a record high thanks to a robust rally in international markets that is being supported by positive domestic indicators,” claims Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services. As it finished at a record high, Nifty gained 138 points, maintaining its upward trend. Declining inflation, encouraging economic statistics, and stable FII purchases all helped to boost domestic optimism. We expect the general structure to continue positive now that the big events are behind us. Prime Minister Modi’s visit to the US next week will be widely monitored since it will lead to cross-border accords with a significant defence component. Following the discovery of a monthly industry recovery, focus remained on sectors including pharmaceutical, healthcare, and insurance firms.
The top five equities for today are listed by IIFL Securities vice president of research Anuj Gupta.
1) Ashok Leyland – We saw a big breakout on the charts, a creation of a higher top and higher bottom, and significant volume in the stock. Together with Adrivers, a leader in AI-enabled autonomous solutions, Ashok Leyland, the nation’s top producer of commercial vehicles, will create autonomous electric terminal trucks to meet the port industry’s need for Net Zero emissions.
Purchase Ashok Leyland at SL 153 and Target 185.
2) TATASTEEL – The stock had a strong breakthrough on the charts and is now trading at 4-month highs. Since there will likely be more demand for steel, business profitability may rise.
TATASTEEL, SL 109, TARGET 124, PURCHASE
Reliance Industries is now trading at 5-month highs. exhibiting bullish chart structure and high volume. Charts with a higher top and higher bottom formation and technical indicators support optimism. Reliance is preparing to grow its oil-to-telecoms sector.
RELIANCE, SL 2510, TARGET 2670, BUY
4) Bank Baroda: A favourable chart structure, a bullish trend, and technical indications that are upbeat and suggest potential for growth are present. According to BoB, its total revenue reached Rs 20,73,385 crore as of December 30, 2022, an increase of 18.5% YoY. In the meanwhile, its operating profit increased in Q3 by 50.1% year over year to Rs 8,232 crore. firm with solid technological and philosophical foundations.
Invest in BANK OF BARODA, SL 177, TARGET 205.
TITAN is now trading at all-time high levels. Strong enterprise with solid technological foundation. The numbers are solid. A good to average monsoon might increase demand for jewels, luxury goods, and smart watches.
Purchase Titan, Target, and SL 2854.
