By Rahul Shah
Equity benchmark index completed its third weekly gain in four weeks and started the new financial year with a bang, with the frontline indices Sensex and Nifty climbing 3 per cent to their highest levels in the past two months. Important thing to note was after a long time on Friday Advance decline ratio was at decade high. GST collection came with big bang at 1.42 lakhs cr, strong macro indicates the markets in grip of bulls. Positive global cues, a retreat in oil prices, and aggressive buying by overseas investors supported stock prices, even as concerns remained around the policy tightening by the US Fed and the Russia-Ukraine war. The Sensex rose 1914 points, or 3.3 per cent, to close at 59277 – the highest closing level since February 2. The Nifty rose 206 points, or 3 per cent, to end at 17,670 against the previous week.
This week will be important as RBI will announce Credit policy on Friday and US Fed Minutes on meeting on Wednesday. Despite a global uncertainly like Russia-Ukraine war, US Fed monetary tightening and oil price on a roller coaster ride, Indian markets likely to uptrend moved both in technically and fundamentally due to strong growth in all aspects. March auto sales data reported better than expectation, improved macro data (Feb Core sector growth 4-month high), India Vix falling to 2-month low to below 19 and FIIs buying interest (FIIs net buyers nearly 1bn this week) which will be boosted market.
Moreover, March GST collection surged to record high of above Rs1.4 lakh cr and data showed that the Indian Railways achieved the highest ever loading in a month during March. Other positive factor that the housing sales growth at 7-year peak in seven top Indian cities and Indian Fuel sales surged past pre-pandemic levels in March, indicating that the economy recovery in on track. In the global march.
Expect Nifty to resolve higher form base formation that was formed above 52 week’s EMA & gradually head towards 18100 after closed 2-month high. Traders buy on decline strategy should continue to work in favor of market participants with Nifty immediate Support at 17400
Hindustan Aeronautics Limited (HAL)Target: Rs 1640 | Stop loss: Rs 1480
HAL has given a consolidation breakout on the daily scale. It has formed a bullish candle near the 50 EMA indicating strong buying interest in the counter. RSI oscillator is also positively placed on the daily and weekly scale. Considering the current chart structure, we advise traders to buy the stock for an up move towards 1640 with a stop loss of 1480
Bharti AirtlelTarget: Rs 790 | Stop loss: Rs 745
Bharti Airtel has given a breakout of the falling trend line on the daily charts. It has formed a bullish candle on the daily scale indicating buying interest. Considering the current chart structure, we advise traders to buy the stock for an up move towards 790 with a stop loss of 745.
(Rahul Shah is the Senior Vice President, Group Advisory Leader-PCG, Broking & Distribution at Motilal Oswal Financial Services. Views expressed are the author’s own, Please consult your financial advisor before investing.)
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