Stock in focus: Rajesh Palviya of Axis Securities recommends Vedanta, NBCC, Federal Bank, and Biocon today
Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session with modest gains amid mixed global cues. Following Accenture's optimistic revenue projection, information technology (IT) stocks rose. Nifty IT increased by 2% as a US-based industry bellwether predicted higher-than-expected full-year sales growth.
Given that rising interest rates have caused clients to reduce spending, the results provide Indian IT businesses with insights on demand in the US market.Early trading saw Sensex rise 329.52 points to 77,808.45, while Nifty 50 gained 100.1 points to reach a record high of 23,667.10.According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market is now going through a phase of consolidation, and this is probably going to continue. Aggressive purchasing or selling is not triggered by any significant factors.
The market has a positive undertone even during this time of consolidation, therefore purchasing on dips will emerge and strengthen the market. Strong up movements will cause profit booking, making a long-term rally challenging.The benchmark index is in a strong uptrend forming a series of higher tops and bottoms. Currently, the index is well placed above its 20, 50 and 100-day SMA which reconfirms a bullish trend.
We expect this momentum to extend towards 23,800-24,000 levels in upcoming weeks. The crucial support zone to watch for is 23,400 levels hence any violation of the same may cause some profit booking towards 23,000-22,800 levels. The daily and weekly strength indicator RSI is in positive terrain which shows sustained strength, said Rajesh Palviya, SVP, Technical and Derivatives Research, Axis Securities.Nifty 50 in the
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