What to do with Tata Motors, Mamearth and 4 other stocks? Religare Broking's Ravi Singh decodes
From a technical analysis perspective, the Nifty index appears to have strong momentum. If the positive sentiment persists, it is plausible to see the index testing its previous highs around the 22800 levels, Dr Ravi Singh,Senior Vice President, Retail Research at Religare Brokingsaid. This analyst spells out the strategy in the previous week’s major movers viz. Hindustan Zinc, Tata Motors, Honasa Consumer (Mamaearth), and three more stocks. Here’s what he recommends:
It was a good week for markets with Nifty gaining 2.3% WoW thanks to benign US inflation numbers which lifted the mood on the Street. Is it priced-in now or we can see a further rally?
The current market tone is optimistic. The favorable US inflation data has alleviated some concerns about aggressive monetary tightening by the Federal Reserve, leading to increased investor confidence. This optimism can fuel further buying interest, potentially pushing the index towards its record highs. From a technical analysis perspective, the Nifty index appears to have strong momentum. If the positive sentiment persists, it is plausible to see the index testing its previous highs around the 22,800 levels. Market sentiment, backed by positive macroeconomic indicators, often leads to sustained rallies.
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