Sudeep Shah, from SBI Securities, predicts market consolidation and bullish movement towards 22,950-23,000. He further Recommends Aditya Birla Capital and MCX stocks and anticipates positive trends in the pharma sector, specifically mentioning Concord Bio.
India s per capita GDP growth to $5,000 will drive growth across sectors. Sunrise sectors like renewables and nuclear will grow rapidly. EVs, December quarter earnings, and PSU/PSE stocks are expected to generate wealth. Risk factors include geopolitical tensions and recession. Good buy-on-dips opportunities in the energy sector and sectors like banks, auto, cement, power, and pharma.
Senco Gold marked its highest-ever Q3 revenue, propelled by prominent offers and a surge in footfall. The company recorded a robust 24% YoY growth in Q3 revenue and sustained a 26% YoY growth in the initial nine months of FY24.
For the Nifty Mid-cap 100, SBI Sec has set a target range of 51,000-53,000, which implies an upside of 10% to 14%. The index closed at 46,389 on Tuesday. The target range for the Nifty Small-cap 100 has been set at 16,500-18,000, implying gains of as much as 18.5% over the index s Tuesday closing of 15,189.
Sudeep Shah says: "Looking forward to the next couple of trading sessions especially in a holiday-shortened week and subdued FII activity expected, it is anticipated that the Nifty may consolidate within the range of 21100 to 21600 levels. From a technical perspective, Nifty IT has recently witnessed a stage-2 consolidation breakout on a weekly scale. Presently, it is trading above both its short and long-term moving averages."