Stay updated with breaking news from Deepak Nitrite. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Above 19900, the index could sustain its rebound rally up to 20050-20100. On the downside for the day, key support is situated at the 19705-19720 zone. The overall range for the day is anticipated by experts to be 19735-19750 on the downside and 19870-19900 on the upside.
“In auto, I still would put my money on Maruti for Rs 12,000. Eicher and Hero and Bajaj are the three winners but they are all hitting new highs. So, either you chase new highs, which is a technical breakout or you stay with Maruti. I would put my money in Maruti as well as Eicher.”
The current data points suggest that media, oil & gas and chemical stocks may outperform the frontline indices while IT, pharma and power stocks may witness selling pressure.
“From a sectoral perspective, we are bullish on the top three sectors; one is realty, second is IT which has again come back into the buy zone after the recent correction and the third is public sector enterprises. These are the three sectors which we feel should do fairly well going ahead into the next few weeks.”
Major domestic players such as Balaji Amines, Aarti Industries and Alkyl Amines reported a 20-50 percent decline in quarterly profit from the year-ago period