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The stock market witnessed a surge as several mid and smallcap stocks demonstrated remarkable strength by surpassing their 100-Day Simple Moving Average (SMA) on November 8.
Nifty on Thursday ended 48 points lower on the weekly expiry day to form a red candle on the daily chart. The smaller degree of higher tops and bottoms is intact on the daily chart and the recent unfilled opening upside gap around 19250 levels could offer support for the market during present consolidation to form a higher bottom, said Nagaraj Shetti of HDFC Securities.
“In the short term while we do expect the margins to maintain at around 11% plus-minus a few basis points and when we say the guidance of 11%, the incremental cost which normally tends to creep in once you commission the new plants is already baked in. We do not expect any significant deterioration or dilution in the existing margins per se.”
“All the auto names have done very well. Against that backdrop, companies which have a sound EV backbone and EV plants like Tata, TVS Motors, M&M to an extent stand out but it is more a sum of parts story. Both TVS Motors, Tata Motors look good. There is enough fundamental run-up left in the stocks.”
The super sharp rally in the US was not enough to change the sentiment completely in our markets, writes Arun Kejriwal.