Market Watch: Hemen Kapadia of KRChoksey Securities
– First is a contra buy call on Kotak Mahindra Bank, it is oversold and it is below on the verge of giving an upward key reversal today. We are setting the stage for a recovery from here so buy Kotak Mahindra Bank at Rs 1,790 stop loss at Rs 1,750 and target at Rs 1,870.
– Second is a buy call on Bajaj Auto, an upward key reversal coming in today, mechanical indicators have given crossover buys so buy Bajaj Auto at Rs 3.680, stop loss at Rs 3,580 and target of Rs 3,880.
– Last is a buy call on Tech Mahindra, it has been consolidating for long time taking support at 55 day exponential moving average. There was this range between Rs 960 and around Rs 1,050, it is on a cusp of breaking out from this range. Buy Tech Mahindra at Rs 1,035 stop loss at Rs 1,010 and target of Rs 1,085.
World stocks hit record high, powered by Wall Street
Global stocks hit record highs on Friday, as tech shares on Wall Street cheered receding US inflation fears, with the lack of inflation pressure keeping bond yields near two-week lows, said a Reuters report. Federal Reserve Chair Jerome Powell reiterated late on Thursday that inflation was not a worry, following data showing an unexpected rise in the number of Americans filing new claims for unemployment benefits. MSCI’s broadest gauge of world stocks set a record high in Asian trading, though it was down 0.1 percent. The index has gained more than 1.5 percent this week.
FY21 was best year for Nifty IT index in a decade; analysts see growth continuing
IT stocks have been on a bull run in the last 1 year despite obstacles from the COVID-19 pandemic. FY21 was the best year for the Nifty IT index in a decade with the index surging over 102 percent in the year. The index also outperformed benchmark Nifty, which rose 71 percent in the year. For 2021 as well, the index has outpaced Nifty rising 12 percent YTD versus a 6 percent rise in the benchmark. The gains in the…