The mood on Dalal Street was festive as investors looked to make their symbolic first trades of the year, a practice expected to bring prosperity and good luck.
Technical view
Nifty’s all-time is just 1.5% away near 26,300. On Monday, the index managed to hold above 25,950, strengthening the bullish structure with the next resistance zone at 26,000-26,300.
“As long as the Nifty remains above 25,750, momentum is expected to remain firmly positive. The immediate support is placed at 25,600, followed by 25,500,” said Ponmudi R, CEO, Enrich Money.
Global markets
Asian shares rose on Tuesday as the prospect of easing US-China trade tensions boosted risk sentiment, with Sanae Takaichi poised to be elected Japan’s next prime minister, lifting the Nikkei and putting pressure on the yen. US President Donald Trump said he expects to reach a fair trade deal with Chinese President Xi Jinping and downplayed the risks of a clash over the Taiwan issue. Shares in Asia Pacific outside Japan hit their highest in more than four-and-a-half years and were last up 0.94%. Chinese shares rose 0.2%, while Hong Kong’s Hang Seng was up 1% in early trading.
Meanwhile, US stocks ended higher last night as a broad tech-led rally pushed all three major stock indexes higher, putting the Nasdaq in the lead.
Summarizes 2082 Outlook
Analysts believe that Samvat 2082 will be a year of eGrowth – or earnings growth – with sectors like auto, PSU banks and NBFCs leading the recovery. Prashant Tapse of Mehta Equities points to the Rs 12 lakh crore tax-free fiscal effort and the GST 2.O reforms as strong tailwinds for consumption and corporate profitability.
“Valuations are reasonable, earnings downgrades have largely bottomed out and domestic inflows remain remarkably strong even as foreign investors remain cautious. This creates a favorable environment for Indian equities to outperform in the new Samvat,” said Amisha Vora, Chairman and MD of PL Capital.
Top Broker Picks for Samvat 2082
Experts have launched a flurry of stock picks for the upcoming Samvat year. For example, LKP Securities sees Bajaj Finance, Divi’s Labs, Nykaa, SBI Cards and SBI doing well.
Kotak Securities prefers Adani Ports, Acutaas Chemical, Cummins, Eternal, ICICI Bank, M&M and RIL. JM Financial, on the other hand, recommends Maruti Suzuki, Fiem Industries, Axis Bank, IIFL Finance,
L&T Finance, Apollo Hospitals and Lloyds Metals.
#Diwali #Muhurat #Trading #Sensex #Nifty #give #strong #start #flat #onehour #session