Sanjiv Bhasin believes new highs are here to stay and expects PNB, Canara Bank, Union Bank, and Dhanalakshmi Bank to perform well. He also highlights the positive numbers from ICICI and suggests now is a prudent time to buy HDFC Bank. Bhasin mentions the potential for a 200-300 point rally in the Nifty due to value-buying and short-covering. He suggests looking at PSU banks, FMCG, select auto stocks, and Nestle for outperformance.
India Business News: The BSE Sensex recorded its worst single-day crash in 16 months, leading to concerns about whether the market rally is taking a breather. Find out more about the factors contributing to the crash and the impact on banks and other sectors.
One of the anomalies from this strategy is in the market capitalisation of sectors and discounting absurd price, volume and profitability assumptions in perpetuity, they wrote
Benchmark indices like Nifty and broader markets are moving slow but steady, with Nifty making new highs almost every week. The rally is expected to continue or sustain, with a possible 200-300 point correction providing buy-on-dips opportunities. Blue chip companies are particularly participating in this rally BHEL is a top pick, showing good momentum and potential for a fresh rally. Canara Bank stands out among PSU banks, with positive momentum indicators and targets of Rs 495 and 510.
Devang Mehta, believes that the Nifty will cross 24,000 in 2024. He states that there are a confluence of factors, including macros, sentiment towards equities, and earnings growth, that support this possibility. Mehta emphasizes the importance of earnings-led rally rather than a rally of everything. He also discusses the potential of Reliance s financial business model and the shift towards financial assets.