All of a sudden yesterday, one stock which led the turnaround of the market was HDFC bank. There were two announcements, first regarding business and second regarding the shareholding changes in the last one quarter in which the stake of FII had come down. In normal cases a decline in FII holding is seen as negative but the reaction of the street was positive in this case. The reason was technical in nature because of buying which could emerge due to MSCI adjustment. But the fact is that every single stock in the financial services space has an element of high FII exposure and because they have been sellers for quite some time, these stocks have not performed as well when compared to other sectors. But as soon as they are back, which probably might be in the second half of the year, these stocks may be back in the limelight. But because each of the subsegments of the financial service space has its own operating matrix, analysts have a very different potential return estimate for each
Citigroup maintains sell rating on RBL Bank with Rs 257 target. Macquarie has outperform rating on D-Mart with Rs 4500 target. Avenue Supermarts shows stable sales growth. Federal Bank also under Citigroup s sell rating at Rs 135.
At an index level look to buy on dip and on a stock specific level there are individual setups which are very-very strong, the likes of PSUs, PSU banks, PSEs, power generation companies these are doing excellently well as far as the charts are concerned, so stick to strength and at the same time as far as index goes, historically like speaking of index Bank Nifty can be the surprise package as April has been a positive month historically for the banking index.
Dixon Technologies doubled investors wealth in FY24 and may continue its rally. Traders advised to target Rs 8,000. Stock hit a record high of Rs 7,624. Momentum and indicators support further upside potential.
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