Manik Taneja says Axis Capital has reduced sell ratings for most tier I and tier II companies, except for Tech Mahindra which is rated positive. The positive reaction to stock prices is driven by companies reporting in line to a beat to modest expectations. The sector has underperformed compared to benchmarks, leading to some catch-up. However, the earnings trend continues to be mixed.
CLSA maintained a buy rating on RIL with a target price of Rs 3060. Organic and inorganic triggers are likely to come together and support the up move in 2024.
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On August 7, StockEdge reported 7 such stocks. ETMarkets has handpicked these stocks for a closer examination. Delve into the significance of RSI in assessing stock movements and how a bearish RSI trend in overbought stocks can impact investment decisions. Please note that the data for stocks with bearish RSI trends in the overbought zone on August 8 will be updated later today.
​Nifty has almost tested the new milestone of 20,000 and gained over 7% in the last four weeks, which has pushed the oscillators into the overbought zone. The sharp dip in IT has derailed its momentum, and we could see a breather in auto and FMCG.