Nagaraj Shetti, Technical & Derivative Analyst at HDFC Securities, expects Nifty to move up further with target levels of 22,500 to 22,600. Bank Nifty s next strong resistance is 48,000. Shetti s stock picks are Piramal Enterprises Limited (PEL) and Avanti Feeds. PEL is attempting an upside breakout. Avanti Feeds has witnessed a decisive upside bounce.
HDFC Securities predicts strong margin expansion in Q4 and 9% earning growth in FY25. Consolidation in earnings expected to keep markets range-bound. Fresh ideas include IT, steel stocks, cement, building materials. Autos and real estate may peak in FY25. Private banking remains a good space. Rotation expected from overheated sectors to underperforming sectors. Gradual improvement in rural demand.
Traders will be eyeing India's fiscal deficit data, which is slated to be released on February 29. On the same day, Gross Domestic Product (GDP) data and core sector data are going to be released.
Nagaraj Shetti recommends AB Capital and Castrol India as top picks. AB Capital has a positive chart pattern and a target of Rs 196-197. Castrol India is in an uptrend with a target of Rs 220-222. Both stocks have stop losses in place.