Some support will come as foreign portfolio investors (FPIs) pumped in a net of just Rs 986 crore in Indian equities during August
The shooting star candlestick pattern which was formed during the previous week has been negated and Nifty surpassed its high.
Adani Transmission, The New India Assurance Company, Adani Total Gas, ABB Power, Hindustan Aeronautics & Linde India were top gainers this week.
Despite a subdued quarter, most companies gave a strong outlook going forward, with demand expected to improve from Q2FY2022
Investors must stick with quality stocks, ensure their positions are well hedged
A temporary breather after ~8% rally over the past four weeks would present an incremental buying opportunity to build a quality portfolio.
Motilal Oswal, Centrum Broking and Manas Jaiswal Technical recommended Tata Consumer with a target price of Rs 880, Rs 880 and 890, respectively.
Linde India has turned out to be a multibagger for investors as it has rallied 183% since the beginning of 2021.
Markets are trading in consolidation phase which is a healthy sign after a one way sharp run up
Of late, ace equity investor Rakesh Jhunjhunwala bought a 1.59% stake in Canara Bank.