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You can see from foreign flows perspective that rebound in China is detracting from some of the investment in India. I do not think it changes the longer-term trends, but we are in one of those holding patterns similar to the fourth quarter of 2023.
According to the equity advisory firm, apart from a few exceptions the Nifty indices have often demonstrated an upward trajectory around elections. Despite the difficulties and volatility during the previous 30 years, Nifty has provided a CAGR return of 13% when examining market returns.
Markets anticipate election impact. May series will be volatile, says Rahul Ghose of Hedged.in. He says a stock-specific approach is advisable now and that he prefers Hindustan Unilever, Elecon and Just Dial and recommends exiting Exide. Nifty\’s crucial levels are at 21,700-21,800, 22,000. PSU banks are favored while Nifty Pharma index is pivotal at 18,700. IPCA labs strong.
The broader NSE Nifty climbed 151 points or 0.69% to finish at 22,147. Among the Sensex constituents, Bajaj Finance, M&M, HDFC Bank, JSW Steel, and Maruti emerged as the top gainers, registering gains of 2-3%. Infosys, HCL Tech, and TCS closed 0.6% to 1.2% lower, resulting in a 0.4% decline in the IT index.
The psychological mark of 22,000 holds intermediate support, followed by strong support of the 21,800-21,700 subzone. On the higher end, the 20-DEMA placed at 22,300, followed by a bearish gap of 22,430-22,500, is likely to act as a daunting task in the near period and an authoritative breakthrough could only re-strengthen the lost momentum to the bulls of D-Street, said Osho Krishan of Angel One.
Investors monitor Sensex behavior during Lok Sabha election. FPIs sell Indian stocks. Hope for a good monsoon. Structural growth opportunity in Indian equities. Tata Steel, JSW Steel, Tata Motors, and HAL among recommended stocks.
Rakesh Parekh talks about the key drivers for the market — a combination of ample liquidity, pro-growth government policy direction, investments and capex entering an upcycle as well as corporate balance sheets that remain conducive for investments. He says: \”We are encouraging clients to add to their equity positions with a long-term perspective in mind to take advantage of this opportunity.\”
Sandip Sabharwal advises caution in volatile markets due to Middle East tensions and evolving global trends. Market dips should be carefully assessed for investment opportunities. \”The first level where I would like to start buying more aggressively will be more near 21,000 of the Nifty and if by chance it falls further to between 20,000 and 20,500, then I would like to be fully deployed at that stage.\”
Federal Bank, PNB, AU Small Finance Bank, and Bank of Baroda witnessed buying while selling pressure was seen in SBI, HDFC Bank, ICICI Bank, IndusInd Bank, and Axis Bank.
Indian benchmark indices closed lower as banking stocks declined, with Sensex falling 455 points and Nifty dropping by 152 points. Top laggards included Nestle India, Titan, Axis Bank, NTPC, Tata Motors, and ITC.
A series of resistance could be seen from 22,150-22,200, followed by the 20 DEMA at 22,300 zone. The undertone certainly favours the bears now and any rise should be seen as an opportunity to either exit longs or to look for bearish bets in the index.
Domestic markets shut for Ram Navami. MCX trades normally but settlement holiday affects account credits. 2024 has 14 holidays, including Muharram and Gurunanak Jayanti.