Share Market Live: Domestic benchmark indices opened in the red on Tuesday morning, but were seen trimming their losses minutes later. S&P BSE The Sensex fell 58,000 at the open but quickly recovered to trade flat with a positive bias, while the Nifty 50 remained above 17,300. Bank Nifty was down, while India VIX gained 18 points. Tata Steel led the Sensex laggards, falling 1%, followed by ICICIC Bank, Ultratech Cement, and Axis Bank. Asia Paints was the best performer, followed by ITC, Reliance Industries, and HUL.
Buy capital goods stocks: These three stocks could rise by up to 14 percent, according to the charts.
According to ICICI Direct analysts, capital goods sector stocks have broken out of their falling channel, signalling the end of the short-term corrective phase. The brokerage firm also stated that their bottom-up research indicates a significant improvement in momentum rankings for the majority of companies in the sector, bolstering an overall bullish stance. The sector broke out of its 12-year consolidation phase in the middle of 2021, signalling a major uptrend in the coming years. Analysts noted that among the sector constituents, Grindwell Norton, Greaves Cotton, and KSB are three stocks that are trending upward.
How about 17240-17110?
Today is likely to be an eventful day after we closed near 17320, our turnaround point for yesterday. The preferred scenario anticipates a drop towards the 17240-110 region, but a break above 17355 would signal the continuation of the 17500 move.
The Sensex fell below 58000 once more, while the Nifty 50 fell below 17300, as indices fell back into the red.
ITC shares hit a new 52-week high, up 3% on higher Q1 net profit; should you buy, sell, or hold?
ITC’s stock rose nearly 3% to a new 52-week high of Rs 316.65 per share on the BSE on Tuesday, after the company’s consolidated net profit increased 33.46 percent year on year to Rs 4,462.25 crore in April-June 2022. During the previous year’s corresponding quarter, the company earned Rs 3,343.44 crore. ITC stock has risen above its previous high of Rs 308.80 set on Monday. Analysts expect the stock to rise by up to 15%, with a target price of Rs 355 per share. ITC’s share price has increased by more than 50% in the last year, and by 42.13 percent so far this year.
Asian stocks are falling.
“Asian stocks followed Wall Street’s decline on Tuesday, as investors worried about the risk of a global recession.” “There were also concerns about an escalation in Sino-US tensions, with U.S. House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan against China’s objections, as the self-governed island is regarded as a breakaway province,” said Deepak Jasani, Head of Retail Research, HDFC Securities.