The Indian equity markets, represented by the Sensex and Nifty, have experienced a 2% decline in August due to concerns related to inflation, monetary tightening, high market valuations, and selling by foreign portfolio investors (FPIs) in the cash market amid a stronger dollar and rising bond yields. This has led to a cautious short-term outlook for the market.
Key points and technical calls for selected stocks in the Indian market include:
- Lemon Tree Hotels: The stock has been in a strong uptrend, forming higher highs and higher lows. A bullish triangle breakout on daily charts with incremental volumes suggests a potential target of ₹110.
- Max Financial Services (MFSL): MFSL has shown signs of a trend reversal, with a breakout from a descending channel pattern on weekly charts. The target price is ₹1,000.
- KPR Mill: The stock, which has been strong in recent quarters, witnessed a consolidation breakout and is expected to reach ₹750.
- Britannia Industries: After a significant decline, the stock has shown signs of bottoming out near the 200-period daily moving average. The target price is ₹5,100.
- Bajaj Auto: It has formed a double bottom pattern and has the potential to reach ₹5,000.
- Power Grid Corporation: The stock is showing signs of improvement in bias after taking support near the lower base of the channel pattern. The target price is ₹270.
- Jubilant Pharmova: After a substantial price drop, the stock has reversed and formed a bullish bat pattern with bullish divergence. The target price is ₹550.
- Castrol India: After consolidating for several years, the stock has broken out of its range and sustained above ₹150. The target price is ₹170.
- Voltas: The stock has formed a bullish AB=CD pattern and taken out its previous weekly swing high. The target price is ₹900.
Investors are advised to consider these technical calls cautiously and conduct their own research before making investment decisions, especially in the current market conditions with heightened uncertainty.
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