June 18, 2024 / 9:08 AM
Indian stocks likely to open at new record: Aditya Gaggar, director, Progressive Shares
Following early indications from GIFT Nifty, Indian equities are expected to start strong at a new record. We are cautiously bullish on the auto sector as the rally has been overdone and a healthy correction is expected. The performance of major player Reliance will likely determine the future course of the energy sector as its stock price is on the verge of breaking out of a bullish flag-and-pole formation.
Gas stocks are also looking strong (IGL, Gujarat Gas, Petronet). Despite poor performance from the FMCG sector, sugar stocks have performed well and some of them are expected to post strong gains (Andhra Sugar, Balrampur Chini, Dalmia Sugar).
In the metals space, SAIL is looking strong as it has broken out from a bullish flag and pole formation.On a stock specific approach, we are bullish on the pharma sector (Cipla, Natco Pharma).
In our fundamental coverage universe, we found several technically strong stocks such as ACGL, Max Healthcare, Salzer Electronics, Supreme Petro, Ultramarine Pigments etc. In the mid- and small-cap space, we found several stocks that are out of consolidation such as JK Paper, Mayur Uniquoters Ltd and Praj Industries.
