Reliance and FMCG Stocks Will Make Noise to Power NIFTY Above 18,000

SaveSavedRemoved 0
Deal Score0
Deal Score0
Spread the love


A broad slide on Wall Street reversed two days of gains for stocks Wednesday, as Treasury yields climbed to multiyear highs, tempting traders with higher returns on relatively low-risk investments.

SGX Nifty is likely to open negative to flat.

Indian benchmark indices ended on a positive note in the volatile session on October 20.

The closed up 95.71 points, or 0.16%, at 59,202.90, while the gained 51.70 points, or 0.30%, to 17,564.00. About 1597 shares have advanced, 1721 shares declined, and 129 shares are unchanged.

UPL (NS:), Adani Enterprises (NS:), Tech Mahindra (NS:), HCL Tech (NS:), and Adani (NS:) Ports were among the top Nifty gainers. IndusInd Bank (NS:), Asian Paints (NS:), Apollo Hospitals (NS:), UltraTech Cement (NS:) and HDFC Bank (NS:) were the top losers.

increased by 1.33%, energy stocks increased by 1.4%, PSU banks increased by 1.88%, metals increased by 1.14%, and NiftyBank decreased by 0.68% to 40099.

FMCG stocks such as ITC Ltd (NS:), Hindustan Unilever (NS:), Dabur (NS:), and Marico (NS:) were the stocks to watch today. All were up by nearly 1%. This is a good indicator for the market. ITC reached a 52-week high of 350.95 before settling at 349.7. Dabur is making a U-turn and getting support at 520 levels, and today closed 1.87% up at 536 levels. Marico is bouncing back from a weekly low of 508 to close at 523.9 levels, up by 1.32%, and A Big Boy Hindustan Unilever (LON:) was also participating in the action and closed marginally up by 0.69% at 2600 levels. The FMCG rally could continue.

Reliance Industries (NS:) is expected to join the party. I had not seen any big action in price movement from last year, but this week I noticed stocks were up 5.48%, which is very positive for the market and the Nifty. Whenever Reliance starts moving up, it always moves 10 to 12% upside. There is still room for It is currently trading at 2500 levels and if 2523 is tested, then we can see the stock moving to the next level of 2607 levels. If this occurs on a positive note and the global market rallies, we can expect major fireworks in the Indian market next week, with the Nifty trading around 17900–18000 levels.

Stock To Watch:- Reliance Industries, Reliance Industrial (NS:) Infra, Hind Unilever, ITC, Dabur, and Marico for the coming week.



Source link

We will be happy to hear your thoughts

      Leave a Reply

      Trade Today
      Logo
      Register New Account
      Reset Password
      Compare items
      • Total (0)
      Compare