Stock Recommendations and Market Outlook: Nuvama's Sagar Doshi Highlights Max Financial, Birlasoft, and Quess Corp

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Posted by pallavi on 2024-11-29 17:44:42 |

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Top Stock Recommendations: Sagar Doshi of Nuvama recommends Max Financial Services, Birlasoft, and Quess Corp for July 24.

Stock Market Update: On Wednesday, domestic benchmark indices, the Sensex and Nifty 50, started slightly lower as sentiment remained negative following the government's hike in tax on equity gains. At 9:15 IST, the Nifty 50 was down 0.14% at 24,444.95, and the Sensex fell 0.11% to 80,343.38.

With the hike in short-term capital gains (STCG) taxes and a slight increase in long-term capital gains (LTCG) taxes now in effect, investors are advised to focus on companies that can generate higher returns, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. FMCG stocks, such as ITC and United Spirits, are considered favorable from a value perspective in the current market environment. The budget, he notes, strengthens the "India expansion story" through sound financial management.

Nifty 50 Outlook by Sagar Doshi: After absorbing the volatility from the budget and the hike in tax rates, the Nifty 50 ended flat following a 2% intraday swing. With most losses being absorbed, the index is expected to target the 24,670 to 24,840 range on the upside, with support now at 24,250. Any dips below 24,400 are likely to attract buying interest for fresh long positions. The 20-day exponential moving average is expected to act as a dynamic support.

Bank Nifty Outlook: The Bank Nifty's range has shifted lower to 51,000 – 52,550, down from the previous 52,000 – 53,000 range. The index has underperformed the Nifty 50 for the past two weeks, and this trend is likely to continue. Any rise in the range of 52,000 to 52,250 is expected to face selling pressure, with targets of 51,600 and 51,200. The ongoing underperformance of Bank Nifty will likely end only with a close above 52,600.

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