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Business News/ Markets / Stock Markets/  Buy or Sell: Dharmesh Shah of ICICI Securities recommends buying Infosys and Delhivery stock this week

Buy or Sell: Dharmesh Shah of ICICI Securities recommends buying Infosys and Delhivery stock this week

Buy or sell stocks: Dharmesh Shah of ICICI Securities has recommended two stocks to buy this week - Infosys Ltd and Delhivery Ltd.

Buy or sell stocks: Dharmesh Shah of ICICI Securities recommends buying Infosys Ltd and Delhivery Ltd this week.Premium
Buy or sell stocks: Dharmesh Shah of ICICI Securities recommends buying Infosys Ltd and Delhivery Ltd this week.

Stock Market News: The domestic benchmark indices, the Sensex and Nifty 50, began Monday's trading session lower dragged by information technology (IT), metal, realty, oil & gas stocks and tracked Asian peers as investors await important inflation data from the US, Japan, and Europe for signals on future interest rate changes.

The Nifty 50 opened at 22,169.20 level, down 43.50 points or 0.20%, and the BSE Sensex opened lower by 97.99 points or 0.13% at 73,044.81 level.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 26

 On Friday, the Sensex and the Nifty 50 ended Friday's session flat dragged by selling in information technology (IT), bank, metal, and oil & gas stocks.

The benchmark indices started off Friday's session with minor gains amid positive global cues. For the fifth consecutive session, the Nifty 50 touched a record high. Although the Nifty 50 in the early trade was fuelled by a rise in IT and bank stocks amid the global equity rally, it ended flat amid profit booking.

The 30-share BSE Sensex ended flat by 15.44 points lower or 0.02% at 73,142.80 level while the Nifty 50 closed at 22,212.70 level, down 4.75 points or 0.02%.

Also Read: Stock market today: Sensex, Nifty 50 end flat as IT, bank, metal stocks drag; broader market outperforms

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Analysts highlighted that despite volatility, last week was a dynamic one for the markets, with the Nifty 50 continuously rising and setting new records. The global rally that followed Nvidia's impressive earnings release, which also improved confidence in the domestic market, had a significant impact on the upward momentum.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nikkei’s record high to FPI flows

Domestic Institutional Investors (DIIs) were net buyers, bringing 3,500 crore into the market last week, while Foreign Institutional Investors (FIIs) continued to be net sellers, with an outflow of about 1,940 crore.

"Looking ahead, as we approach the February month Futures and Options (F&O) expiry alongside the MSCI rebalancing scheduled for Thursday, we anticipate heightened volatility. Several macroeconomic indicators from both domestic and global fronts will play crucial roles. In the US, GDP numbers and initial jobless claims will impact bond yields. Moreover, our own Q3 GDP figures slated for release on February 29th and monthly auto sales data on March 1st will be closely watched.

Besides institutional flows, factors such as the movement of the dollar index, US bond yields, and crude oil prices will also influence market dynamics," explained Santosh Meena, Head of Research, Swastika Investmart Ltd.

Also Read: Wall Street week ahead: Investors to review big earnings, economic data

Share Market Tips For This Week

The index witnessed a resolute breakout from the past five week's consolidation and recorded a fresh all-time high of 22,297. The consolidation breakout, supported by a faster pace of retracement (as the past four week's decline got retraced in just a single week), coupled with buoyant global cues as US, Japan indices hit new highs, signifies the resumption of an uptrend that makes us reiterate our positive bias and expect Nifty 50 to head towards 22,700 in the coming week’s. We believe bouts of volatility from hereon owing to global development would offer incremental buying opportunities, said Dharmesh Shah, Assistant Vice President (AVP), ICICI Securities.

Thereby, dips should be capitalised to accumulate quality stocks as strong support is placed at 21,800, advised Shah.

The Bank Nifty has resolved out of four week’s base formation above 200 days EMA. We expect Bank Nifty to lead the next leg of the up move and head towards 47,500 in the coming weeks, wherein strong support is placed at 45,800 as it is 100 days EMA.

Stock Recommendations by Dharmesh Shah

On stocks to buy this week, Dharmesh Shah recommended two stocks:

Buy Infosys Ltd in the range of 1,670-1,710 for the target of 1,920 with a stop loss of 1,598.

Buy Delhivery Ltd in the range of 454-470 for the target of 540 with a stop loss of 437.

Also Read: Stock market holidays in March 2024: BSE, NSE to remain closed on these day; check full list

Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 23/02/2024 (preceding date) or have no other financial interest and do not have any material conflict of interest.

The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 26 Feb 2024, 10:00 AM IST
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