Irrespective of the record rise in Covid-19 cases in India, Indian indices have managed to witness upside move because of the strong company results, say experts
Stocks to buy today: Amid soaring Covid-19 cases in India, Dalal Street has managed to witness some upside movement in the last few trade sessions. According to experts, the stock market is currently moved by two major triggers — number of fresh Covid-19 cases and company results. They said that recent rise in the markets can be attributed to the strong quarterly numbers announced by various companies. They advised investors to continue with the stock specific trade and recommended SBI Card and Atul Limited shares to buy today for immediate short-term gains.
Speaking on which shares to buy in current market scenario Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Irrespective of the record rise in Covid-19 cases in India, Indian indices have managed to witness upside move because of the strong company results. If the number of Covid cases continue to rise then we can again witness some fresh weakness in the market as currently market is following two triggers — number of fresh Covid-19 cases and company results. So, I would advise investors to continue with stock specific trade." Gorakshkar advised investors to buy SBI Card and Atul Limited stocks to buy when the stock market opens today as fundamentals of both companies are looking strong and any dip in these ‘quality stocks’ should be seen as buying opportunity.
Speaking on SBI Card and Atul Limited shares, "SBI Card is in credit card business which has limited competitors after HDFC. In the wake of Copvid-19 spread, digital payment is expected to further grow and SBI Card can be one of the major beneficiaries of this post-Covid development. Similarly, Atul Limited is in chemical specialty business and the sector is also gaining traction during Covid-19 pandemic spread. So, I would advise investors to buy these two stocks for immediate short-term gains."
Unveiling the trade strategy in regard to SBI Card share price Mudit Goel, Senior Research Analyst at SMC said, "One can buy SBI Card shares at current market price for the target of ₹1,040 for immediate short-term time-horizon." However, Goel advised strict stop loss at ₹960 if someone takes buy position in the SBI Card stock. On Thursday, SBI Card stock price at NSE had closed at ₹991 per stock levels.
On what should be the ideal trade strategy in regard to Atul Limited share price Rohit Singre, Senior Technical research Analyst at LKP Securities said, "One can buy Atul Limited shares at current market price for the target of ₹9,000 maintaining the stop loss at ₹8,000." On Thursday, Atul Limited stock price at NSE had closed at ₹8380 per stock levels.