Relaxo, Zydus Wellness among top 5 stocks which could
turn multibaggers:
We believe that superior returns in the near term would come from structural growth stories largely from identified spaces like consumption, financials, and auto/auto ancillary space, Gaurav Dua, Head of Research, Sharekhan, said in an exclusive interview with Moneycontrol’s Kshitij Anand.
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Q) RBI’s MPC raised interest rates for the first time in the last 4-1/2 years. What is your house view?
A) RBI hiked policy rates by 25 bps with neutral stance which might slightly differ from our expectations. The measures announced to boost credit growth and housing sector are positive highlights from the policy meet. Likelihood of the inflationary pressures and weakness in the rupee seems to have influenced the rate hike decision.
Nifty to face resistance at 10,770; 5 stocks that could return 10-12% in the short term;
The Indian stock started Wednesday on a positive note and remained in the green throughout the session. The index had formed a Hammer shaped candle on Tuesday which indicated bullishness. This continued into Wednesday’s trading session.
On the daily chart, the index seems to have found support at the lower band of the rising wedge which led to a 100 points rally. The trend looks positive as the Nifty managed to float above its 50-day exponential moving average (EMA).
Momentum indicator moving average convergence divergence (MACD) witnessed a bullish crossover and is currently hovering above the signal line. The relative strength index (RSI) is in a bullish crossover with no visible divergence on the daily chart.
Going forward, the bias is looking slightly on the positive and the upmove can extend towards 10,770. A conclusive move above 10,770 may result in a movement towards 10,910 levels. At the lower end, support is visible at 10,550, below which the current short term uptrend may reverse.
