Market expert Raghvendra Singh on Wednesday said 22,800 would act as a strong support for Nifty50. "Ahead of the Union Budget 2025 presentation due on Saturday (February 1, 2025), there could be some volatility in the market. Post-Budget, there may be a relief rally towards 24,000 level. We can expect some good news for the water-based management and banking sectors," he told Business Today.
When asked about Suzlon Energy shares, Singh said the stock has seen a huge selling pressure, trading around Rs 52-53 levels at present. "It is time to buy and hold this counter with a stop of Rs 48. The entire renewable pack is mostly in the oversold zone and we can expect some bounce back," the market specialist stated. Suzlon shares jumped 5 per cent to hit an upper circuit level of Rs 52.76.
In response to the combined query on Dixon Technologies (India) Ltd and Kaynes Technology India Ltd, Singh said, "Valuations are still high for both these stocks. Don't buy and invest for the long term as we can see more downside in the near term. It is better to wait till the Budget. We will get a good opportunity to buy these stocks at lower levels." Dixon shed 0.02 per cent to trade at Rs 14,580.05 while Kaynes was up 6.03 per cent at Rs 4,947.75.
For Cipla Ltd, the market expert suggested the counter looked good on charts. "Investors can buy this stock at current levels. It has corrected from Rs 1,700 levels. Keep stop loss of Rs 1,340-1,350 for an expected target of Rs 1,600," he said.
Singh also liked Sun Pharmaceutical Industries Ltd from the pharma segment. "The counter looked good on charts. One can buy the stock with a stop loss of Rs 1,600 and hold it for upside targets of Rs 1,900-2,000 by this month-end," the expert stated. Sun Pharma shares were up 1.76 per cent at Rs 1,736.
Meanwhile, Indian equity benchmarks continued their sharp upmove for the second straight session, led by gains in technology, financials, metals and automobile stocks. Broader indices (mid- and small-cap shares) were also positive.
18 out of the 19 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty Financial Services, Nifty Metal and Nifty Auto were outperforming the NSE platform by rising as much as 2.39 per cent, 1.56 per cent, 1.67 per cent and 1.37 per cent, respectively. In contrast, Nifty FMCG slipped 0.49 per cent.
The overall market breadth was strong as 2,914 shares were advancing while 1,032 were declining on BSE. 98 stocks were unchanged.