Indian benchmark indices BSE Sensex and NSE Nifty 50 were trading marginally higher on Tuesday. While Sensex was trading near 60,110, the broader Nifty was trading above 17,750 as of 10:30 am.
Year-to-date, Nifty is down 2%, while Sensex is down 1.75%. Meanwhile, Bank Nifty has fallen nearly 1% so far in 2023. Both Nifty and Sensex have gained momentum and rallied more than 4% in the last one month.
With global macro headwinds making it tough for the stock market to enter a new bull orbit amid global macro headwinds, Nifty is left swinging between the two extreme themes of buy-on-dip and sell-on-rise as investors are looking for opportunities amid Q4 earnings pouring in.
The important question in the near-term is whether the current rally can sustain. "The answer will depend largely on global cues since the market needs support from global markets, particularly from the mother market US," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Brokerage firm Axis Securities sees 50% upside in V-Mart Retail shares. It has put a 'buy' call on the stock with a target price of Rs 3,300. The stock which rallied 50% and 48% in 2021, 2020 respectively, fell 23% last year and 22% YTD.
According to analysts at Axis Securities, Praj Industries share price may jump 56% to Rs 550 in 12 months. The brokerage has a 'buy' rating on the stock. In the last one month, Praj Industries shares have rallied around 14%. However, the stock is down 1.24% YTD.
Axis Securities also sees a nearly 60% upside in GR Infraprojects shares. The company has recently seen good order inflows, and analysts are bullish. The brokerage has a ' buy' call on the stock with a target price of Rs 1,550. GR Infraprojects share price has tumbled 16% YTD.
Dixon Technologies shares may also rally up to 48% in the next one year, according to Axis Securities. The brokerage has a 'buy' call on the stock with a target price of Rs 4,285 per share. So far this year, Dixon Technologies shares have plunged 25%
Axis Securities sees up to 49% rally in Affle India shares in the next 12 months. The brokerage has assigned a 'buy' tag to the stock with a target price of Rs 2,450. So far this year, Affle India shares have fallen 15%.
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