Stocks To Buy: Shares Which Have Ganesha's Blessings

According to the BSE website, bseindia.com, trading on the NSE and BSE will be suspended on Tuesday in observance of Ganesh Chaturthi. Due to the fact that Ganesh Chaturthi 2023 falls on September 19, 2023, trade in the equity, equity derivative, SLB, and currency-derivating segments will be suspended.

The market reached a new record high this month and has subsequently returned favourably since the last Ganesh Chaturthi, with the Nifty50 up 14.39% and the Mid-Smallcap rising 30% on the back of stable macro-economic conditions, easing inflation, healthy corporate earnings in Q1FY24, and strong liquidity flows. On the occasion of Ganesh Chaturthi 2023, Sumeet Bagadia, Executive Director at Choice Broking believes Hero Motocorp have the blessings of lord Ganesh this year and may hit a fresh 52-week-high as the brokerage has set a target price of Rs 3400/3490.

Hero Motocorp Share Price Target

Sumeet Bagadia, Executive Director at Choice Broking has recommended to buy Hero Motocorp at Rs 3100 and up to Rs 3000 for the target of Rs 3400/3490.

HEROMOTOCO has formed a bullish rounding bottom pattern on daily chart, indicating the potential continuation of a bullish trend. The price recently broke out above the resistance level of 3090, marking a significant breakout point. This breakout is a positive signal for investors, suggesting that the stock has room for additional upward movement.

HEROMOTOCO is currently trading above key Exponential Moving Averages (EMAs), including the 20-day. 50-day, 100-day, and 200-day EMAs, which underscores its bullish momentum and the potential for ongoing upward price movement. Additionally, the Stochastic RSI is displaying a positive crossover, indicating strength in the stock. The ADX (Average Directional Index) is at 16 and is trending upward, signifying momentum in the stock. These technical indicators collectively support the bullish outlook for HEROMOTOCO and suggest that the stock may have the potential for further gains in the near term.

Market Outlook This Week

Milind Muchhala, Executive Director - Julius Baer India said, "The Indian equity markets are experiencing a robust momentum, with key index heavyweights recently joining the rally. However, caution is advised, especially in the small and microcap segments. The overall market conditions appear favorable, with stable macro-economic indicators, easing inflation, healthy corporate earnings in Q1FY24, and strong liquidity flows, including domestic investments through SIPs. But there are potential sources of intermittent volatility, such as the US Fed's actions, rising commodity prices (especially crude oil), uncertain monsoon impact on crop production, upcoming state elections, and soft rural consumer demand."

"FII flows, while previously robust, have started tapering off, possibly due to India's outperformance among emerging markets and potential US Fed rate hikes. It's important to remain slightly conservative as corrections can be swift. Favoring large cap and larger midcap names is suggested, while profit-taking in stocks (especially momentum ones) that have surged recently may be prudent. Despite intermittent corrections, the overall positive outlook for Indian markets remains, driven by economic growth, strong corporate earnings, robust expected inflows, and valuations in line with historical averages. Interim corrections should be viewed as opportunities to increase equity exposure for long-term investors," said Milind Muchhala.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.