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Stocks To Buy: 6 Large Cap, 8 Mid-Cap Preferred Stock Picks As Given By ICICI Direct
Indices have come knocking down in trade today as was widely expected due to the inflationary pressure i.e. reeling over the US and world over. At the time of writing this copy, Nifty is down at 15759, after falling by a huge over 440 points or 2.7%. Still more pressure is seen on the broader markets. Nifty Bank on the other hand has tumbled by over 1100 points.
Meanwhile, in its Momentum picks report, ICICI Direct -the leading brokerage has come out with its preferred large cap and mid-cap picks:
Preferred large and mid-cap picks as listed by the brokerage
"In large caps, we prefer Reliance Industries, Infosys, Coal India, SBI, ITC, Maruti Suzuki while in midcaps we prefer Concor, Trent, BEL, Bayer Cropscience, CUB, Automotive Axles, Varun Beverages, Sanghvi Movers", mentions the brokerage.
Technical outlook
"The formation of lower peak and trough signifies prolongation of corrective bias. However, strong support for the Nifty is placed at 15700. Key point to highlight over past three months is that, index has managed to hold the key support threshold of 15700 on multiple occasions, despite elevated global volatility. Going forward, for sentiment to revive, index needs to form higher high-low on weekly timeframe along with improvement in market breadth. In the process, volatility would remain high ahead of US FOMC meet", notes the brokerage firm.
"Sectors like IT, Auto, Energy could provide support for the index at lower levels amid oversold conditions. Meanwhile, pullback in metal index remain short lived amid weak price structure", adds the brokerage.
Nifty Bank-Technical Outlook
On expected lines the Nifty Bank index took a heavy beating. Brokerage giving the technical outlok mentioned that "going ahead, the index is expected to extend the current corrective consolidation amid lack of faster retracement in either direction in the broad range of 33000-35500 ahead of US FOMC meet. Index holding above the key support area of 33000 would keep pullback options open from daily oversold territory. The index has key support around 33000 levels.
Disclaimer
The stock recommendation and preferences highlighted in the report are those of the brokerage. Nevertheless the story should not be taken as an investment advice into these stocks.
