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June 10, 2024
- As per a technical expert, FIIs cut 94,584 contracts as on Friday and are still short by 1,92,842 contracts. Hence expects a bull party to continue on short covering. Logically, stay long with proper stock selections.
- As per a market veteran, the Sensex and Nifty made record highs, foreign exchange reserves have jumped to an all-time high of USD 651.5 bn. and Chandrababu Naidu, Andhra CM designate, has become a stock market favorite as stocks like Andhra Petro, Avanti Feeds, Godrej Agrovet, Heritage Foods, NCC have strong exposure to Andhra Pradesh. Naidu is known to make speedy reforms and progress.
- Andhra Pradesh Cos. in Focus: Andhra Petro, Andhra Bank, Andhra Sugar, Andhra Paper, Amara Raja Battery, Aurobindo Pharma, Avanti Feeds, Deccan Cement, Godavari Drug, Godrej Agrovet, Heritage Foods, KNR Construction, Likhita Infra, NCL, Nile Ltd., NCC, Natco Pharma, Olectra Green, Pitti Engg., Power Mech, Pennar Inds., Ramky Infra, Sagar Cement, Sree Rayalaseema Hi-strength Hypo, SMS Pharma.
- Infra, Cement and Housing Finance stocks are also in momentum with govt’s likely thrust on Housing. Many IT stocks have given a breakout, Small caps index is up by 2-2.5% auto & pharma indices made record highs, commodities, energy, metals also gained momentum on Friday 7th June 2024. Stock specific buying is likely to continue.
- Retail investors invested more than Rs.21000 cr. on 4th June 2024, the day market tanked by 9% intraday and 6% on closing basis. The investment amount in a single day is mind-boggling. The retail investors as a category has become powerful and can even absorb large selling of the mighty FPIs. It is heartening to see that market has become deep and it doesn’t depend on any category.
- Sensex Data Analysis:
- 1. Sensex is up 2732 points or 3.70% this week to 76693 - Largest one-week point gain since the week ending 5th Feb 2021.
- 2. Up in five of the past seven weeks.
- 3. On Friday, it was up 1618.85 points or 2.16% and set new record close.
- 4. It is up 4614 points or 6.40% over the last three trading days.
- 5. Largest three-day percentage gain since Wednesday, 3rd Feb 2021.
- 6. Up five of the past six trading days.
- 7. Up 22.50% from its 52-week low of 62625 hit Friday, 9th June 2023.
- 8. Up 9.00% from its 2024 closing low of 70370 hit Tuesday, 23rd Jan 2024.
- 9. Year-to-date it is up 4453 points or 6.2%.
- As per astrology view some important turning dates are 10, 13, 21 & 27 June 2024.
- As per market grapevine HCC, Jain Irrigation & NCC is likely to cross its 52 week high in short term. Keep on radar.
- In 21st October MTTs, Techno Ele. recommended at Rs. 514 touched Rs.1535, a gain of 199%. Book full profit.
- In 18th May MTTs, ITD Cementation recommended at Rs.391 touched Rs.448, a life time high, Kabra Extrusiontechnik recommended at Rs.384 touched Rs.422, IRB Infra recommended at Rs.69 touched new high of Rs.78.05 during the week.
- In 25th May MTTs, Cords Cable recommended at Rs.207.50 touched Rs.254 new 52 weeks high.
- Last week in 1st June MTTs, National Fittings recommended at Rs.111 touched Rs.125, Vasundhara Rasayans recommended at Rs.221 touched Rs.242, Anantraj recommended at Rs.385 touched Rs.406 – a new 52 week high, Andhra Petro recommended at Rs.101 touched Rs.111, Gujarat Intrux recommended at Rs.321 touched Rs.371 during the week.
