The Indian market has been on an upward trend, rising 1.26 percent in July so far after a 6.5 percent surge in June. Overall in 2024 year-to-date (YTD), the index has rallied almost 12 percent.
The recent upswing in the Indian stock market owes much to renewed investor confidence after the Modi-led NDA government secured a third consecutive term. This political stability has instilled optimism by ensuring continuity in policy direction and economic reforms. Furthermore, increased foreign investor inflows, alongside favorable macroeconomic indicators and improving global economic conditions, have contributed to the positive market sentiment. Together, these factors have boosted investor confidence and contributed to the recent buoyancy in Indian equities.
With India's promising economic outlook and a surge in retail investor participation, experts anticipate that the unprecedented rally in the Indian stock market could persist.
Keeping in mind the recent uptick in the Indian market with a focus on the upcoming Budget and the June quarter earnings, brokerage house Anand Rathi has come out with 2 'emerging picks' for July 2024 with a time horizon of 30-90 days. Let's take a look.
"After a staggering rally from 800 towards almost 1200 zone the stock CONCOR underwent a massive crack during election results. Then the stock found support around 900 and bounced back sharply and again we witnessed a corrective move. As of now, the stock is turning from the ICHIMOKU support on a daily scale with a reversal candlestick pattern. Thus, we advise traders to go long in the stock in the range of 1050 – 1040 with a stop loss of 965," recommended the brokerage.
The stock has gained over 53 percent in the last one year and 23 percent in 2024 YTD. It hit its record high of ₹1,193.95 last month and is currently 11 percent away from peak. However, it has jumped 64 percent from its 52-week low of ₹646.50, hit in August 2023.
"IDEAFORGE had a fantastic listing above 1300 during the year 2023 and then there was a price erosion of over 50 percent. Recently we witnessed a falling trend line breakout along with higher top formation. After a breakout, the pattern resembles a bullish FLAG. Thus, we advise traders to go long in the stock in the range of 840 – 830 with a stop loss of 770," advised Anand Rathi.
Listed on July 7 last year, the stock has gained almost 24 percent from its IPO price of ₹672. Meanwhile, it has been completely flat in 2024 YTD. It hit its record high of ₹1,344 on its listing day and is currently 38 percent away from the peak. However, it has jumped over 34 percent from its 52-week low of ₹618.05, hit in June 2024.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
