Friday’s up move in nifty might make some think that correction is over, but if one looks at the intra day move, the fall from high of the day, where nifty lost half of its gains indicates that possibility of bulls might still face obstacles. In such conditions, it would be better to add the words like portfolio rejig, caution, fundamentals and valuations to one’s thought process while buying stocks. Probably, rejigging the portfolio would be a better option. Refinitiv’s Stock Report Plus which lists stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or “strong buy”.
After leading the correction last week heavyweights like HDFC, ICICI bank and conglomerate Reliance have shown signs of stabilization. What would be worth watching is whether in coming trading sessions, the market once again comes under pressure or we go back to the same trend where midcaps move on their own path without bothering what is happening to Nifty. Having said that, given the fact that valuations are still expensive, before buying any
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