Finance
Sagar Doshi of Nuvama recommends buying these three stocks tomorrow
Stock Market News: The Indian stock market benchmark indices, Sensex and Nifty 50, began the financial year 2024-2025 on a positive note. Both the frontline indices gained over a percent in the month of April.
On Tuesday, the domestic equity indices succumbed to fag-end selloff and ended lower for the day. The benchmark Nifty 50 and Bank Nifty hit their record high on April 30.
The Sensex ended 188.50 points, or 0.25%, lower at 74,482.78, while the Nifty 50 settled 38.55 points, or 0.17%, lower at 22,604.85.
Investors now watch out for the US Federal Reserve meeting outcome for further clues on interest rate cuts.
The Indian stock market is closed on Wednesday, May 1, on account of Maharashtra Day.
Read here: Share market holidays 2024: Is Indian stock market closed on 1st May?
Nifty 50 Outlook by Sagar Doshi
Nifty hit a fresh all time high on the last trading day of calendar month – April 2024 ending with MTD gains of 1.24%. A huge round of short covering was seen on index futures from the FII desk, where they cut the short position from 99,000 to less than half of 45,000 contracts.
Initial targets of 22,700+ have been complete and Nifty could consolidate between 22,550 and 22,800 for this truncated week. Any breakdown below 22,550 is likely to allow further negative views on the index. For now a range bound view is likely to play out for the week to come while broader markets are likely to steal the show on the buying front, said Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group.
Also Read: April Market Review: Nifty 50 soars for 3rd straight month, gains 1.2%; metal index top performer
Bank Nifty Outlook
Bank Nifty dropped close to 750 points from its intraday highs in the last hour of trade on Tuesday, negating its outperformance of this week over the Nifty. Yesterday’s price action suggests that an underperformance of Bank Nifty over the Nifty is likely to continue for the next couple of trading sessions which is likely to drag the index lower towards 48,600 odd, Doshi said.
Erosion of futures premium in the start of fresh derivative series is also suggesting some cool off on long positions for the index. Bank Nifty has also completed its Fibonacci Extension targets of 49,800 and faced rejection from the same. All of these point towards an underperformance for the coming week on the index, he added.
Also Read: Stocks to buy or sell: Sumeet Bagadia recommends 5 breakout stocks for tomorrow
Top Stock Recommendations by Sagar Doshi
On top stock recommendations, Sagar Doshi has recommended three stocks for tomorrow – L&T Finance, Prestige Estates Projects and Lupin.
L&T Finance | BUY | Stop Loss: ₹161.00 | Target: ₹179.00
L&T Finance shares witnessed a change in trend early 2023 as the stock gave a breakout from the trendline active since the all-time high. Since then, all swing breakouts have resulted in a favorable trade. L&T Finance stock has also been an outperformer in the sector. A swing breakout with a rise in volumes indicates the reinforcement of bullish momentum.
Prestige Estates Projects | Buy | Stop Loss: ₹1,330 | Target: ₹1,475
Prestige Estates Projects shares have registered a fresh all time high close for itself. Momentum indicator has also crossed its previous swing high indicating bullish momentum in the stock.
Lupin | Buy | Stop Loss: ₹1,587.00 | Target: ₹1,760
Lupin share price ended its 1 month consolidation as prices closed above ₹1,640 for the first time since mid-March. A positive cross over in momentum indicator affirms this bullish swing is likely to continue further.
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 making any investment decisions.
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Published: 01 May 2024, 08:08 AM IST
Hong Kong’s finance chief has pledged to further integrate financial services with technology innovation to foster a thriving ecosystem, following a surge in investor interest in artificial intelligence-related stocks during the first trading day of the year.
Financial Secretary Paul Chan Mo-po on Sunday also emphasised Hong Kong’s role as an international capital market in fuelling the growth of frontier mainland Chinese tech firms with the city’s funding and liquidity.
“We welcome these enterprises to list and raise capital in Hong Kong and also encourage them to settle in the city to establish research and development (R&D) centres, transform their research outcomes, and set up advanced manufacturing facilities,” Chan said on his weekly blog.
“We support them in establishing regional or international headquarters in Hong Kong to reach international markets and strategically expand across Southeast Asia and the globe.”
The Hang Seng Index kicked off 2026 with a bang, surging over 700 points – a 2.8 per cent jump that marked its strongest opening since 2013.
Innovation and technology giants spearheaded the rally, with the Hang Seng Tech Index soaring 4 per cent as investor appetite for AI-related stocks reached a fever pitch.
It’s the time of year where optimism is running high. We don’t need to be the person we were last year, we can be a shiny new version of ourselves, who is good with money and on track in every corner of our finances. Sadly, our positive outlook doesn’t always last, but with 63% of people making financial resolutions this year, it’s a chance to turn things around.
The key is to make the right resolutions, so here are a few tips to help you make the most of your money in 2026.
The problems that you know about already will spring to mind first.
Research by Hargreaves Lansdown revealed that renters, for example, are the most likely to say they want to spend less – and 23% of them said this was one of their resolutions for 2026. We know rental incomes are more stretched than any others, and on average they have £39 left at the end of the month, so it’s easy to see why they want to cut back.
However, they also struggle in all sorts of areas of their finances. So, for example, fewer than a third are on track with their pension. However, only 11% of them say they want to boost their pension this year.
Read more: The cost of staying loyal to your high street bank
It shows that your first resolution should always be to get a better picture of your overall finances – including using a pensions calculator to see whether you’re on track for retirement.
It’s only when you have a full picture that you can see what you need to prioritise.
Drawing up a budget is boring, and it may not feel like you’re achieving anything, but, like digging the foundations of a building, if you want to build something robust you can’t skip this step.
Make a list of everything coming in and everything you’re spending. Your current account app and the apps of the companies you pay bills to will have the details you need, and a budgeting app makes it easy to plug all the details in.
From there, consider where you can cut back to free up a chunk of money every month to fund your resolutions.
Younger people, aged 18-34, are particularly likely to fall into this trap. The research showed that 40% wanted to save more, 22% to get on top of their finances, 21% to spend less, 19% to pay more into investments, 19% to start investing, 15% to pay off debts and 14% to put more into their pension.
Given that at the start of your career, money tends to be tighter anyway, there’s a real risk that by trying to do so much, you might fall short on all fronts.
It helps to set yourself one realistic goal at a time.
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