Promising Stocks: Bank of Maharashtra, Canara Bank, and Sun Pharma Target 11% Returns
In this article you will get know about some of the promising stocks with great return. “Now is the right moment to shift our focus towards large-cap opportunities and trim our positions in mid-caps. The potential for favorable risk-reward outcomes is leaning towards larger corporations.”
“Nifty’s Impressive Seven-Day Winning Streak”
In a striking display of market strength, the Nifty index has embarked on a seven-day winning streak, marking the most impressive run in 11 weeks. This bullish momentum led to a historic high of 20,000 points on September 11, while the Nifty Midcap and Smallcap indices continued their ascent, hitting fresh record highs.
“Technical Breakthrough and Short-Term Support”
Taking a closer look at the technical analysis, the Nifty’s breakthrough past the previous resistance at 19,991 catapulted it into uncharted territory. This achievement establishes a formidable support range of 19,800 to 19,900 in the short term. (Promising Stocks)
Looking forward, the index appears poised to aim for 20,924, a level aligned with the 100 percent Fibonacci extension resistance. This extension is derived from a swing that commenced at 15,183 in June 2022, reached 18,887 in December 2022, and ultimately climbed to 16,828 in March 2023.
“Strong Market Breadth and Overbought Conditions”
Market breadth remains robust, with more than 91 percent of stocks in the NSE500 index trading above their 200-day moving average (DMA). While this metric indicates overbought conditions, it’s worth noting that throughout the latter part of 2020 and 2021, it consistently remained above 96 percent, suggesting further room for upside potential. (Promising Stocks)
“Opportunities in Large-Capital Promising Stocks”
Recent breakouts in NSE200, NSE100, and Nifty indices signal the possibility of substantial gains in large-cap stocks. A particularly intriguing indicator is the monthly ratio chart comparing the Nifty to the Nifty Midcap 100 index, which has entered an extreme oversold zone. Historically, when this reading reached such levels, the Nifty tended to outperform the Midcap index. (Promising Stocks)
Must read:-
Jobs in Canada 2023: Seize the Opportunity. Know more:-
Given these market dynamics, now is an opportune time for investors to consider shifting their focus towards large-cap stocks, potentially reducing exposure to midcaps and smallcaps. The risk-reward equation currently appears less favorable in the latter categories. (Promising Stocks)
Some hot stock picks to consider in this environment:
- Bank of Maharashtra : This financial institution holds promise for investors, offering potential returns of up to 11%.
- Canara Bank : With its strong fundamentals, Canara Bank is another attractive option, poised for potential gains of up to 11%. (Promising Stocks)
- Sun Pharma : In the pharmaceutical sector, Sun Pharma shines as a compelling choice, presenting an opportunity for up to 11% returns.
“A moment to bolster our presence in large-cap stocks while trimming our exposure to mid-caps. The risk-reward ratio appears less favorable in mid and small-cap sectors.”
Now, shifting our focus to some specific stocks and market events in September 2023:
- JP Power Share Price: Keep an eye on JP Power’s share price for potential developments.
- CDSL Share Price: Monitor CDSL’s share price to stay updated on market trends.
- Ircon Share Price: Stay informed about Ircon’s share price movements.
- Coal India Share Price: Keep an eye on Coal India’s share price for investment opportunities. (Promising Stocks)
- PFC Share Price: Stay updated on PFC’s share price and any market developments related to it.
- GTL Infra Share Price: Keep an eye on GTL Infra’s share price for potential investment opportunities.
- NIIT Share Price: Monitor NIIT’s share price to stay informed about market trends.
- Stock Market Holiday 2023: Be aware of the stock market holiday schedule for 2023.
- Stock Market Holidays in September 2023: Plan your trading activities accordingly with knowledge of September 2023’s stock market holidays. (Promising Stocks)
- Today’s Stock Market Open: Stay updated on the latest stock market opening.
- Praj Industries Share Price: Monitor Praj Industries’ share price for potential investment insights.
As investors navigate these dynamic market conditions, strategic decision-making and staying informed about these key stocks and events will be essential to capitalize on potential opportunities and make informed investment choices.
Note: All these shares are subject to market risk. Read all the neccesary documents carefully before investing.