Market Outlook for Jan 2024 by Rakesh Pujara

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During the second week of January Nifty regained the loss of the first week and was up by 184 points (+0.85%). The up move was played by 2 bellwether stocks of Nifty via. Reliance Industries and Infosys. Every week newer stocks are coming to party and lifting the spirit of markets leading to a positive mood and momentum.
The sectors we expect to do well are as below:
1. Nifty Realty
2. Nifty Oil and Gas
3. Nifty Infra
4. Nifty Auto
5. Nifty Public Sector Enterprises
6. Nifty IT

Our picks of the last week were:

Gail
Coal India
DishTv
DLF
Hero Moto Corp

Hero Moto Corp and DLF were up 9.9% and 6% respectively.

We continue to be bullish on the rest of the picks, and our picks of the next week are as below:

Tata Consumer
Sun Pharma
HCL Tech
GAIL
Coal India

Conclusion:

Though we are overall bullish in the markets, a small correction may be healthy. We should stagger our purchases systematically to avoid pain in market corrections. International markets are stable and in a mild corrective phase, gold and silver are retracing their gains as we write this. USD/INR is very stable, India VIX 13.1 suggesting a benign environment. The dollar index (DXY) bounced back from 100.5 to 102.439 which is slightly bearish for emerging markets in general and metals in particular. The result season has started with a positive result and commentary from Infosys and Wipro. Hence we expect Nifty to continue to scale new highs in the times ahead.

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Please Note that Some of the Strong Stocks shown in the List could already be Long under our Smallcase (cwa.smallcase.com) & Advisory Services, the list is not the recommendation to buy at current level.

Rakesh Pujara

Rakesh likes to look at long term trends and takes into account a number of factors such as global macro, fundamentals and technicals. In 2013, after he became the CEO at Naman, he established the algo trading desk which is very close to his heart. It contributed a major portion of the revenue of the prop trading desk. Inspired by the results in the algorithm desk, he formed his own company Viz. Compounding Wealth Advisors LLP which is a SEBI registered Investment Advisor & is in the business of advising clients on generating all weather, absolute alpha generating risk adjusted returns.

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