Global Markets Remain Cautious as Central Bank Meetings Loom

Global Markets Remain Cautious as Central Bank Meetings Loom
Global Markets Remain Cautious as Central Bank Meetings Loom
Global Markets Remain Cautious as Central Bank Meetings Loom
Global Markets Remain Cautious as Central Bank Meetings Loom

Global Markets Remain Cautious as Central Bank Meetings Loom

Global Markets Remain Cautious as Central Bank Meetings Loom.

The Sensex and the Nifty, India’s domestic market benchmarks, started the week on a negative note, echoing the cautious sentiment seen in other major Asian markets. Investors around the world are treading carefully ahead of a week filled with central bank meetings, including the Federal Reserve’s announcement on Wednesday, the Bank of England’s outlook on Thursday, and the Bank of Japan’s decision on Friday.

Rate Hikes May Have Peaked, But Inflation Persists

Across the globe, there is growing anticipation that central banks may have reached their peak in terms of interest rate hikes, suggesting a period of stability ahead. However, inflation continues to linger above central banks’ targets in many countries, reminding us that the battle against rising prices is far from over.

Last Thursday, the European Central Bank (ECB) made headlines by raising its key interest rate to an unprecedented 4 per cent. Despite this bold move, the ECB signaled that this might be their final rate hike, marking the culmination of a 14-month-long fight against inflation in the Eurozone.

Analysts Offer Guidance Amidst Market Volatility

Market analysts are cautiously optimistic about the medium to long-term prospects of the domestic market. Nevertheless, they anticipate short-term volatility and advise investors to take a stock-specific approach. Several experts recommend considering the following nine stocks over the next three to four weeks due to their strong technical performance.

Gaurav Bissa’s Stock Picks

  1. Wipro: Target price ₹470 | Stop loss ₹425
  • Nifty IT sector shows strength and consistency.
  • Wipro displays signs of a breakout from consolidation.
  • Stock comfortably trading above major moving averages.
  1. UCO Bank: Target price ₹44 | Stop loss ₹38
  • PSU banks continue to outperform.
  • UCO Bank witnesses bullish flag breakout.
  • Strong volumes and a bullish MACD crossover suggest an uptrend.
  1. BCL Industries: Target price ₹600 | Stop loss ₹520
  • Consistent higher highs and higher lows formation.
  • Breakout from a bullish cup and handle pattern.
  • Bullish MACD crossover and RSI strength hint at an upcoming uptrend.

Vaishali Parekh’s Stock Picks

  1. REC: Target price ₹280 | Stop loss ₹238
  • Stock finds support near ₹240 after retracement.
  • RSI indicates a potential reversal and strength.
  • Suggested target of ₹280 with a stop loss at ₹238.
  1. Kotak Mahindra Bank: Target price ₹1,990 | Stop loss ₹1,720
  • Strong base near ₹1,750 and a decent pullback.
  • RSI on the rise indicates immense upside potential.
  • Recommended buying with a target of ₹1,990 and a stop loss at ₹1,720.
  1. Railtel Corporation of India: Target price ₹255 | Stop loss ₹215
  • Signs of improvement and rising volume participation.
  • RSI easing from overbought levels and well-placed.
  • Suggested buying with a target of ₹255 and a stop loss at ₹215.

Jigar S. Patel’s Stock Picks

  1. Greenpanel Industries: Target price ₹450 | Stop loss ₹355
  • Recent breakout on a weekly scale.
  • Trading above major daily exponential moving averages.
  • Weekly RSI rebounding from 50 levels suggests a bullish bias.
  1. Punjab National Bank (PNB): Target price ₹90 | Stop loss ₹61
  • Clean breakout on a monthly scale with significant volume.
  • Monthly RSI above 70 indicates a bullish bias.
  • Suggested buy zone of ₹72-74, with a target of ₹90 and a stop loss at ₹61.
  1. Aarti Industries: Target price ₹600 | Stop loss ₹470
  • Clean breakout from a two-month consolidation zone.
  • Strong support near ₹475.
  • Daily stochastics above 80 levels hint at a bullish bias.

As always, it’s important to note that these recommendations are the opinions of individual analysts and experts, and investors should conduct their own research or consult certified experts before making any investment decisions.

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