Markets: Reliance Industries, ACC to ICICI Bank, here are 3 bullish stocks for the day
The average pattern on the daily chart which is negative for all three stocks. We recommend selling ACC, ICICI Bank and Reliance Industries
Bull market or bear market?
Looking at market conditions, we strongly believe bear phase will continue.
Stocks likely to be in limelight?
The average pattern on the daily chart which is negative for all three stocks. We recommend selling ACC, ICICI Bank and Reliance Industries.
Sectors likely to impact market?
Metals, Infra, cement, Auto, IT and oil & Gas are likely to be affected.
Your mid-term view?
Over midterm, the markets seem to be continued to be haunted by the bear with the Reserve Bank of India (RBI) set to hike rates, weakening rupee and increasing oil prices coupled with weaker core sector growth will lead to the inherent weakness in the system.
What drove markets on Wednesday?
Rupee hitting the fresh low of 73.41 against the US dollar and oil crossing the mark of $85/barrel were the major reasons. However, the infrastructure growth numbers of August also showed a decline in growth rate. Most of the Asian markets had hit a low on Wednesday owing to concerns regarding the US-China trade war, US -Mexico-Canada bilateral agreement and Italy's budgetary woes.
By, Rahul Sharma, senior technical research analyst, Equity99