Tue, Feb 27, 2024 12:39 PM
HFCL shares scale 52-week high on Rs 40.36-crore purchase order
A Flip by Shubhangi Gupta
Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields. With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a total outflow of Rs 15,827 crore in 2024 so far.
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On the structural front, all Major indices including Nifty 50, Bank Nifty, Midcap, Small Cap have approached their 200 days EMA amid oversold conditions. Over past two years, on multiple occasions, mean reversion towards 200 days EMA resulted into technical pullback. 📌This week, Buy Larsen & Toubro in the range of 3,530-3,630 for the target of 4,060 with a stop loss of 3,340.
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Eight of the top-10 most valued firms together lost Rs 1,65,180.04 crore from market valuation in a holiday-shortened last week, with HDFC Bank and State Bank of India taking the hardest hit in line with a weak trend in equities. Last week, BSE benchmark Sensex fell by 1,906.01 or 2.39 per cent. Equity markets were closed on Friday for Guru Nanak Jayanti.
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