Indian Market Bounces Amid Global Volatility: IDFC, PVR, Titan in Focus
The Indian stock market has been in the green for three consecutive sessions, with the Nifty 50 rising about 0.40% to reclaim the 23,360 mark on Friday, September 18.
Ajit Mishra, SVP of Research at Religare Broking, notes that despite major global central banks raising interest rates this month due to concerns about inflation driven by oil prices, market sentiment remains cautious due to the ongoing US-Iran conflict and the risk of a rebound in oil prices.
Mishra advises a selective and hedged approach rather than aggressive positioning due to market volatility. He points out that IDFC First Bank's share price has witnessed a strong V-shaped recovery from ₹58 to the ₹87 zone, highlighting underlying price strength and resilience.
The stock is currently trading at elevated levels and forming a base near the neckline of a broader cup-and-handle formation, which could trigger a strong up move if sustained. PVR INOX has staged a strong recovery from ₹950 and reclaimed its key long-term moving average, the 200-WEMA, indicating renewed buying interest.
Mishra recommends that investors look for momentum-led accumulation in PVR INOX while adhering to the mentioned levels. In contrast, Titan Company is showing early signs of exhaustion after a strong rally from ₹3,960 to ₹5,186, with weakening momentum and a possible decline ahead, according to Mishra.