On September 30, the Indian equity market experienced a downturn, with the Nifty index dropping below 25,850 points. This situation raises concerns among investors as market analysts provide insights suggesting a potential continuation of this trend. Anuj Singhal from CNBC-Awaaz emphasized the significance of today’s market close. He mentioned that if Nifty ends the day near its lows, it could indicate the start of a correction. Conversely, a strong close near the day’s highs could signal an uptrend. Based on this analysis, Singhal has identified several stocks that are expected to show significant fluctuations throughout the trading day.
Key Stocks to Watch
InterGlobe Aviation: A Bullish Outlook
Anuj Singhal is optimistic about the shares of InterGlobe Aviation. He noted that Air Turbine Fuel (ATF) prices have fallen for the second consecutive month, with crude oil prices under pressure. As the festival and travel season approaches, this aviation stock is likely to benefit significantly from increased travel demand, potentially leading to a positive impact on its stock performance.
BSE and Angel One: Positive Sentiment
Singhal also showed interest in the shares of BSE and Angel One. He pointed out that the Securities and Exchange Board of India (SEBI) has not enacted any recent restrictive measures regarding Futures and Options (F&O), which brings temporary relief to brokers. However, there may still be selling pressure at higher price levels, requiring careful monitoring by investors.
Gold NBFCs: Neutral Outlook Amid Regulations
The gold lending sector faces scrutiny as the Reserve Bank of India (RBI) has taken steps to address irregularities in gold loans. A circular has been issued mandating immediate action to rectify any discrepancies. If improvements are not observed within three months, the RBI is prepared to implement stringent measures. Analysts from Jefferies suggest that while stricter regulations may hinder growth, companies like Muthoot and Mannapuram are currently in a solid position. IIFL Finance has also proactively addressed potential issues, minimizing the expected impact. Despite some possible lingering effects, Mannapuram is regarded favorably due to its attractive valuations.
