Staying with winners! Nearly 40 stocks rose 30-60% as Sensex rallies from 33000-34000

Almost 40 stocks rose in the range of 30 percent to 60 percent from October 25 to December 22nd, 2017 which include names like 8K Miles (up 67%), Minda Industries (up 62%), Praj Industries (up 59%), Polaris Consulting (up 59%), HEG (up 49%) etc. among others.

The S&P BSE Sensex created history on Tuesday as it surpassed Mount 34000 for the first time to hit a fresh record high of 34,005.37 while the Nifty50 rose to a lifetime high of 10,515.10.

The S&P BSE Sensex rallied from 33000 on October 25 to 34000 on 26 December, a rally of 1000 points or nearly 3 percent. But, as many as 347 stocks have positive returns in the similar period up to 60 percent in the S&P 500 index.

Almost 40 stocks rose in the range of 30 percent to 60 percent from October 25 to December 22nd, 2017 which include names like 8K Miles (up 67%), Minda Industries (up 62%), Praj Industries (up 59%), Polaris .

  

But, not every stock rallied. As many as 153 stocks gave negative return up to 26 percent in the S&P 500 index from the period 25 October to 22nd December 2017 which include names like Bank of Maharashtra (down 26 percent), Bharti Infratel (down 19 percent), OBC (down 17 percent), Central Bank of India (down 17 percent), SREI Infra (down 16 percent) etc. among others.

The index rose above Mount 33000 with a gap on 25 October and since then it has been a turbulent run for the index. The index created two bottoms 15 November and 6th December before bouncing back which closely resembles a double bottom structure.

The index is now trading above its key short-term moving averages and looks set to hit fresh record highs in the year 2018.

A poll conducted by the Moneycontrol.com highlighted that index is on track to hit fresh record highs up to 37000-38000, but the important part is that 34000 could be the base for markets.

As many as 62 percent of the poll respondents feel that the S&P BSE Sensex is on track to stay above Mount 34000 throughout the year 2018 and could even touch 37000-38000.

Almost 15 percent of the respondents feel that it will hover in the range of 33000-33500 while the rest 8 percent feel that it will move in the range of 33500-34000

Global brokerages such as BofAML, Morgan Stanley, Credit Suisse, and BNP Paribas see Indian market to touch fresh record highs in the next calendar year.

BNP Paribas has the most aggressive target on Sensex among all the other global investment banks’ which have come out with their strategy reports.

BNP Paribas maintains its overweight stance on Indian markets and sees the S&P BSE Sensex heading towards 37,500, which translates into an upside of nearly 10 percent from current levels.

MORE WILL UPDATE SOON!!