Latest news with #DharmeshShah
Mint
3 days ago
- Business
- Mint
Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying PFC shares tomorrow
Stock market today: Stock markets experienced a decline for the second day in a row on Friday, with the Sensex dropping 721 points due to substantial selling pressure in financial, IT, and oil & gas sectors amidst continued foreign fund outflows. The Sensex fell by 721.08 points, or 0.88%, closing at a level not seen in over a month at 81,463.09. During the day, it briefly dipped by 786.48 points, or 0.95%, hitting a low of 81,397.69. The Nifty 50 also fell, decreasing by 225.10 points, or 0.90%, to reach a monthly low of 24,837. Analysts noted that a lackluster performance in Asian and European markets further impacted investor sentiment. According to market analysts, Indian markets are expected to be affected by the ongoing Q1 FY26 earnings season in the coming week, as many prominent companies are set to announce their results. Investors will closely monitor management discussions for insights regarding margin forecasts, sector developments, and more. Dharmesh Shah from ICICI Securities anticipates that the Nifty 50 will continue to be in a corrective phase as long as it continues to create lower highs and lows, with significant support established at 24,500, a level that has been successfully defended on several occasions even in the face of geopolitical concerns observed during May and June. Equity benchmarks pared intra-week gains that resulted into extended losses over fourth week in a row amid absence of US-India bilateral tariff agreement. Nifty 50 underperformed the global peers and settled the week at 24837, down 0.5%. Broader market seen profit booking as Nifty midcap and small cap lost 2% and 4%, respectively. IT, Realty, FMCG weighed on market sentiment while Financials, pharma relatively outperformed. The weekly price action formed a small bear candle with upper wick carrying lower high-low, indicating extended correction. Contrary to our expectation index extended losses and closed below 50 days EMA which has been majorly held since April coupled with 2 months rising trend line breakdown. Going ahead, we expect bias to remain corrective as long as Nifty 50 maintains lower high-low formation wherein strong support is placed at 24,500 which has been held on multiple occasions despite geopolitical worries seen during May and June. Amidst ongoing corrective phase only silver lining is that the Bank nifty is showing relative outperformance and trading within 2% of its All-Time range. Further, any positive development on earnings as well as on bilateral trade agreement would dictate the further course of action which will eventually help to retest the immediate resistance of 25,300 in coming weeks. India VIX has corrected over sixth consecutive week and now bounced after approaching cyclical lows of 10, indicating participants anxiety at lowest level amid absence of key trigger. However, in the coming weeks, we expect rise in volatility tracking U.S. Fed policy coupled with monthly expiry and domestic IIP print. Structurally, over past 20 sessions index has retraced 61.80% of preceding 11 sessions 5% up move. The slower pace of retracement, highlights robust price structure. Hence, focus should be on accumulating quality stocks backed by strong earnings. a. US Fed Policy Outcome. b. Development on US-India bilateral trade deal. c. Weakness in US Dollar index and Crude oil prices. d. India VIX is bouncing from extreme oversold territory. On the broader market front, breach of past three weeks low on Midcap and small cap indices indicates corrective bias wherein possibility of mean revision towards its short-term averages cannot be ruled out. In addition to that, the market breadth has seen deterioration as % of stocks above 50 days SMA have declined to 44% from last week's reading of 68%. Dharmesh Shah of ICICI Securities recommends buying Power Finance Corporation Ltd (PFC) shares this week. Buy PFC shares in the range of ₹ 415-425. He has PFC share price target of ₹ 478 with a stop loss of ₹ 388. Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 25/07/2025 or have no other financial interest and do not have any material conflict of interest. The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Time of India
22-07-2025
- Business
- Time of India
Expect support for Nifty to hold at 24,700-24,500 remains; buy on dips: Dharmesh Shah
Dharmesh Shah , Head – Technical, ICICI Direct, says the stock market is currently experiencing stock-specific action due to the ongoing earning season. Nifty finds support around 24,700 to 24,500. Immediate resistance lies at 25,300, with a potential target of 25,700. Experts anticipate market consolidation until the end of July. Market breadth shows improvement, indicating a possible market pick-up after the earning season. Buying the dip is the recommended strategy. What is your sense of current market direction? Do you think the 25,000 mark will sustain? More than that, what is your view on Bank Nifty and banking stocks because quite a few earnings have already been disclosed? Dharmesh Shah: From a short-term perspective, stock-specific action is going on in the market right now because the earning season is on. But if you look at Nifty behaviour, yesterday it seemed to be finding support at the 50-day EMA and also the lower end of the rising channel joining the lows of May and June. It looks like the market is more likely to see more consolidation till most of the heavyweights come out with the numbers. So, we believe 24,700 to 24,500 remains a very strong support for Nifty which we expect to hold. 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Sit Down Before You See What He Looks Like Now 33 Bridges Undo So, one, buying the dip should be the strategy. Second, we believe 25,300 will act as an immediate resistance for the Nifty which once surpassed, should point towards a target of 25,700. We believe it is more of a consolidation and until the results season ends by the end of July, we expect this consolidation will continue in the 24,700-25,500-25,700 range on the higher side. So it is more of a stock-specification action, but definitely it is a buy-on-dip market. If you look at the structural perspective, the percentage from the market breadth angle is always a good indicator for understanding the market. The percentage of stocks trading above 200-day right now is 66 compared to 52 last month. So, even if we have seen a decline in the market or a correction of almost 3%, the market breadth seems to be improving. It is more of a stock-specific profit booking going on in the market, but it clearly indicates that maybe once we are towards the end of the earning season, we should definitely see a pick-up in the market. I completely agree when you say that it is a stock-pickers' market and we will see a lot of stock-specific moves. This is because,one, we are in the earning season and two, there are a lot of news flows coming in. Would you want to share any of your trading ideas? Dharmesh Shah: Definitely, power as a space looks positive from current levels because the sector has done nothing for a long time and we believe that the way the base formation is happening in most of these power stocks, it looks like good days will come for power. Live Events You Might Also Like: Bullish position in cement and telecom; Nifty recovery likely in H2: Nikhil Ranka Inside the power space, JSW Energy remains our top pick, where the stock seems to have been witnessing a symmetrical triangle breakout supported by 50-day EMA. It seems to be sustaining above the 50-day EMA, strong base formation near the 50-day and 100-week EMA indicating JSW Energy can be next mover among the power space where we can look for a target of around Rs 572 keeping a stop loss of Rs 509. The second stock is a proxy play for the power space. It is the Power Finance Company (PFC). Again inside the financial index, there it has already witnessed a faster retracement where the nine weeks of fall got retraced in five weeks. It is clearly indicating a structural turnaround happening in the financial services index. Among those, PFC has done nothing for a long time. The stock has witnessed a seven-month falling trend line breakout indicating the end of the corrective phase and even if we look at it from the weekly perspective, it is clearly forming a strong base above the 100-week EMA. We believe the risk-reward looks more favourable at the current level for PFC and one can initiate a long position for the target of around Rs 478.
Mint
20-07-2025
- Business
- Mint
Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying JSW Energy, Chalet Hotel shares tomorrow- 21 July 2025
Stock market news: Indian stock indices ended the week on a lower note on Friday, responding unfavorably to Q1FY26 earnings from the finance and IT sectors, despite some positive signals from global markets. By the end of trading, the Sensex fell by 501.51 points, or 0.61%, closing at 81,757.73, while the Nifty 50 dropped by 143.05 points, or 0.57%, to finish at 24,968.40. Throughout the week, Indian equity markets showed a mixed performance, with both the Nifty 50 Index and Sensex sliding by 1%, whereas small-cap stocks gained 1.4% and mid-caps increased by 1% in the same period. Investors are now looking forward to updates on trade negotiations with the US as the August 1 deadline approaches, following President Donald Trump's previous remarks suggesting that a deal with India is nearly finalized. Analysts predict that the markets are likely to see a significant change only after a concrete resolution is reached in the trade discussions with the US. Dharmesh Shah of ICICI Securities expects Nifty 50 to find supportive efforts in the vicinity of 24,800 zone and gradually stage a rebound wherein 25,800 would continue to act as resistance. Shah has recommended two stocks to buy for short-term. Investors should consult experts before making decisions. Here's what he expects from Indian stock market next week, along with his stock recommendation. Equity benchmarks extended losses over third consecutive week in the absence of clarity on India - US bilateral trade deal. Nifty 50 lost 0.7% to settle the week at 24968. However, broader showed resilience, outperforming by gaining 1% during the week. Sectorally, Realty, PSU Bank, Auto remained at forefront while Defence, IT extended losses. The weekly price action formed a small bear candle carrying lower high-low, indicating extended breather. In the upcoming week, volatility to remain elevated as one third of Nifty 50 weightage is coming out with the Q1 earnings post market hours on Friday along with that any development on the US bilateral trade agreement would trigger momentum in the market. With current 2.9% correction, Nifty 50 has approached lower band of rising channel. We expect index to find supportive efforts in the vicinity of 24,800 zone and gradually stage a rebound wherein 25,800 would continue to act as resistance. Despite weakness in the benchmark, the market breadth has seen improvement as currently 65% of stocks of Nifty 500 universe are trading above their 200 days SMA compared to last week's reading of 60% while last month reading was 52%. The consistent improvement in the market breadth signifies inherent strength. Structurally, since April intermediate corrections have been limited to 3% while sustaining above its 50 days EMA. In addition to that, over past 14-days index has retraced 61.80% of preceding 11-days 5% up move. Slower pace of retracement indicating robust price structure that bodes well for next leg of up move. Hence, focus should be on accumulating quality stocks on dip backed by strong earnings as strong support is placed at 24,500 being confluence of 100 days EMA and June month low. a. Earnings update from index heavy weights would be important to watch out for. b. All eyes will be on outcome of US-India bilateral trade deal. c. Falling US Dollar index would result into FII's inflow. d. India VIX has extended losses and sustaining below one year low of 12, indicating participants anxiety at lowest level. Dharmesh Shah of ICICI Securities recommends buying JSW Energy, and Chalet Hotel shares this week. 1. Buy JSW Energy shares in the range of ₹ 523- 535. He has JSW Energy share price target of ₹ 572 with a stop loss of ₹ 509. 2. Buy Chalet Hotel shares in the range of ₹ 865-890. He has Chalet Hotel share price target of ₹ 1,010 with a stop loss of ₹ 818. Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 18/07/2025 or have no other financial interest and do not have any material conflict of interest. The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Mint
13-07-2025
- Business
- Mint
Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying PFC shares tomorrow- 14 July 2025
Stock market news: The equity benchmark indices, Sensex and Nifty 50, fell for a third consecutive session on Friday, decreasing by nearly 1% due to substantial selling in IT, auto, and energy sectors amid a lackluster start to the earnings season. Uncertainties related to tariffs and mixed trends in global markets further contributed to the downturn, analysts noted. The Sensex dropped by 689.81 points or 0.83% to close at 82,500.47. Throughout the day, it experienced a decline of 748.03 points or 0.89%, reaching 82,442.25. Likewise, the Nifty 50 fell by 205.40 points or 0.81% to 25,149.85. Over the week, the BSE benchmark decreased by 932.42 points or 1.11%, while the Nifty 50 fell by 311.15 points or 1.22%. Dharmesh Shah of ICICI Securities expects Nifty 50 to gradually resolve higher and head towards 25,800 in coming month. Shah has recommended one stock to buy for short-term. Investors should consult experts before making decisions. Here's what he expects from Indian stock market next week, along with his stock recommendation. Equity benchmarks extended breather over second consecutive week amid lack of clarity on India - US bilateral trade deal. Consequently, Nifty 50 settled the week at 25,150, down 1.2% for the week wherein broader market relatively underperformed by losing >1.5%, each. Sectorally, IT, Defence extended losses while FMCG and MNC stocks relatively outperformed. The weekly price action formed a bear candle carrying lower high-low, indicating extended breather. We expect volatility to remain elevated amid progression of earning season coupled with Tariff related development wherein strong support is placed at 24,800 levels. Currently, index is undergoing healthy consolidation wherein over past 10 sessions Nifty 50 has merely retraced 50% of preceding 10 sessions up move. Slower pace of retracement while trading in the vicinity of 20 days EMA, highlights robust price structure. Hence, any dip from hereon should be capitalised to accumulate quality stocks with strong earnings as we expect Nifty 50 to gradually resolve higher and head towards 25,800 in coming month. a. All eyes will be on outcome of US-India bilateral trade deal coupled with progression of Q1FY26 earning season which will dictate the further course of action. b. Falling US Dollar index would act as boon for equities that would eventually result into FII's inflow. c. India VIX has extended losses and likely to close at one year low of 12, indicating participants anxiety at lowest level. Structurally, the formation of higher peak and trough while absorbing host of negative news around geo-political uncertainties coupled with clarity of trade tariff. Further, strong market breadth depict strength as currently 60% stocks of Nifty 500 universe are trading above 200 days SMA compared to last month's reading of 52% that bodes well for durability of ongoing structural up move. Dharmesh Shah of ICICI Securities recommends buying Power Finance Corporation Ltd (PFC) shares this week. Buy PFC shares in the range of ₹ 415-430. He has PFC share price target of ₹ 478 with a stop loss of ₹ 388. Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 11/07/2025 or have no other financial interest and do not have any material conflict of interest. The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Time of India
09-07-2025
- Business
- Time of India
Bullish on 4 sectors from medium perspective; Phoenix Mills, JSW Infra 2 top picks: Dharmesh Shah
Dharmesh Shah , AVP, Technical Analyst, ICICI Direct , says Indian markets are consolidating, with strong support around 25,200-25,100 on the Nifty. Metals, real estate, PSU banks are the ones one should definitely look out from the medium perspective. While awaiting the US-India trade deal outcome and Q1 numbers, stock-specific actions dominate. Real estate remains positive, with Phoenix Mills as a top pick due to its retail expansion plans. JSW Infra is favored in logistics, with a target of Rs 336 and a stop loss of Rs 296. What is your take on the market and what are going to be your picks for investors? Dharmesh Shah: The market seems to be looking for a bit of a breather. There is anxiety ahead of the US-India trade deal. We believe going forward the market should trade positively because the Nifty seems to be consolidating above the breakout levels which also coincides with the 20-day EMA which is placed at around 25,200. So, 25,200, 25,100 remains to be the very strong support. I agree that the markets are lacklustre; there is more of a stock specific action. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now The market is waiting for this event to pan out and more importantly, is looking out for the Q1 numbers. So, stock-specific actions are likely to continue. If you look at the broader picture, we expect the Nifty to head towards 25,800 in the coming month with strong support at 25,200 because if you look at the market breadth, that is a good indicator to understand the sentiment of the market. If you look at the market breadth, the percentage of stocks trading above 200-day moving average of CNX 500 is currently at 60% compared to 52% last month. It looks like maybe in the near term, we see more of a consolidation, but it is more of a buy-on-dip market with strong support at 25,200 and target of 25,800 to 26,000 in the coming month. If I take an analogy of a football match, this market is behaving like two goals this side, two goal that side, and ending in a draw. Which are the sectors one should pencil in or one should wait and watch before entering the market? Dharmesh Shah: The sectors to talk about include banking. It is clearly outperforming even in this current corrective phase of the market. Particularly, PSU banks appear to be on the verge of a breakout. We believe PSU banks are the one sector which we like. We can see an uptick coming in the coming months. Apart from that, real estate as a sector, in the last two months, post RBI rate cut, has seen a sharp recovery. But what is happening now is nothing but a retracement of that rally. So, we believe in the real estate sector, banking. Metals. It looks like a retracement is happening. Metals should be bought on any dip. So, metals, real estate, PSU banks are the ones one should definitely look out from the medium perspective. Live Events You Might Also Like: Global headwinds: Should one focus on largecaps or look at midcaps and smallcaps? Nilesh Shetty answers What is your stance on stock-specific approaches? The sectors are doing a lot of churning, but at the same time, which are the stocks on the radar? Dharmesh Shah: Definitely. We remain positive in real estate. Phoenix Mills remains our top pick. On Tuesday, we saw a strong move from Phoenix Mills and the company seems to be expanding its portfolio into the retail segment. The target of 18 million square feet is a good positive going for Phoenix Mills. But coming to technical, again we believe that the stock seems to be forming the base at about 100 week EMA. Since November 2020, the stock had never breached 100 week EMA on the closing basis and currently the monthly charts for the last nine months show that the stock has been consolidating in this range of 1640 to 1300. So, we expect a breakout happening for Phoenix Mills, on the higher side in the coming days and we expect the stock to head towards 1840 keeping a stop loss of around 1488. So, Phoenix Mills is one which remains to be our top pick inside the real estate space where the risk-reward looks more favourable at the current market price. Apart from that, coming to logistics, we like JSW Infra. The way things are panning out for most of this logistics, the sector has done nothing for a long time. We expect a gradual outperformance going forward for JSW Infra. Again, a strong base formation, 100-week EMA and joining the lows of strong buying demand emerging at the lower end of the rising channel, it looks like JSW Infra should see a relative outperformance in the days to come and we expect the stock to head towards Rs 336, keeping a stop loss of Rs 296. You Might Also Like: Is the puck moving from discretionary to consumer staples? Amnish Aggarwal answers
