The targets for the index have been revised upwards due to an upward revision in the 15-year average PE (18.8x) with an EPS of 1,342.
Technically, we need a strong closing above the levels of 22,124 to initiate fresh longs. With ADX near historic highs and weekly RSI divergence, I'm not comfortable to enter fresh trades here. Even on Tuesday (February 27, 2023), the market breadth remained very poor, and more than 53 percent of stocks were trading 3 percent or lower.
At present, there is a froth in the valuations of mid-caps and small caps; however, large caps are fairly priced to be added to any dips. Midcaps are trading at a price-to-earnings ratio of 27x, and small caps are trading at a price-to-earnings ratio of 33x.
Such high levels are not at all comfortable for making an investment.
This story is from the March 16, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 16, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Wahter Sells 2 Lac Water Bottles in NCR Within First Month of Launch
Wah Tahter, India's advertising and packaged drinking water brand has achieved remarkable success within the first month of its launch, selling 2 lac bottles in the Delhi NCR region.
SUPREME COURT EXPRESSED DISPLEASURE AT CONTINUATION OF PATANJALI'S ADS FOR SUSPENDED PRODUCTS
The Supreme Court in the case Indian Medical Association v. Union of India was hearing the contempt case against Patanjali, wherein the court pointed out that even though the licenses of some of its products were suspended, its misleading advertisements are still available on the internet, websites, and on various channels.
Supreme Court To ED: Don’t Harass TN District Collectors Unnecessarily
The Supreme Court in the case Directorate of Enforcement v. State of Tamil Nadu & Ors. was hearing the Enforcement Directorate's, ED petition against certain District Collectors of Tamil Nadu over their nonappearance in relation to a sand mining money laundering case.
SUPREME COURT IN MLA AMANATULLAH KHAN S CASE: HISTORY SHEET INCLUDE DETAILS OF MINOR CHILDREN IN ABSENCE OF EVIDENCE AGAINST
The Supreme Court in the case Amanatullah Khan Versus the Commissioner Of Police, Delhi And Ors observed wherein the petition was filed by AAP MLA Amanatullah Khan against the action of Delhi Police declaring him as a 'bad character' by opening a 'history sheet' against him.
INDIA TOPS REMITTANCES RECEIVED GLOBALLY IN 2022 WITH 111 BILLION
Southern Asia, encompassing nations such as India, Pakistan, and Bangladesh, stands as a significant recipient of international remittances, underlining the pivotal role of labour migration in bolstering family livelihoods and fostering economic growth
Truecaller announces updated subscription packages for its Verified Business Caller ID solution
Truecaller, the leading platform for verifying contacts and blocking unwanted communication, trusted by millions worldwide, has launched its updated subscription plans for the Verified Business Caller ID solution. Starting May 6, 2024, the revised subscription packages and pricing will apply to all new and current business customers upon their upcoming renewals or upgrades.
The Indian Coast Guard (ICG) and Jindal Steel and Power (JSP) signed a Memorandum of Understanding (MoU) on Tuesday in New Delhi
According to a press release by the Ministry Acea of Defence, the MoU aims to ensure the supply of indigenous marine-grade steel, thereby enhancing the indigenous content in shipbuilding projects undertaken by the Indian Coast Guard.
TATA MOTORS MARKS 9,00,000TH VEHICLE ROLLOUT FROM LUCKNOW FACILITY
The rollout of the 9.00,000th vehicle from the Lucknow facility is an important milestone as the facility has been pivotal in the manufacturing of advanced electric buses and has successfully delivered over 1200 units, which have cumulatively clocked lakhs of kilometres across the country
TOY IMPORTS DOWN FROM $304 MN IN FY19 TO $65 MN IN FY24
The introduction of higher import duties and the Quality Control Order (QCO) has significantly impacted the toy trade in India with imports falling drastically from USD 304.1 million in FY2019 to USD 64.9 million in FY2024.
Rents up 16% across 13 major Indian cities: Magicbricks Report
Meiled its latest rental Mag [agicbricks has unupdate for the period spanning January to March 2024, revealing a notable uptick in rents across 13 major Indian cities.
