InvestorQ : What stocks do you recommend for trading in stock markets on 05 May 2020? Do you see the Nifty correcting further from here?
Debbie Mascarenhas made post

What stocks do you recommend for trading in stock markets on 05 May 2020? Do you see the Nifty correcting further from here?

Answer
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diksha shah answered.
4 months ago


Broadly, Nifty could be in difficult territory after the PMI came in very low at 27 and GDP contraction has been projected by ICRA. However, the NASDAQ and the Dow recovered sharply on Monday and that could be a positive as the SGX Nifty is showing in early trades.

· It is best to remain cautious on banking stocks like ICICI Bank, Axis Bank and SBI. They could be the most vulnerable to any GDP contraction.

· With Brent oil firming up above $28/bbl traders can look to buy Reliance around Rs.1430 for short term targets of Rs.1550. Silver Lakes deal will be added bonus for the RIL stock.

· Pharma stocks could benefit from the Morgan Stanley sectoral upgrade. Traders can look to accumulate Sun Pharma at Rs.465 for upside targets of Rs.550.

Tuesday 05 May will mostly be a two-faced market with IT and pharma doing well while banks, metals and capital goods will remain under pressure.