Nifty surges past Mount 11000
Today, there was great jubilation in Dalal Street because the Nifty finally crossed the great hurdle of 11,000.
The surge was effortless and occurred at 0925 hrs IST, as soon as the markets opened for the day.
Investors and punters thronged the streets of Gold, dancing with joy, bursting crackers and sharing sweets.
It is worth noting that the Nifty, since the fateful day of 24th March when it had plunged to the lower circuit, has given a mammoth return of 46%.
Two large cap behemoth stocks, namely, Reliance and M&M, have given a return of 100%+.
A number of other Blue-Chip stocks like Cipla, Britannia, UPL etc have given gains of nearly 70%.
Bajaj Finance, which was given up for Dead by some Pundits owing to alleged NPAs on unsecured loans, also reported a robust performance and confounded skeptics.
Even Infosys, the blue-chip Infotech behemoth, which was once under the cloud due to allegations by a whistle-blower, delivered stunning gains.
Nifty hits 11000 ?
*First time since 6-Mar-20
Lockdown unlocked the Bulls ?
*From 24-Mar-20 lows #Nifty +46% ?
Stocks doubled from March 20 lows
— Nigel D'Souza (@Nigel__DSouza) July 20, 2020
Everyone paid tribute to Bill Miller, the Billionaire investor, who had correctly described the CoronaVirus crisis as the greatest buying opportunity of our lives.
— RJ Stocks (@RakJhun) March 22, 2020
In his latest newsletter, the Billionaire has advised us to stay invested and assured that more gains are on the way.
The reasoning given in support of the advice is flawless and convincing.
— RJ Stocks (@RakJhun) July 19, 2020
Three Blue-Chip stocks to buy now
It is quite obvious that when large-cap blue-chip stocks are giving such mammoth gains, there is no need for us to scour the bushes for dubious small-cap stocks.
Jayesh Bhanushali, an expert on technical analysis with IIFL, has recommended three such large-cap stocks.
These stocks are Hindustan Unilever, Dr Reddy’s Labs and Max Financial.
He has rightly pointed out that stocks which are under strong momentum are likely to outperform their peers.
The logic given in support of the buy recommendation appears to be quite sound from a fundamental as well as a technical perspective.
— IIFL Corporate (@IIFLCorporate) July 20, 2020