Manyavar, Cipla: 11 stocks that could hold ground even if market corrects

Amid the recent market fall,11 stocks hit record highs. Whenever any stock exhibits reluctantance to weaken despite a pessimistic bias, it means the underlying trend possesses a robust momentum.

The Indian equity benchmark indices slipped around 3.70 per cent in September amid concerns over elevated inflation, Russia Ukraine conflict, and US Fed rate hike. The sombre global mood continues to threaten investor sentiment back home. Additionally, India’s 10-year bond touched a three-month high at 7.46 per cent, and the Rupee weakened above 81-mark.

However, there always has been a silver lining in the markets. Despite the recent turmoil, there were altogether 11 stocks that recorded fresh all-time highs. Not only have these stocks carried forward their last year’s aggression, but also managed to add further strength, and soared in the range of 17 per cent to 133 per cent so far this year. 

Among individual stocks, Shoppers Stop has soared 133 per cent, followed by Mazagoan Dock Shipbuilders surged 120 per cent, so far in 2022. Indian Hotels Company and Gujarat Fluorochemicals gained 90 per cent and 70 per cent respectively. Manyavar, formally known as Vedant Fashions, which got listed this year has so far advanced 60 per cent.

Go Fashion (India), RITES, and Page Industries jumped in the range of 35 to 31 per cent, while Cipla, APL Apollo Tubes, and Cochin Shipyard added 20 per cent, 17 per cent and 16 per cent each on year to date basis (YTD).

Whenever any stock displays reluctantance to weaken despite a pessimistic bias, it means the underlying trend possesses a robust momentum. Such stocks are called dominant stocks and they usually outperform massively when the overall sentiment turns into a favourable scenario.

Any healthy correction among such dominant stocks points at accumulation, which inevitably eludes any major sell-off. If the formation of a strong base in a bull trend does not reflect a bigger upside, then at least a gradual up move is evident. 

Here’s the technical outlook for these 11 dominant stocks:-

source: spidersoftwareindia