Chris Wood, Global Head of Equity Strategy at Jefferies recently rejigged his India portfolio. The veteran investor has added TVS Motor, Home First Finance and Manappuram Finance to his long-only India portfolio, while increasing one per centage point stake in PolicyBazaar and Bharti Airtel.
In the Asia ex-Japan long-only portfolio, too, Chris Wood has included PolicyBazaar replacing the investment in Larsen & Toubro.
READ STOCK MARKET UPDATES TODAY LIVE Meanwhile, Chris Wood in his recent note to investors,
GREED & fear has flagged caution to investors citing high valuations, mainly in the midcap space.
READ MORE Here's a technical outlook on prominent 5 stocks from Chris Wood's long-only India portfolio.
Bharti Airtel
Current Price: ₹1,900
Upside Potential: 8.7%
Support: ₹1,875; ₹1,835
Resistance: ₹1,960; ₹1,975; ₹2,030
Bharti Airtel stock is seen attempting a fresh breakout on the daily chart - a close above ₹1,889 today shall confirm the same. As such, the stock can potentially surge to ₹2,065 levels. Interim resistance for the stock can be anticipated around ₹1,960, ₹1,975 and ₹2,030 levels. The near-term bias is likely to remain positive as long as the stock holds above ₹1,835, with near support seen at ₹1,875 levels.
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PB Fintech (PolicyBazaar)
Current Price: ₹1,880
Downside Risk: 7.5%
Support: ₹1,846; ₹1,800
Resistance: ₹1,944
PolicyBazaar stock is seen testing support at its 20-Day Moving Average (20-DMA), which stands at ₹1,846. While the price-to-moving averages action seems favourable, key momentum oscillators are indicating a likely consolidation phase for the stock.
CLICK HERE FOR THE CHART Further, the weekly chart shows that the upside for the stock seems to be capped around ₹1,944 for now. The stock needs to clear this hurdle for fresh gains to emerge. On the flip side, in case, the stock violates support at the 20-DMA, it can extend the fall towards ₹1,740 levels, with some support likely around ₹1,800 levels.
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DLF
Current Price: ₹842
Upside Potential: 15.2%
Support: ₹814; ₹775
Resistance: ₹930
The near-term bias for DLF is likely to remain favourable as long as the stock holds above ₹814 levels. Presently, the stock is seen cooling-off following a sharp 47 per cent rally in the last two months. In case, the stock breaks below the support, it may retrace 38.2 per cent of the preceding rally and test support around ₹775 levels.
CLICK HERE FOR THE CHART On the upside, the
DLF stock needs to break and trade consistently above ₹865 to regain upside momentum. The stock can potentially surge to ₹970 levels, with intermediate resistance likely around ₹930 levels.
Macrotech Developers
Current Price: ₹1,459
Upside Potential: 23.7%
Downside Risk: 13%
Support: ₹1,393
Resistance: ₹1,550; ₹1,645; ₹1,725
Macrotech Developers is likely to trade with a positive bias as long as the stock holds above ₹1,393 levels; below which significant support for the stock exists at ₹1,270. On the upside, the stock can potentially soar to ₹1,805 levels. Intermediate resistance for the stock can be seen at ₹1,550, ₹1,645 and ₹1,725 levels.
CLICK HERE FOR THE CHART ALSO READ | These 5 midcap stocks can crash up to 26%; check full list, key levels here
Home First Finance
Current Price: ₹1,280
Upside Potential: 12.5%
Downside Risk: 9.8%
Support: ₹1,256; ₹1,210
Resistance: ₹1,332; ₹1,365
Home First Finance seems to be favourably placed as per the price-to-moving averages action. At present, the stock is seen seeking support around its 20-DMA, which stands at ₹1,256; below which support for the stock exists at ₹1,210. On the downside, the stock can slip to ₹1,155 levels.
CLICK HERE FOR THE CHART On the upside, the stock needs to break and trade consistently above ₹1,332 levels for fresh gains to emerge. The stock can potentially target ₹1,440 levels on the upside, with interim resistance likely around ₹1,365 levels.
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