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India in confirmed uptrend; RIL, Adani Enterprises top picks: William O’Neil

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India in confirmed uptrend; RIL, Adani Enterprises top picks: William O’Neil

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In an interview with CNBC-TV18, Dean Kim, Head-Global Research Product, William O'Neil & Co, said that India is in a confirmed uptrend. However, the Indian stock market could run into a bit of a resistance, he cautioned. Kim said that his top three stock picks would be RIL, Adani Enterprises and CreditAccess Grameen.

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In an interview with CNBC-TV18, Dean Kim, Head-Global Research Product, William O'Neil & Co, said that India is in a confirmed uptrend. However, the Indian stock market could run into a bit of resistance, he cautioned. He added that the market could see support at the 100-day moving average (DMA).
He said, "India has been doing great ever since oil prices sort of retreated. We are seeing the market in confirmed uptrend. It is about to run into a bit of a resistance- for example, for Sensex, the resistance is going to be at around 59,550 but we do see support at the 100-DMA, which is about 2 percent below where we are now."
Kim said that his top three stock picks at the moment would be RIL, Adani Enterprises and CreditAccess Grameen.
Kim mentioned that he is noticing a lot of financials breaking out in India, especially the public sector banks like the State Bank of India (SBI). He explained that certain stocks in the consumer finance space like CreditAccess Grameen and Cholamandalam are looking great. Kim is hopeful that private banks like ICICI Bank, Kotak Mahindra can find some stability, going ahead.
He explained that some healthcare names like Sun Pharma and Cipla are starting to break out as well.
On Tata Motors, he said, "It is trying to make its way back above the 200-DMA and I would give a bit more time on that and see if it can form a base and start to break out from the base but it is encouraging to see the stock breaking above its 200-DMA for the first time in a long time. So, these types of names are making a come back as well.”
Watch the video for the full interview.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
For all the market action of the day (April 4), click here
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