“Current Setup is a ‘Buy on Dips’ Market”: India Market, Outlook Decoded!

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“Current Setup is a ‘Buy on Dips’ Market”: India Market, Outlook Decoded!
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic brokerage firm Axis Securities has released its views and outlook for the domestic market, stating that it is currently in a neutral zone, which means it is neither in a panic nor exuberance mode, as it believes that the current level of fear gauge India VIX to be under its long-term average.

Axis Securities sees the medium to long-term outlook for the overall market remaining positive, though there could be volatility in the short run and the market could respond in either direction, the brokerage states.

“Keeping this in view, the current setup is a ‘Buy on Dips’ market. Currently, the market is priced in for future rate hikes but the terminal rates are yet unknown. Any shape deviation in the terminal rate from current expectations may translate into a slowdown or heightened recession risk in the developed market,” it added.

This could impact the export-oriented growth in the Indian market, with chances of posing challenges to the earnings and market multiple, the brokerage said.

This being said, Axis Securities also believes that the worst of the incessant foreign investors’ outflow is now behind us as the strong earnings growth and economic recovery will play out in 2023 and for the next 6-9 months, cited a Mint report.

Axis Securities has recommended buying 15 stocks, with ICICI Bank (NS: ICBK ), State Bank of India (NS: SBI ), Maruti Suzuki (NS: MRTI ), Tech Mahindra (NS: TEML ) and Dalmia Bharat (NS: DALB ) as its top picks in the lot.

Here are all the stocks recommended by the brokerage firm: ICICI Bank, SBI, Maruti Top Picks Among 15 Stocks Recommended by Axis Securities

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