Nifty 50, Sensex indices best and worst stocks of 2023 revealed

July 05, 2023 10:45 PM PDT | By Invezz

Nifty 50, Sensex indices best and worst stocks of 2023 revealed — Image source: Invezz

Indian stocks rally continues

The Nifty 50 and BSE Sensex indices have done well this year as inflows to the Indian market continues. Data published by UNCTAD showed that India was one of the top recipients of foreign direct investments (FDI) globally.

Investors are attracted to India’s growing role in the world and the recovering economy. India has continued to play its role as the best alternative to China. As a result, the country has received many manufacturers who are de-risking from China. In June, relations between India and the US improved after the visit of Narendra Modi.

Tata Motors has been the best-performing Nifty 50 index stocks this year. Its stock has jumped by over 52% as investors cheer the company’s turnaround strategy. ITC share price has jumped by over 42% this year, making it the second-best performer. ITC is a leading conglomerate that has a presence across different sectors.

Baja Auto shares have jumped by 34%. Other top Nifty 50 index constituents are Dr. Reddy’s Laboratories, Britannia Industries, Power Grid Corporation, and Titan Company among others. All these shares have jumped by over 20%.

On the other hand, the main laggards in the Nifty 50 index are Adani Enterprises, Hindalco Industries, Infosys, and Adani Power. All these stocks have tumbled by over 10% this year,

Turning to the BSE Sensex index, ITC, Dr. Reddy’s, UltraTech Cement, Larsen & Toubro, and Nestle have been the best performers.

Nifty 50 index forecast

Nifty 50 chart by TradingView

In my last article on the Nifty 50 and Sensex indices, I noted that the two had more upside if the former crossed the ₹18,888 resistance level. I also wrote that the two indices had a close correlation with each other.

Now, as shown above, the Nifty index has jumped above this resistance level, which was the upper side of the cup and handle pattern. The index remains above all moving averages and the Ichimoku cloud. Oscillators like the MACD and the Relative Strength Index (RSI) have continued rising.

Therefore, the index will likely continue rising as buyers target the next key level at ₹20,000. A move below ₹19,000 will invalidate the bullish view. If this happens, the Sensex index will rise to over ₹66,000.

The post Nifty 50, Sensex indices best and worst stocks of 2023 revealed appeared first on Invezz.

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