stock market today With Indian benchmark indices facing heavy selling pressure for over a week, a good number of quality stocks have either traded higher or traded past their 52-week highs. Aurobindo Pharma, HDFC AMC, Castrol India, LIC Housing Finance and SBI Card and Payment Services are some of them. These high-quality stocks have fallen to their 52-week lows, which may make them an attractive option for situational investors looking to buy quality stocks at a discounted price.
1]Aurobindo Pharma: This pharma stock is down about 3.50 percent today and is currently down around . available on 595 each while its 52 week low 590.10 per share. The share price of Aurobindo Pharma has fallen around 11.50 per cent in the last 5 trading sessions and is currently down around 55 per cent from its 52-week high. 1063.90 per share level.
2]HDFC AMC: The share price of HDFC Asset Management Company or AMC has hit its 52-week low today. Shares of HDFC AMC opened today with an upper margin of close 4 per share but kept on falling and reached its intraday low 2129, its new 52-week low. The stock has been selling for the past one week as it has lost more than 10 per cent in this period.
3]Castrol India: The share price of this retail outlet company is 118.75, down from its 52-week low of . is quite close to 112.95 each level. As compared to other quality stocks, Castrol India share price has declined marginally in the recent stock market crash. Shares of Castrol India have fallen up to 4.50 per cent in the last one week.
4]LIC Housing Finance: The shares of this Housing Finance Company (HFC) are around . doing business on 333 each level, which is fair 3 more than its 52-week low 330 per share. LIC Housing share price has fallen around 2.50 per cent in the intraday trade session, while it has come down by almost 10 per cent in the past one week, nearing its 52-week low.
5]SBI Card & Payment Services: SBI Cards share price is around today 842 per share level, which is approximately . Is 61 more than its 52-week low 781.20 each. It is also one of the rare quality stocks that has fallen the least in the stock market crash of the past one week. The share price of SBI Cards has fallen around 3.50 per cent on the NSE in the last one week.
should you buy
When asked whether a positional investor should buy these quality shares as they are available at a discounted price; Saurabh Jain, Assistant Vice President, Research (Retail Equities) at SMC Global Securities, said, “Today, the best way to add stocks to one’s portfolio is to look at stocks that have outperformed major benchmark indices in such free falling markets. If we look at the stocks that have fallen to their 52-week lows in the heat of the recent sell-off, it is quite clear that the net buyers are not with these stocks. Therefore, it is better to look at the stocks that are still in this trend. These types of stocks are able to stay strong in a downturn – congested market. Such stocks are widely available in banking, real estate and consumer goods segments.”
In line with the views of Saurabh Jain; Sumeet Bagdia, Executive Director, Choice Broking said, “It is the ideal practice to buy stocks at a discounted price under normal circumstances. In such a bear dominated market, one should look at the stocks that have managed to hold their fort. However, If anyone is interested in buying any one of these 5 quality stocks as they are available at discounted price; I suggest buy SBI Cards shares on CMP for one month target. from 950 1000 per share level. However, the stop loss must be maintained 780 each level.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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