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The counter is moving in an ascending channel formation, which is defined as price action contained between two ascending parallel lines. The overall structure is very bullish, and higher highs and higher lows characterise this price pattern.

The company in a filing informed that the company has secured long-term funding of USD 100 million from the Asian Development Bank (ADB). The USD 100 million External Commercial Borrowing (ECB) is a 5-year loan under SFL’s Social Finance framework.

“At the current level, in terms of valuation, we are not really at a screaming buy level and the global flows predictability is very difficult. Whether we will continue to receive flows consistently is right now very difficult to take a call on. There are a lot of uncertainties globally and expectations of recession.”

“Over the next three to five years, some of the mid-sized and smaller-sized banks will do really well in terms of their growth prospects and in many cases, the asset quality is pretty good and comfortable and many of these banks are reasonably well capitalised. So some of the mid and small-sized banks will deliver healthy returns over the next three-four years.”

Rise in interest rates, recession fears, the Russia-Ukraine war as well as rising concerns over Covid cases in China will keep the markets on edge in 2023, suggest experts. “This decline in forex reserves is to defend the rupee amid pressures caused majorly by global developments. On the technical front, 17950 and 18300 are immediate support and resistance in Nifty 50,” Mohit Nigam, Fund Manager & Head - PMS, Hem Securities, said.

In the Sensex pack, Tata Steel, Tata Motors, Bharti Airtel and ICICI Bank were the top gainers, rising about 0.5-1%. Bajaj Finserv, Axis Bank, Bajaj Finance, Nestle and NTPC also opened in the green. Whereas, Asian Paints, ITC, Sun Pharma, M&M and HCL Tech opened with cuts.

The next big resistance for the index is placed at around 18,400. Budget 2023, rise in Covid cases, FII flows as well as earnings season will guide markets in the near term, suggest experts.

Considering the great conjunction in addition to the cushion provided by the high dividend yield of 13.6% in FY23, the brokerage retain its BUY rating on ONGC with a TP of Rs 198, making it the top idea for 2023 in the sector.

While the worst January was in 2008 when the index lost 16.3% of its value amid the global financial crisis, monthly returns have been negative in all the last four years as well.

A count of multibagger stocks with a market capitalisation of over Rs 500 crore shows that the number of stocks that at least doubled investor wealth in a given calendar year were 135 in 2020 and 336 in 2021. The pre-Covid years of 2018 and 2019 rewarded investors with only 19 multibagger stocks each.