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InterGlobe Aviation, incorporated in the year 2004, is a Large Cap company (having a market cap of Rs 78329.99 Crore) operating in Airlines sector.

"We also shave off some weight from Maruti (potential headwind to discretionary consumption due to slower wage hikes/IT hiring) to banks," he said, adding that it has brought the materials sector weight to neutral from currently nil in its portfolio.

The stock quoted a 52-week high price of Rs 27932.6 and a 52-week low of Rs 17900.0.

Buying demand emerging from 100 days EMA and 80% retracement of the previous up move.

These eight stocks crossed their previous 5-year high value at the close on December 19, suggesting bullishness in counters.

“This is the time to keep in mind that interest rates are reasonably high and that equity valuations are at a marginal premium to long term average. Put your short term money in debt; put your long term money in equity and maintain asset allocation which is suitable to your risk profile.”

However, they do expect selective stocks within the pack to do well given the positive business growth prospects. Steel companies’ shares rallied in the recent sessions as Chinese steel demand is expected to benefit from the recent stimulus measures announced by the government to aid the real estate sector.

"I will still bet more on the M&M than Tata Motors because the latter is more international and internationally, the demand seems to be coming down. India seems to be doing better and M&M actually has that. But it is not just the car company. It has got the ownership of everything else. There is a bunch of new small things that add up here. We have bought it because we like the car company but also this growth in some of the industrial and the ancillary units. "

The net proceeds from the fresh issue worth Rs 88 crore will be used to repay debt while Rs 37.59 crore of money raised will be used for capital expenditure to upgrade and expand existing facilities at Ghaziabad in Uttar Pradesh and Verna in Goa.

Brokerage ICICI Direct believes FPI flows to remain strong due to the continued outperformance of India. Here’s a list of 6 quant picks for 2023 from ICICI Direct.