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The Relative Strength Index (RSI) is also trading above the 60 mark which is a bullish sign. Volumes are on the rise suggesting that this rally has legs to move up in the short to medium term.

Despite the high cost of capital goods and the performance of the real estate market, which is greatly impacted by interest rate changes, the Head of Research at ICICI Direct recommends companies such as ABB and Siemens as attractive investments. Meanwhile, the Brigade Enterprises is a top pick in the real estate sector due to its strong residential space performance and the low leverage on the residential side. OMCs such as HPCL, BPCL or IOC are also recommended bets given the decline in crude oil prices, provided marketing revenues continue to hold up.

Momentum indicators RSI and MFI are in a medium range at 36.4 and 47.8, respectively, according to Trendlyne which suggests that a pullback can be expected in this stock. A number below 30 suggests that the stock is trading in an oversold zone while above 70 it is in the overbought zone.

"We expect the positive momentum to continue over the next few trading sessions. On the hourly charts we can observe positive divergence along with a positive crossover on the momentum indicator which indicates loss of momentum on the downside and shall provide speed to the current pullback," Gedia said.

According to Kunal Vora, Head of India Equity Research at BNP Paribas India, concerns such as tightening liquidity, high levels of earnings optimism, and expensive valuations have led to a cautious market outlook that is likely to continue into FY24, with no expansion in valuation multiples predicted. The financial and IT services sectors are expected to perform well, with a possible recovery in rural consumption. Large caps and reasonably valued stocks are preferred over small and midcap stocks.

Aditya Birla Sun Life AMC CEO A Balasubramanian says the firm’s exposure to the Adani Group has been paid on time or earlier than the due date. SIP cancellations might occur, however, the net number should remain positive moving forward. The upcoming election should see a positive outcome for the Indian market. Stocks in the consumption segment would be the least volatile with no earning negative surprises.

AT1 bonds issued by other European banks fell sharply on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of investing in this type of debt.

RBI’s economic research wing headed by deputy governor Michael Debabrata Patra argued that the sequential slowing down in successive quarters of 2022-23 is due to base effect. As for the data, India’s gross domestic product (GDP) for the October-December quarter moderated to a three-quarter low of 4.4%, according to data released by the ministry of statistics earlier in the month.

Franklin Templeton Fund picked up about 0.5% stake in Devyani International through a block deal on Tuesday, while Temasek offloaded nearly 3% stake in the company.

According to analysts, Vedanta Ltd, which has a 64.92% stake in Hindustan Zinc, will receive Rs 7,132 crore as its share of the latest dividend payout. If the entire amount is redistributed to shareholders of Vedanta Ltd, Vedanta Resources will get Rs 4,970 crore. These numbers exclude dividend taxes. Vedanta Resources has 69.68% in Vedanta Ltd.