Weekend Observations 01st Oct 2023

Weekend Observations

RTI For Money, Lillaney

10/2/20231 min read

Top Gainer this week has been HMT Ltd. which gave a return of 27.51%. Stock looks very extended on the charts. Fundamentally too, the stock is not that great. It seems to me that the correction that happened last week might continue this week for the stocks that have run up too quickly without any significant change in fundamentals or future outlook. But bull markets are driven by liquidity and markets can remain irrational longer than we can remain solvent. So my strategy would be to wait on the sidelines and buy only good companies when there is the next market correction. That could take a while but I would rather be safe than sorry. What’s your plan for the coming week?

New 52 week high - 28 vs 19 last week

New 52 week low - 3 vs 2 last week

Near 52 week high - 266 vs 240 last week

Near 52 week low - 27 vs 25 last week

If we see the above it shows more stocks in each category which means the trend is mixed.

If we see the 52 week low list it contains 3 companies as given below with my views.

Navin Fluorine - 50+ P/E. Ignore. Nothing special here at the moment.

Adani Gas - 100+ P/E. Ignore. Nothing special here at the moment.

Nuvama Wealth Management - Demerged from Edelweiss Financial services. Nothing special here at the moment.

Please consult your financial advisor before investing. The above are just my views.

What are your weekend observations?

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