They say every adversity brings with it an opportunity and the equity market is no exception.
While uncertainty and gloom prevail in the market due to the coronavirus outbreak, brokerage firm ICICI Direct has identified stocks that have the ability to withstand a storm and may take off once the runway is clear.
"As the wisdom goes in the market, there are always opportunities in every adversity which exhibit bull moves even in a rough environment. We believe in the current uncertain scenario when many stocks are at multi-year lows and finding opportunities are challenging, identifying such resilient stocks and riding them in a rough environment like this will be rewarding and exciting," said the brokerage.
Structural turnarounds, relative strength rankings and Dow Theory bullish signals are three broad technical concepts to find the outperformers during the market decline in 2020.
As per the brokerage, under the structural turnarounds, there are stocks that have witnessed faster retracement of the entire January – March 2020 decline quicker, in April 2020, thereby, signalling a change of guard and a robust price structure.
On the other hand, the stocks that showed relative strength are ones that have remained resilient during the sharp decline of February and March 2020 and relatively outperformed the benchmarks, acting as defensive bets for investors. These stocks have steadied the portfolio performance in turbulent times, the brokerage said.
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