3 stock recommendations by analysts for August 23, 2024: BHEL, NHPC and Exide Industries
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty rise
Domestic benchmarks settled higher on Thursday, led by gains in banks, financial, metals and consumer stocks. The 30-share BSE Sensex rose 148 points or 0.18% to close at 81,053. The broader NSE Nifty climbed 41 points or 0.17% to end at 24,812. India VIX, fear index, shed 2.49% to 13-level.
Stocks with potential 'Buy' calls for August 23, 2024
For August 23 (Friday), an analyst from a domestic brokerage assigned 'Buy' calls on BHEL, NHPC and Exide Industries shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
BHEL share price target
LTP: Rs 299.25 | SL: Rs 280 The analyst from Prabhudas Lilladher (PL) has given a 'Buy' call on Bharat Heavy Electricals Ltd (BHEL) shares with a target price of Rs 350. The multibagger scrip has gained 169.47% in the past one year. "The stock has been in consolidation for quite some time. We suggest to buying it for an upside target of Rs 350, keeping a stop loss of Rs 280," said Shiju Koothupalakkal, Technical Research Analyst at PL.
NHPC share price target
LTP: Rs 97.98 | SL: Rs 93 The PL analyst has also selected NHPC Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 117 per share. The scrip has surged 96.75% in a year. "A decisive breach above Rs 100 can further strengthen the overall trend to anticipate more upside potential in the coming days. It has indicated a positive trend reversal. We suggest buying it for an upside target of 117, keeping the stop loss placed at Rs 93," Koothupalakkal stated.
Exide Industries share price target
LTP: Rs 512.50 | SL: Rs 475 The analyst from PL has included Exide Industries Ltd as well in his stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 575, he said. The counter has soared 91.80% in the past one year. "The stock has witnessed a decent correction from its peak zone of Rs 585. With a gradual rise witnessed, it has shown improvement in the bias to anticipate a further rise in the coming days. With the technical charts looking very attractive, we suggest buying it for an upside target of 575 levels with a stop loss of Rs 475," Koothupalakkal mentioned.
Nifty outlook
"Nifty remained rangebound for another trading session. The index has sustained above the critical near-term moving average. Sentiment may continue to favour the bulls as long as it remains above 24,650. On the other hand, the current rise might extend towards 25,000 in the near term," said Rupak De, Senior Technical Analyst at LKP Securities.
Disclaimer
Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.