3 stock recommendations by analysts for August 28, 2024: ITC, Bharti Airtel and HPCL
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty ended flat
Domestic benchmarks settled almost flat on Tuesday, as losses in consumer stocks countered gains in financials. The 30-share BSE Sensex climbed 14 points or 0.02% to close at 81,711. The broader NSE Nifty edged 7 points or 0.03% up to end at 25,018. India VIX, fear index, shed 1.17% to 13.63-level.
Stocks with potential 'Buy' calls for August 28, 2024
For August 28 (Wednesday), analysts from a domestic brokerage assigned 'Buy' calls on ITC, Bharti Airtel and HPCL shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
ITC share price target
LTP: Rs 500.40 | SL: Rs 485 Analysts from Religare Broking have given a 'Buy' call on ITC Ltd shares with a target price of Rs 545. The multibagger scrip has gained 13.37% in the past one year. "We are seeing noticeable traction in the FMCG counters and ITC is trading in sync with the move. We expect the stock to perform well in the near term," the brokerage said.
Bharti Airtel share price target
LTP: Rs 1,520.65 | SL: Rs 1,465 Religare analysts have also selected Bharti Airtel Ltd in their stock recommendations. They have given a 'Buy' call on the counter with a target price of Rs 1,640 per share. The scrip has surged 74.72% in a year. "The stock has been trading in a steady upmove for the last one year. It witnessed some time-wise correction after hitting all-time high levels. It has rebounded from the lower end of the range with a gradual pick up in volume. It is likely to reclaim new highs," the brokerage stated.
HPCL share price target
LTP: Rs 404 | SL: Rs 391 Analysts from Religare have included Hindustan Petroleum Corp Ltd (HPCL) as well in their stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 435, they said. The multibagger counter has rallied 129.25% in the past one year. "Hind Petro has witnessed a fresh breakout from the multi-month consolidation range with noticeable volumes. It has been holding strong above the neckline of the breakout zone offering a fresh buying opportunity with favorable risk-reward. The stock is also trading well above its short-term moving averages suggesting momentum in place," the brokerage mentioned.
Nifty outlook
"We have been seeing rotational buying across sectors, which is helping Nifty to maintain a positive tone. Support has now shifted to the 24,600-24,800 zone. Traders should stay focused on stock selection and utilise dips to add quality stocks. Also, we suggest keeping a close watch on the performance of the US markets and the participation of the banking majors for momentum," analysts from Religare Broking said.
Disclaimer
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