3 stock recommendations by analysts for September 19: IIFL Finance, IRCTC and Tata Motors
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty slipped after hitting record highs
Domestic benchmarks settled lower on Wednesday after scaling their all-time high levels as losses in IT and pharma countered gains in banks and financials. The 30-share BSE Sensex fell 131 points or 0.16% to close at 82,948. The broader NSE Nifty moved 41 points or 0.16% lower to end at 25,378. India VIX, fear index, surged 6.21% to 13.37-level.
Stocks with potential ‘Buy/Sell’ calls for September 19, 2024
For September 19 (Thursday), an analyst from a domestic brokerage assigned 'Buy/Sell' calls on IIFL Finance, IRCTC and Tata Motors shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
IIFL Finance share price target
LTP: Rs 528 | SL: Rs 508 An analyst from LKP Securities has given a 'Buy' call on IIFL Finance Ltd shares with a target price of Rs 565. The scrip has fallen 7.34% in the past one year. "The stock has broken out of a consolidation phase on daily charts, indicating growing bullish momentum. It can move towards Rs 565, while support is placed at Rs 508," said Rupak De, Senior Technical Analyst, LKP Sec.
IRCTC share price target
LTP: Rs 905 | SL: Rs 926 The analyst from LKP has also selected Indian Railway Catering and Tourism Corporation (IRCTC) Ltd in his stock recommendations. But, he has given a 'Sell' call on the counter with a downward target of Rs 860 per share. The scrip has risen 31.28% in a year. "The stock has dropped below its recent consolidation on daily charts, indicating growing pessimism. The RSI (Relative Strength Index), which measures the scrip's momentum, is showing bearish signals and is declining. In the near term, the stock could fall towards Rs 860. On the upside, resistance is at Rs 926," De stated.
Tata Motors share price target
LTP: Rs 959.20 | SL: Rs 981 The LKP analyst has included Tata Motors Ltd as well in his stock suggestions with a 'Sell' call. The stock can slip towards Rs 900, he said. The counter has gained 49.72% in the past one year. "The stock has been making lower tops on daily charts, indicating growing pessimism. The RSI is showing bearish signals and is declining. In the near term, it can fall towards Rs 900 level. On the upside, resistance will be at Rs 981," De mentioned.
Nifty outlook
"Nifty reached a new all-time high ahead of the important announcement from US Federal Reserve about interest rates. However, some traders decided to take profits at these higher levels, which caused the market to close about 130 points below its peak for the day. Lately, the index has been moving within a small range. On the downside, there is support at 25,300. If Nifty falls below this level, it could lead to a further drop towards the 24,900-25,000 range. On the upside, 25,500 is acting as a resistance level, meaning it may be difficult for the market to move above this point in the short term," said Rupak De of 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.