Produced by: Prashun Talukdar
Domestic benchmarks settled lower on Monday, dragged by energy, IT and FMCG stocks. The 30-share BSE Sensex fell 103 points or 0.13% to close at 80,502. The broader NSE Nifty shed 22 points or 0.09% to end at 24,509. India VIX, fear index, jumped 4.13% to 15.44-level.
For July 23 (Tuesday), an analyst from a domestic brokerage has assigned 'Buy' calls for Texmaco Rail, GE Shipping and Chambal Fertilisers shares ahead of the Union Budget 2024 presentation. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 277 | SL: Rs 269 The analyst from LKP Securities has given a 'Buy' call on Texmaco Rail & Engineering Ltd shares with a target price of Rs 296. The multibagger scrip has gained 188.09% in the past one year. "The stock is in a higher top higher bottom formation on daily timeframes. Over the short term, it has potential to move towards Rs 296 level with support placed at Rs 269," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 1,368.45 | SL: Rs 1,300 The LKP analyst has also selected Great Eastern Shipping Company Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 1,700 per share. The scrip has surged 75.98% in a year. "The stock has formed a bullish engulfing pattern following a correction on daily timeframes. It may move towards Rs 1700 level in the near term. Support will be placed at Rs 1,300," De stated.
LTP: Rs 510.70 | SL: Rs 494 The analyst from LKP has included Chambal Fertilisers and Chemicals Ltd as well in his stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 550, he said. The counter has soared 89.32% in the past one year. "The stock has formed a piercing line pattern following a sideward corrective phase on daily timeframes. It could move towards Rs 550 level in the near term. Support will be placed at Rs 494," De mentioned.
"A small-bodied candle has formed on daily charts following a bearish engulfing pattern, suggesting a pause before the next movement. 24,550 level is likely to act as an immediate hurdle for Nifty. A move above 24,550 might induce a meaningful rally in the index, while support is placed at 24,480. That said, a decisive fall below 24,480 might induce selling pressure," said Rupak De from LKP Securities.
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.