Produced by: Prashun Talukdar
Domestic benchmarks continued their upward move for the fourth consecutive session, led by gains in banks and financials. The 30-share BSE Sensex climbed 111 points or 0.14% to close at 80,956 and the broader NSE Nifty moved up 10 points or 0.04% to end at 24,467. India VIX, fear index, rose 0.53% to 14.45-level.
For December 5 (Thursday), an analyst from a domestic brokerage assigned 'Buy' calls on Canara Bank, CDSL and Sonata Software shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 108.60 | SL: Rs 105 LKP Securities' analyst has given a 'Buy' call on Canara Bank Ltd shares with a target price of Rs 116. The scrip has risen 27.18% in the past one year. "It has given a double-bottom breakout on daily charts, indicating increased optimism. In the short term, the stock could move towards Rs 116. On the downside, support is placed at Rs 105," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 1,729.05 | SL: Rs 1,667 The analyst from LKP Securities has also selected Central Depository Services (India) Ltd (CDSL) in his stock recommendations. He has given a 'Buy' call on the counter with an upside target of Rs 1,860 per share. The scrip has surged 79.42% in a year. "It has given a symmetrical triangle pattern breakout on daily charts. The scrip may move towards Rs 1,860 in the near term. Support is placed at Rs 1,667," De stated.
LTP: Rs 664.75 | SL: Rs 639 The LKP analyst has included Sonata Software Ltd as well in his stock suggestions with a 'Buy' call. The stock may hit an upside target of Rs 718, he said. The counter has slipped 5.59% in the past one year. "It has given a consolidation pattern breakout on daily charts. In the short term, the stock is likely to move towards Rs 718. Support will be placed at Rs 639," De mentioned.
"Nifty remained choppy as investors exercised caution ahead of the Reserve Bank's monetary policy announcement. However, the index managed to close above the crucial level of 24,420. On the lower end, support is placed at 24,350, while it could move toward 24,700 on the upside, where it may encounter initial selling pressure. A decisive move above 24,700 could trigger a continuation of its upward momentum. Conversely, a fall below 24,350 could weaken market sentiment," said Rupak De of LKP Securities.
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