Produced by: Prashun Talukdar
Domestic benchmarks on Friday settled slightly lower today, pausing their five-day winning streak after the Reserve Bank of India (RBI) decided to keep repo rate unchanged at 6.5 per cent. The domestic indices were dragged by technology, pharma and select banking stocks. The 30-share BSE Sensex fell 57 points or 0.07% to close at 81,709 and the broader NSE Nifty shed 31 points or 0.12% to end at 24,678. India VIX, fear index, slipped 2.66% to 14.14-level.
For December 9 (Monday), an analyst from a domestic brokerage assigned 'Buy' calls on Axis Bank, Cyient and REC shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,183.90 | SL: Rs 1,154 LKP Securities' analyst has given a 'Buy' call on Axis Bank Ltd shares with a target price of Rs 1,240. The scrip has climbed 4.66% in the past one year. "The stock has given a consolidation breakout on daily charts, indicating increased optimism. In the short term, it could move towards Rs 1,240. On the lower end, support is placed at Rs 1,154," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 1,989.30 | SL: Rs 1,940 The analyst from LKP has also selected Cyient Ltd in his stock recommendations. He has given a 'Buy' call on the counter with upside targets of Rs 2,080-2,120 per share. The scrip has edged up 2.02% in a year. "The stock formed a bullish candlestick pattern on daily charts. Traders can consider placing a stop loss at Rs 1,940 on a closing basis, with targets set at Rs 2,080 and 2,120 for potential upside gains," De stated.
LTP: Rs 557.50 | SL: Rs 544 The LKP analyst has included REC Ltd as well in his stock suggestions with a 'Buy' call. The stock may hit an upside target of Rs 590, he said. The counter has risen 37.50% in the past one year. "The stock has given a consolidation breakout on daily charts. It could move towards Rs 590 level in the short term. On the downside, support is placed at Rs 544," De mentioned.
"For Nifty, adopting a 'buy-on-dip' strategy seems prudent, especially with the potential for an upward move towards 25,500 in the short term. However, minor pullbacks following a sharp rally are possible, further emphasising the effectiveness of buying on dips to capitalise on this trend," said Rupak De of LKP Securities.
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