Produced by: Prashun Talukdar
Benchmark indices on Wednesday settled with sharp gains in a highly volatile trading session, led by gains in pharma and state-owned lenders. The 30-share BSE Sensex jumped 612 points or 0.86% to settle at 71,752, while the broader NSE Nifty index moved 204 points or 0.95% up to close at 21,726. India VIX, fear index, shed 0.34% to close at 16.05-level. Today, market participants will be keenly watching Budget 2024 presentation.
For February 1 (Thursday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Exide Industries, DCW and Trident shares. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 334.90 | SL: Rs 315 An analyst from LKP Securities has given a 'Buy' call on Exide Industries shares with target prices of Rs 345-355. The scrip has surged 83.56% in the past one year. "The stock exhibits a clear uptrend, rebounding from its 20-day EMA. The Relative Strength Index (RSI) at 71 indicates a bullish crossover, while the positive TSI further supports a positive outlook. Considering these factors, initiating a long position in the stock within the range of Rs 334-329, with a stop loss at Rs 323, seems prudent. The target prices for this trade are set at Rs 342 and Rs 355," said Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities.
LTP: Rs 68.90 | SL: Rs 60 The LKP analyst has also selected DCW shares in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 80-85 per share. The scrip has jumped 41.92% in a year. "The stock has recently experienced a robust breakout from a symmetrical triangle pattern, accompanied by a notable surge in volumes, signaling a bullish trend. The momentum indicator, RSI, reinforces this positive sentiment with a confirmed positive crossover. Support on the counter will be at Rs 60 and potential upside targets between Rs 80 and Rs 85," Shah stated.
LTP: Rs 47.50 | SL: Rs 43 The analyst from LKP Sec has included Trident shares in his stock picks as well with a 'Buy' call for targets of Rs 53-60. The scrip has gained 44.16% in the past one year. "Exhibiting a strong bullish momentum, the stock recently broke out from a falling trendline, accompanied by a significant surge in volumes. Daily charts showcase a well-established uptrend, marked by consistent higher highs and higher lows. Bulls can find support at Rs 43, providing a cushion for potential downturns. With the current upward trajectory, the counter presents upside targets of Rs 53-60," Shah mentioned.
"For Nifty, support on the lower end is situated at 21,500, while a decisive move above 21,750 might trigger a rally towards 22,100 and beyond," said Rupak De, Senior Technical Analyst at LKP Securities.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.