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Stock recommendations by analyst for July 9: National Aluminium, GSFC and SBI

Produced by: Prashun Talukdar

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BSE BUILDING SK 6 2 06 03

Market recap: Sensex & Nifty settled slightly lower

Domestic benchmarks on Monday edged lower, dragged by state-owned lenders and consumer durables. The 30-share BSE Sensex fell 36 points or 0.05% to end at 79,243. The broader NSE Nifty shed 3 points or 0.01% to finish at 24,321. India VIX, fear index, spiked 7.12% to 13.60-level.

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Stocks with potential 'Buy' calls for July 9

For July 9 (Tuesday), an analyst from a domestic brokerage has assigned 'Buy' calls for National Aluminium, GSFC and SBI shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.

National Aluminium  share price target

LTP: Rs 207.30 | SL: Rs 199 The analyst from LKP Securities has given a 'Buy' call on National Aluminium Company Ltd shares with a target price of Rs 225. The multibagger scrip has gained 148.71% in the past one year. "It has given a swing high breakout on daily timeframe. The short-term trend may remain positive, with the potential to reach Rs 225. On the lower end, support is placed at Rs 199," Rupak De, Senior Technical Analyst at LKP Sec.

GSFC share price target

LTP: Rs 258.25 | SL: Rs 249 The LKP analyst has also selected Gujarat State Fertilizers & Chemicals Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 277 per share. The scrip has jumped 54.09% in a year. "GSFC has given a consolidation breakout on the daily timeframe. The short-term trend might remain positive, with the potential to reach Rs 277. Support is placed at Rs 249," De stated.

SBI share price target

LTP: Rs 856.75 | SL: Rs 839 The analyst from LKP has included State Bank of India Ltd in his stock suggestions as well with a 'Buy' call. The stock can hit an upside target of Rs 900 in the near term. The counter has surged 44.57% in the past one year. "The stock has formed a flag pattern on daily charts, a breakout above the flag might induce a strong rally. The short-term trend is likely to remain positive, with the potential to reach Rs 900. Support will be at Rs 839," De mentioned.

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Nifty outlook

"Nifty remained range-bound as investors appeared to be in no hurry to decide the market's direction. Support remains at 24,240 and a fall below this level might weaken the strength of bulls. Until then, dips might be bought into. On the higher end, resistance is seen at 24,375-24,400. Above 24,400, the index might move towards 24,600," said Rupak De from 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.