Stock recommendations by analyst for June 13: NMDC, Welspun Corp and Indiabulls Housing Finance
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty settled higher
Domestic benchmarks on Wednesday logged decent gains as state-owned lenders, healthcare, financials and energy stocks moved higher. The 30-share BSE Sensex pack rose 150 points or 0.20% to close at 76,607. During intraday trade, the broader NSE Nifty index jumped 177 points to hit a fresh all-time high of 23,442. It eventually ended 58 points or 0.25% up at 23,323. India VIX, fear index, fell 2.55% to 14.39-level.
Stocks with potential 'Buy' calls for June 13
For June 13 (Thursday), an analyst from a domestic brokerage has assigned 'Buy' calls for NMDC, Welspun Corp and Indiabulls Housing Finance shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
NMDC share price target
LTP: Rs 263.95 | SL: Rs 250 An analyst from LKP Securities has given a 'Buy' call on NMDC Ltd shares with target prices of Rs 275-282. The multibagger scrip has gained 142.71% in the past one year. "The stock has given a volume-based breakout on daily charts. Technical indicators are suggesting that the bullish momentum can continue," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Sec.
Welspun Corp share price target
LTP: Rs 544.40 | SL: Rs 520 The LKP analyst has also selected Welspun Corp Ltd in their stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 570-600 per share. The multibagger scrip has zoomed 102.57% in a year. "The stock has given a breakout on daily chart from a consolidation range with a rise in volumes. The momentum indicator RSI is showing signs of reversal from the oversold territory, indicating a bullish stance," Shah stated.
Indiabulls Housing share price target
LTP: Rs 172.16 | SL: Rs 160 The analyst from LKP has included Indiabulls Housing Finance Ltd as well in his stock suggestions with a 'Buy' call. One can expect targets of Rs 184-190 levels in the near term. The counter has climbed 68.83% in the past one year. "IBULHSGFIN has given a fresh breakout on daily charts with a sharp surge in volumes. The lower-end support is placed at 160, and the potential upside targets are Rs 184 and Rs 190," Shah mentioned.
Nifty outlook
"Nifty closed flat after a strong initial hour of trading, encountering resistance around 23,400. However, the short-term trend remains positive as the index stayed above 23,300. In the near term, it might continue consolidating within the 23,300-23,500 range. A decisive breakout above 23,500 could trigger a rally towards 23,800," said Rupak De, Senior Technical Analyst at LKP Securities.
Disclaimer
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