Stock recommendations by analyst for June 4: Reliance Industries, Canara Bank and Coromandel Intl
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty hit record highs
Domestic benchmarks on Monday hit lifetime highs as exit polls indicated a decisive mandate and a third term for Prime Minister Narendra Modi. The 30-share BSE pack finally settled 2,507 points or 3.39% to end at 76,468 after hitting an all-time high of 76,739. The broader NSE Nifty index eventually moved 733 points or 3.25% up to close at 23,263. During intraday trade, the index touched a record high of 23,339. India VIX, fear index, slumped 14.89% to 20.94-level.
Stocks with potential 'Buy' calls for June 4
For June 4 (Tuesday), market analyst from a domestic brokerage has assigned 'Buy' calls for Reliance Industries, Canara Bank and Coromandel International shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
Reliance Industries share price target
LTP: Rs 3,027.75 | SL: Rs 2,880 An analyst from LKP Securities has given 'Buy' call on Reliance Industries Ltd (RIL) shares with a target price of Rs 3,280. The scrip has risen 22.22% in the past one year. "On the higher end, the stock might move towards Rs 3,280. Support is placed at Rs 2,880, below which it could move back into consolidation," said Rupak De, Senior Technical Analyst, LKP Sec.
Canara Bank share price target
LTP: Rs 128.90 | SL: Rs 125 The LKP analyst has also selected Canara Bank Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 135 per share. The multibagger scrip has zoomed 106.57% in a year. "The stock has given a consolidation breakout on daily charts, suggesting a rise in optimism. It has potential to hit an upside target of Rs 135 with support at Rs 125," De stated.
Coromandel Intl share price target
LTP: Rs 1,340.25 | SL: Rs 1,275 The analyst from LKP has included Coromandel International Ltd as well in his stock suggestions with a 'Buy' call for targets of Rs 1,378-1,410. The counter has climbed 39.57% in the past one year. Investors can consider initiating a position around Rs 1,310-1,324 levels. Keep stop loss placed at Rs 1,275, aiming for targets between Rs 1,378 and Rs 1,410," De mentioned.
Nifty outlook
"Investor sentiment remains highly dependent on the election results tomorrow. If the election results align with the exit poll or fall below the exit poll numbers, it might attract mild to heavy selling pressure in the overall market, including the Nifty space. However, if the results are better than expected — meaning if the NDA secures significantly more seats than the average exit poll numbers — then the index might embrace another round of buoyant movement," said Rupak De from LKP Securities.
Disclaimer
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