Produced by: Prashun Talukdar
Benchmark indices scaled their new lifetime high levels on Thursday, led by gains in media, metal, consumer and financials. The 30-share BSE pack finally settled 33 points or 0.05% higher at 74,119 after touching an all-time high of 74,245. And, the broader NSE Nifty index hit a record peak of 22,526 before closing 20 points or 0.09% up at 22,494. India VIX, fear index, dived 4.77% to end at 13.61-level. Domestic indices remained closed on Friday (March 8) on account of 'Mahashivratri'.
For March 11 (Monday), a market analyst from a domestic brokerage has assigned 'Buy' calls on PNB, Chambal Fertilisers and Havells shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 129.65 | SL: Rs 124.80 An analyst from LKP Securities has given a 'Buy' call on Punjab National Bank (PNB) shares with target prices of Rs 135-139. The multibagger scrip has gained 169.26% in the past one year. "Consider taking a long position at the current market price, maintaining support at Rs 124.8. Targets are identified at Rs 135 and Rs 139. It is advisable for traders to closely observe the support level and stay attuned to market conditions," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 373.15 | SL: Rs 363 The analyst has also selected Chambal Fertilisers and Chemicals Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 400 per share. The multibagger scrip has risen 35.84% in a year. "Anticipating a further upward momentum, the stock could potentially advance towards Rs 400 level. Meanwhile, downside support is positioned at Rs 363," De stated.
LTP: Rs 1,543 | SL: Rs 1,497 The LKP analyst has included Havells India in his stock picks as well with a 'Buy' call for a target of Rs 1,650. The counter has moved 28% higher in the past one year. "The stock has been moving in a range as market participants looked confused after a sharp rally on daily charts. On the higher end, the stock might move towards Rs 1,650. On the lower end, support is placed at Rs 1,497," De mentioned.
"Nifty stayed below the psychological 22,500 mark, with call writers at 22,500 strike significantly increasing their positions. On the downside, support is expected to hold at 22,400. The 'buy-on-dips' strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term," said Rupak De from LKP Securities.
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