Stock recommendations by analyst for March 22: Olectra Greentech, BF Utilities and PowerGrid
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty settle higher
Benchmark indices surged on Thursday, led by gains across all sectors. Headline index Nifty rose 173 points or 0.79% to close at 22,012-level. The 30-share BSE pack jumped 540 points or 0.75% to end at 72,641. India VIX, fear index, dived 7.12% to end at 12.51-level.
Stocks with potential 'Buy' calls for March 22
For March 22 (Friday), market analyst from a domestic brokerage has assigned 'Buy' calls for Olectra Greentech, BF Utilities and PowerGrid shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
Olectra Greentech share price target
LTP: Rs 1,769 | SL: Rs 1,630 An analyst from Prabhudas Lilladher (PL) has given a 'Buy' call on Olectra Greentech shares with target prices of Rs 2,050-2,170. The multibagger scrip has gained 168.54% in the past one year. "For Olectra's stock, one can anticipate a rise in the coming days. We suggest buying it for upside targets of Rs 2,050-2,170 levels, keeping stop loss at Rs 1,630," said Shiju Koothupalakkal, Technical Research Analyst at PL.
BF Utilities share price target
LTP: Rs 726.10 | SL: Rs 680 The PL analyst has also selected BF Utilities in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 830 per share. The multibagger scrip has jumped 127.40% in a year. "The stock has signalled a trend reversal and has potential to rise in the coming days. We suggest to buy it for an upside target of Rs 830, keeping stop loss placed at Rs 680," Koothupalakkal stated.
PowerGrid share price target
LTP: Rs 273.60 | SL: Rs 257 The analyst from PL has included PowerGrid Corporation of India Ltd in his stock suggestions as well with a 'Buy' call for a target of Rs 307. The counter has jumped 62.78% in the past one year. "The stock is indicating a trend reversal. With much upside potential visible from current levels, we suggest to buy it for an upside target of Rs 307 with a stop loss of Rs 257," Koothupalakkal mentioned.
Nifty outlook
"Looking ahead, Nifty could potentially extend its gains towards the range of Rs 22,250-22,300. Moreover, a breakthrough above 22,300 may initiate a rally towards 22,500 and beyond. The 'buy-on-dips' strategy is expected to remain viable as long as the index stays above 21,840 level," said Rupak De, Senior Technical Analyst at LKP Securities.
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