Produced by: Prashun Talukdar
Indian equity benchmarks continued their strong upward move for the fifth consecutive session on Friday, led by gains across all sectors except metals and consumer durables. The 30-share BSE Sensex pack jumped 557 points or 0.73% to finish at 76,906 and the broader NSE Nifty index climbed 160 points or 0.69% to end at 23,350. India VIX, fear index, shed 0.21% to 12.58-level.
For March 24 (Monday), an analyst from a domestic brokerage assigned 'Buy' calls on Canara Bank, CDSL and HPCL shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 87.65 | SL: Rs 84 The LKP Securities analyst has given a 'Buy' call on Canara Bank Ltd shares with target prices of Rs 93-97. The lender's scrip has slipped 23.36% in the past one year. "In the short term, the stock could advance towards Rs 93-97 levels with key support placed at Rs 84," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 1,219.50 | SL: Rs 1,159 The analyst from LKP has also selected Central Depository Services (India) Ltd in his stock recommendations. He has given a 'Buy' call on the counter with upside targets of Rs 1,280-1,330 per share. The scrip has gained 36.34% in a year. "The counter can hit Rs 1,280-1,330 levels in the near term. Key support will be placed at Rs 1,159," De stated.
LTP: Rs 356.15 | SL: Rs 343 The LKP analyst has included Hindustan Petroleum Corp Ltd (HPCL) as well in his stock suggestions along with a 'Buy' call. The scrip can scale upside targets of Rs 370-380, he said. The counter has climbed 13.04% in the past one year. "The scrip can move towards Rs 370-380 level in the short-term period. Support will be placed at Rs 343," De mentioned.
"Nifty continues to move upward following a falling trendline breakout, supported by upbeat sentiment. During the last trading session, the index encountered resistance at 23,382. A decisive move above 23,400 could drive the index higher by another 200 points, as the next resistance is at 23,600. A clear breakout above 23,600 might trigger another leg of the rally. On the other hand, failure to move above 23,400 could lead to near-term consolidation," said Rupak De of LKP Securities.
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