Produced by: Prashun Talukdar
Domestic benchmarks on Wednesday closed in the green, led by gains in FMCG, IT, pharma and realty stocks. Headline index NSE Nifty rose 69 points or 0.31% to settle at 22,598-level. The 30-share BSE Sensex pack climbed 268 points or 0.36% to end at 74,221. India VIX, fear index, fell 1.57% to 21.47-level.
For May 23 (Thursday), market analyst from a domestic brokerage has assigned 'Buy' calls for Infosys, Olectra Greentech and Emami shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,454.20 | SL: Rs 1,420 An analyst from LKP Securities has given 'Buy' call on Infosys Ltd shares with target prices of Rs 1,480-1,510. The scrip has climbed 11.86% in the past one year. "The stock is on the verge of a breakout from a significant consolidation phase. It is likely to test Rs 1,500 level and a sustained move above this level can open the gates for further upside," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Sec.
LTP: Rs 1,799 | SL: Rs 1,720 The LKP analyst has also selected Olectra Greentech Ltd in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 1,880-1,960 per share. The multibagger scrip has gained 164.97% in a year. "The stock has given a strong breakout on daily charts. It has taken support at Rs 1,730, which acts as a cushion in case of any declines. The momentum indicator RSI has given a positive crossover, confirming the buy signal," Shah stated.
LTP: Rs 534.50 | SL: Rs 500 The analyst from LKP has included Emami Ltd in his stock suggestions as well with 'Buy' call for target prices of Rs 560-580. The counter has risen 36.44% in the past one year. "The stock has formed a bullish flag and pole pattern on daily charts, confirming a bullish setup. The momentum indicator RSI has given a positive crossover, reinforcing the buy signal," Shah mentioned.
"Nifty continues to trend bullishly, finding support at 22,500. The index has been moving higher within a rising channel. The trend is likely to remain strong as long as it stays above 22,500. On the higher end, it might move towards 22,800 in the short term, with immediate support at 22,600. A dip below 22,600 might briefly take the index towards 22,500," said Rupak De, Senior Technical Analyst at LKP Securities.
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