Stock recommendations by analyst for May 30: HUDCO, Biocon and Action Construction Equipment
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty slumped
Domestic benchmarks on Wednesday settled with sharp cuts, dragged by banks, financials, IT and energy stocks. The 30-share BSE pack plunged 668 points or 0.89% to end at 74,503 and the broader NSE Nifty index moved 183 points or 0.80% down to end at 22,705. India VIX, fear index, shed 0.08% to 24.18-level.
Stocks with potential ‘Buy’ calls for May 30
For May 30 (Thursday), market analyst from a domestic brokerage has assigned 'Buy' calls for HUDCO, Biocon and Action Construction Equipment shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
HUDCO share price target
LTP: Rs 262.45 | SL: Rs 249 An analyst from LKP Securities has given 'Buy' call on Housing And Urban Development Corp Ltd (HUDCO) shares with target prices of Rs 280-285. The multibagger scrip has soared 359.28% in the past one year. "The stock has defied the recent market sell-off, exhibiting resilience. On the higher end, it could move towards Rs 280-285, with support placed at Rs 249," said Rupak De, Senior Technical Analyst at LKP Sec.
Biocon share price target
LTP: Rs 323.45 | SL: Rs 310 The LKP analyst has also selected Biocon Ltd in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 332-341 per share. The scrip has climbed 33.85% in a year. "A position can be initiated in the Rs 318-321 range, with a stop loss placed at Rs 310. Expected near-term targets are Rs 332 and Rs 341," De stated.
ACE share price target
LTP: Rs 1,429.40 | SL: Rs 1,394 Analyst from LKP has included Action Construction Equipment Ltd (ACE) as well in his stock suggestions with a 'Buy' call for targets of Rs 1,470-1,505. The multibagger counter has gained 214.53% in the past one year. "Following a sharp correction in the stock, the possibility of a smart recovery is visible on daily charts. On the higher end, it could move towards Rs 1,470-1,505, with support placed at Rs 1,394," De mentioned.
Nifty outlook
"The option data suggests that Nifty might expire around 22,800. On the other hand, a fall below 22,700 might trigger additional selling pressure in the market. Immediate resistance is placed at 22,800," said Rupak De of LKP Securities.
Disclaimer
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