Produced by: Prashun Talukdar
Domestic benchmarks continued to fall for the second consecutive session on Wednesday, dragged by automobile and IT stocks. The 30-share BSE Sensex fell 319 points or 0.39% to close at 81,501. The broader NSE Nifty moved 86 points or 0.34% down to end at 24,971. India VIX, fear index, edged up 0.63% to 13.05-level.
For October 17 (Thursday), an analyst from a domestic brokerage assigned 'Buy' calls on GRSE, Sumitomo Chemical and Ambuja Cements shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,783 | SL: Rs 1,679 LKP Securities' analyst has given a 'Buy' call on Garden Reach Shipbuilders & Engineers (GRSE) Ltd shares with target prices of Rs 1,980-2,000. The multibagger scrip has rallied 119.76% in the past one year. "The stock may move towards Rs 1,980-2,000 levels in the near term. Keep stop loss placed at Rs 1,679," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 570 | SL: Rs 554 The analyst from LKP has also selected Sumitomo Chemical India Ltd in his stock recommendations. He has given a 'Buy' call on the counter with an upside target of Rs 600 per share. The scrip has risen 35.75% in a year. "The stock has potential to hit Rs 600 level in the near term. Keep stop loss placed at Rs 554," De stated.
LTP: Rs 590 | SL: Rs 570 The LKP analyst has included Ambuja Cements Ltd as well in his stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 620, he said. The counter has climbed 33.11% in the past one year. "One can consider buying the stock in the range of Rs 590 with a stop loss at Rs 570 on the downside, aiming for a target price of Rs 620," De mentioned.
"For Nifty, sentiment now appears slightly bearish with immediate support at 24,900. A break below this level could intensify the weakness, potentially dragging the index down to 24,700. On the upside, 25,000 remains a strong resistance and only a decisive breakout above this level can trigger a directional rally in the market," said Rupak De of LKP Securities.
Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.