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Benchmark indices on Tuesday settled lower, pausing their five-day strong upward move. The domestic benchmarks were dragged by IT, pharma and healthcare stocks. The 30-share BSE Sensex slipped 199 points or 0.27% to settle at 73,129, while the broader NSE Nifty index moved 65 points or 0.29% down to close at 22,032. India VIX, fear index, fell 1.81% to 13.57-level.
For January 17 (Wednesday), share market analysts from a domestic brokerage have assigned 'Buy' calls on AB Capital, Cipla and United Breweries Ltd (UBL). Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 178.95 | SL: Rs 175 Analysts from Religare Broking have given a 'Buy' call on Aditya Birla Capital shares with a target price of Rs 192. The stock has risen 21.78% in the past one year. "AB Capital has ended a 4-month long corrective phase. The stock has rebounded swiftly, finding support around its previous resistance zone. It has also recorded a breakout from a declining channel, with noticeable volumes and reclaimed its short term average," the brokerage said.
LTP: Rs 1,301.45 | SL: Rs 1,275 Religare has also selected Cipla Ltd shares in its stock recommendations. It has given a 'Buy' call on the counter with a target price of Rs 1,355 per share. The stock has climbed 21.73% in a year. "Cipla has retraced towards the support zone of the neckline (breakout) area of the previous consolidation range. It may take a breather before resuming uptrend. So, traders can use this phase to accumulate," the brokerage stated.
LTP: Rs 1,830.05 | SL: Rs 1,790 Religare has included United Breweries Ltd (UBL) shares in its stock picks as well with a 'Buy' call for a target of Rs 1,910. The scrip has risen 13.79% in the past one year. "UBL has been in an uptrend for over five months after retesting the support zone of its long-term moving average (200-EMA) on weekly charts. In line with the trend, it has rebounded swiftly after retracing marginally to the support zone of 20-EMA. The chart pattern indicates the prevailing tone to continue," the domestic brokerage mentioned.
"Indications are in favor of further consolidation in Nifty and expect the index to hold the 21,750-21,900 zone. However, traders should maintain extra caution in stock selection now citing volatility due to earnings," Religare said.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.