Stock recommendations by analysts for June 12: Birlasoft, IEX and Cholamandalam Investment
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty mixed
Domestic benchmarks on Tuesday settled on a mixed note as losses in pharma and healthcare stocks countered gains in automobiles and energy shares. The 30-share BSE pack shed 33 points or 0.04% to close at 76,457. The broader NSE Nifty index edged 6 points or 0.02% to end 23,265. India VIX, fear index, tanked 9.95% to 14.77-level.
Stocks with potential 'Buy' calls for June 12
For June 12 (Wednesday), analysts from a domestic brokerage have assigned 'Buy' calls for Birlasoft, IEX and Cholamandalam Investment shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
Birlasoft share price target
LTP: Rs 674 | SL: Rs 640 Analysts from Religare Broking have given a 'Buy' call on Birlasoft Ltd shares with a target price of Rs 725. The scrip has gained 99.59% in the past one year. "We are seeing decent traction in the mid-cap IT pack, and Birlasoft is offering fresh buying opportunity with favorable risk-to-reward. We believe the price is set to inch higher and challenge its previous swing high soon," the brokerage said.
IEX share price target
LTP: Rs 168.82 | SL: Rs 157 Religare analysts have also selected Indian Energy Exchange Ltd (IEX) in their stock recommendations. They have given a 'Buy' call on the counter with a target price of Rs 185 per share. The scrip has risen 36.59% in a year. "We anticipate that the stock may register a breakout and attract fresh upward momentum. It can be bought in the mentioned range," the brokerage stated.
Cholamandalam Investment price target
LTP: Rs 1,338 | SL: Rs 1,300 Analysts from Religare have included Cholamandalam Investment and Fin Co Ltd as well in their stock suggestions with a 'Buy' call. One can expect a target price of Rs 1,420 levels. The counter has climbed 24.69% in the past one year. "Considering price pattern and uptick in volumes, we believe the bullish tone can continue. Traders can consider taking positions," the brokerage mentioned.
Nifty outlook
"Going ahead, Nifty is more likely to maintain its positive bias and therefore, one should continue with 'buy-on-dips' approach. 22,800–22,600 will act as crucial support in the near term and 23,600–24,000 will be the intermediate resistance zone," Religare Broking said.
Disclaimer
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