Produced by: Prashun Talukdar
Domestic benchmarks fell sharply on Tuesday after vote-counting showed Prime Minister Narendra Modi's BJP-led alliance was headed for a majority, but the tally was narrower than exit polls' prediction. The 30-share BSE Sensex pack nosedived 4,390 points or 5.74% to settle at 72,079 and the broader NSE Nifty index moved 1,379 points or 5.93% down to 21,885 level. India VIX, fear index, spiked 23.65% to 26.75-level.
For June 5 (Wednesday), market analysts from a domestic brokerage have assigned 'Buy/Sell' calls for Marico, Godrej Consumer and Bajaj Finance shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 613 | SL: Rs 594 Analysts from Religare Broking have given 'Buy' call on Marico Ltd shares with a target price of Rs 650. The scrip has risen 12.04% in the past one year. "We are seeing decent strength in the FMCG sector and Marico is leading from the front. One should accumulate the stock in the mentioned range," they said.
LTP: Rs 1,347 | SL: Rs 1,295 Religare analysts have also selected Godrej Consumer Products Ltd in their stock recommendations. They have given a 'Buy' call on the counter with a target price of Rs 1,460 per share. The scrip has climbed 28.02% in a year. "The stock is currently placed around record high levels. One can consider taking a position in the stock," Religare stated.
LTP: Rs 6,550 | SL: Rs 6,570 Religare analysts have included Bajaj Finance Ltd as well in his stock suggestions but with a 'Sell' call. The scrip may slip to Rs 6,380 level. The counter has slipped 7% in the past one year. "The stock is expected to resume its prior downtrend and therefore, one can go short on Bajaj Finance futures," Religare mentioned.
"Nifty finally settled the day on a negative note at 21,884.5. The volatility index (VIX) hit its highest level since February 2022, reaching 31.71. Technically, the index will find immediate support around 21,800, followed by 21,250 level. Conversely, in the near run, the 22,800-23,340 zone will serve as significant obstacle," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment.
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