Produced by: Prashun Talukdar
Benchmark indices on Monday settled higher, led by gains in metal, automobile and media stocks. Headline index Nifty climbed 32 points or 0.15% to close at 22,056-level. The 30-share BSE pack rose 105 points or 0.14% to close at 72,748. India VIX, fear index, was up 1.49% to end at 13.90-level.
For March 19 (Tuesday), market analysts from a few domestic brokerages have assigned 'Buy' calls for Tata Steel, M&M and Tata Elxsi shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 148.80 | SL: Rs 144 An analyst from LKP Securities has given a 'Buy' call on Tata Steel Ltd shares with a target price of Rs 163. The scrip has gained 42.39% in the past one year. "The stock has experienced a consolidation breakout after a sharp price correction. In the short term, it could potentially move towards Rs 163 level with support situated at Rs 144," said Rupak De, Senior Technical Analyst at LKP Sec.
LTP: Rs 1,859 | SL: Rs 1,805 The LKP analyst has also selected Mahindra and Mahindra (M&M) Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 1,960 per share. The scrip has jumped 59.21% in a year. "The stock signals continued bullish momentum. Consider initiating a position at current levels, setting stop loss at Rs 1,805 for a target of Rs 1,960 on the upside," De stated.
LTP: Rs 7,725 | SL: Rs 7,200 An analyst from Prabhudas Lilladher (PL) has included Tata Elxsi Ltd in his stock suggestions with a 'Buy' call for targets of Rs 8,600-9,000. The counter has risen 27.94% in the past one year. "The stock has been in the consolidation phase for some time between Rs 7,400 and Rs 7,900 levels, with good support maintained near the Rs 7,350 zone. Currently, there is tough resistance seen at Rs 7,840. A decisive breach is required for further upward move. We suggest buying and accumulating this stock for upside targets of Rs 8,600–9,000, keeping stop loss placed at Rs 7,200," said Vaishali Parekh, Vice-President - Technical Research at PL.
"For Nifty, bulls have managed to defend 21,900. However, a dip below 21,900 could strengthen the bears' position. Any downturn is currently being met with buying activity. On the upside, a sustained upward movement beyond 22,100 may propel the index towards 22,250. Support is established at 21,900, below which Nifty might decline towards 21,700," said Rupak De from LKP Securities.
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