Produced by: Prashun Talukdar
Benchmark indices settled with sharp cuts on Tuesday, dragged consumer, IT, pharma and energy stocks. Headline index Nifty tanked 238 points or 1.08% to close at 21,817-level. The 30-share BSE pack dived 736 points or 1.01% to close at 72,012. India VIX, fear index, was up 1.56% to end at 14.11-level.
For March 20 (Wednesday), market analysts from a few domestic brokerages have assigned 'Buy' calls for Hindalco, Bajaj Auto and Wockhardt shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 532.35 | SL: Rs 510 Analysts from Religare Broking have given a 'Buy' call on Hindalco Industries Ltd shares with a target price of Rs 585. The scrip has gained 38% in the past one year. "We are seeing decent traction in the metal pack and Hindalco is expected to witness a catch-up move. We believe the price is set to inch higher and challenge its previous swing high soon. Traders can consider taking a position in the stock," Religare said.
LTP: Rs 8,647.15 | SL: Rs 8,300 An analyst from Prabhudas Lilladher (PL) has selected Bajaj Auto Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 9,300 per share. The multibagger scrip has surged 127.26% in a year. "The stock has maintained a strong uptrend. It has seen a short correction with support seen near Rs 8,110 level. The counter has once again regained its upward move and one can expect an initial target of Rs 9,300, keeping stop loss at Rs 8,300," said Shiju Koothupalakkal, Technical Research Analyst at PL.
LTP: Rs 551 | SL: Rs 515 The PL analyst has included Wockhardt Ltd in his stock suggestions as well with a 'Buy' call for a target of Rs 620. The multibagger counter has rallied 226.33% in the past one year. "The stock has slipped from its peak level of Rs 630 due to profit booking. It has taken support near Rs 504. We suggest buying the stock for an upside target of Rs 620, keeping stop loss placed at Rs 515," Koothupalakkal mentioned.
"Nifty has fallen below the critical short-term moving average, indicating a weak momentum. Key levels to watch include resistance at 22,000 and support at 21,800. A drop below 21,700 could lead to further correction in the index," said Rupak De, Senior Technical Analyst at LKP Securities.
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