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Domestic benchmarks extended their losses for the second consecutive session. The 30-share BSE Sensex pack fell 284 points or 0.44% to close at 63,591, while the broader NSE Nifty index moved 90 points or 0.47% down to end the session at 18,989. India VIX, fear index, rose 1.88% to 12.05-level
For November 2 (Thursday), share market analysts from a few brokerages have assigned 'Buy' calls on Dalmia Bharat, Max Financial, KEI Industries and CDSL. Check share price targets, analysis, investment rationale and other crucial details about these long-term bets
LTP: Rs 2,072.10 Analysts at Geojit have given a 'Buy' call on Dalmia Bharat shares with a target price of Rs 2,416. The stock has climbed 9.77% in 2023 so far.
"The company's strong capacity expansion plans to become a pan-India player while maintaining a healthy balance sheet should support a re-rating in valuation. The demand outlook is positive given the government's strong focus on infra, housing and pre-election spending," the brokerage said
LTP: Rs 888.90 Nuvama Institutional Equities has selected Max Financial Services in its stock recommendations. The analysts have given a 'Buy' call on the counter with a 12-month target price of Rs 1,130 per share. The stock has risen 30.04% on a year-to-date (YTD) basis
"With Axis Bank set to pick up an additional stake in Max Life and the company's strong growth focus, we are tweaking up FY24/25E VNB by 1.4/3.8%," analysts at Nuvama mentioned
LTP: Rs 2,468.50 Nuvama has also picked KEI Industries in its long-term bets. The brokerage has given 'Buy' rating on the counter with a target price of Rs 2,862. The scrip has surged 66.71% in 2023 so far
"KEI is adding both brownfield (Silvassa, Bhiwadi) and greenfield (Gujarat) capacity, which we reckon shall enable it to clock a sales CAGR of 16–17% over FY23–26E. Domestic demand is strong currently and KEI is now also actively focussing on exports markets," Nuvama stated
LTP: Rs 1,503 For traders, Nuvama also suggested Central Depository Services (India) Ltd shares with a long-term view. The brokerage has given a 'Buy' rating for a target of Rs 1,670. The scrip has moved 30.05% up in 2023 so far
For CDSL, strong retail activity, corporate actions (particularly IPOs), and KYC record creations remain the key earnings drivers, Nuvama said
"Nifty successfully held the 18,940-support level. Immediate resistance on the upside is identified at 19,100, and a breakout above this level may trigger short-covering moves toward the 19,250-19,300 range. Conversely, if the lower-end support at 18,940 is breached on a closing basis, it could intensify selling pressure, potentially pushing the index to new lows," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
"For Nifty Bank, immediate resistance is observed at 43,000, where significant open interest is concentrated on the call side. A breach above this level could trigger short-covering moves towards 43,500. Conversely, the lower-end support is positioned at 42,400, and if it is breached on a closing basis, it may escalate the selling pressure," Shah from LKP mentioned
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