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Domestic benchmarks settled at record high levels on Friday, led by sharp gains in information technology (IT), metals, state-owned lenders and energy stocks. The 30-share BSE Sensex pack rallied 970 points or 1.37% to close at 71,484, while the broader NSE Nifty index moved 274 points or 1.29% up to end at 21,457. India VIX, fear index, spiked 6.55% to 13.13-level.
For December 18 (Monday), share market analyst from a domestic brokerage has assigned 'Buy' calls on SBI, IDFC and Graphite India. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 648.30 | SL: Rs 620 An analyst from LKP Securities has given a 'Buy' call on State Bank of India (SBI) shares with target prices of Rs 700-715. The stock has climbed 5.90% in 2023 so far and 13.97% in last six months.
"SBI has exhibited a robust breakout on weekly charts, accompanied by a sharp surge in volumes. The momentum indicator, RSI (Relative Strength Index), is comfortably trading in the buy zone, confirming the bullish momentum. The stock has a strong lower-end support at Rs 620, acting as a cushion for the bulls. With this positive setup, the potential upside targets are identified at Rs 700-715," said Kunal Shah, Senior technical and Derivative Analyst at LKP Securities.
LTP: Rs 127 | SL: Rs 122 The market expert has also selected IDFC in his stock recommendations. He has given a 'Buy' call on the counter for target prices of Rs 135-140 per share. The stock has jumped 50.38% on a year-to-date (YTD) basis and 18.80% in six months.
"IDFC has exhibited a compelling breakout on daily charts, accompanied by a significant surge in volumes. The positive momentum is further confirmed by the bullish crossover on the momentum indicator RSI. The stock finds support at Rs 122, creating a strong base, while the potential upside targets are anticipated at Rs 135-140," Shah from LKP stated.
LTP: Rs 542.55 | SL: Rs 510 The LKP analyst has also included Graphite India shares in his stock picks with a 'Buy' call for upside targets of Rs 600-650. The scrip has gained 39.98% in 2023 so far and 30.66% in the past six months.
"Graphite has recently formed a rounding bottom formation on daily charts and successfully broken out, accompanied by a surge in volumes. The momentum indicator, RSI, has provided a positive crossover, surpassing the level of 60, affirming the strength of the current momentum. The stock has a well-defined lower-end support at Rs 510, providing a solid foundation for the bulls. With this favorable technical setup, the potential upside targets for Graphite are identified at Rs 600-650," Kunal Shah mentioned.
"Nifty's upward momentum persists with the bulls maintaining control in the market. Achieving a new all-time high, the index has marked its seventh consecutive weekly gain. The prevailing sentiment appears strongly in favor of the bulls, as indicated by the absence of any reversal signals on technical charts. Resistance is observed at 21,500, while a potential further rally in Nifty could occur upon breaching this level. Support is currently positioned at 21,300," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank bulls maintain their robust momentum, pushing the index beyond the 48,000 level. The overall market sentiment remains bullish, supported by a strong base at 47,500. Any retracements towards this support level are seen as buying opportunities. The upside potential for the index is projected to reach 50,000, indicating continued optimism among market participants," said Kunal Shah from LKP.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.