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Domestic benchmarks saw a recovery on Thursday, following a sharp decline in the previous session. The upward move was supported by gains in state-owned lenders, metals and energy stocks. The 30-share BSE Sensex pack rose 359 points or 0.51% to settle at 70,865, while the broader NSE Nifty index moved 105 points or 0.50% up to close at 21,255. India VIX, fear index, slipped 4.79% to 13.76-level.
For December 22 (Friday), share market analyst from a domestic brokerage has assigned 'Buy' calls on L&T, Kotak Mahindra Bank and Metropolis Healthcare. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 3,438.50 | SL: Rs 3,340 A market expert from Choice Broking has given a 'Buy' call on Larsen & Toubro shares with a target price of Rs 3,560. The stock has surged 64.56% in 2023 so far and 42.31% in last six months.
"L&T has strong support at Rs 3,340 level. The stock can now progress even further towards new all-time high levels and beyond. We recommend buying L&T for a short- to medium-term period with a stop loss of Rs 3,340 and a target of Rs 3,560," Sumeet Bagadia, Executive Director at Choice Broking.
LTP: Rs 1,854.90 | SL: Rs 1,805 The analyst from Choice Broking has also selected Kotak Mahindra Bank in his stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 1,940 per share. The stock has climbed 1.64% on a year-to-date (YTD) basis and 1.02% in six months.
The stock price signals a potential breakout of a rounding bottom pattern on daily charts. It may reach a target price of Rs 1,940 in the near term. One can consider buying on dips, especially near Rs 1,830. To effectively manage risk, implementing a stop loss at Rs 1805 is recommended," said Sumeet Bagadia.
LTP: Rs 1,710 | SL: Rs 1,645 The Choice Broking analyst has included Metropolis Healthcare shares too in his stock picks with a 'Buy' call for a target of Rs 1,815. The scrip has risen 29.78% in 2023 so far and 19.95% in the past six months.
"The has recently witnessed a breakout of a rounding bottom pattern accompanied by significant trading volumes. Metropolis may reach a target price of Rs 1,680 in the near term. To manage risk effectively, it is advisable to set a stop loss at Rs 1,645 to safeguard the investment. A prudent strategy would be to consider buying on dips at levels of Rs 1,680," Bagadia mentioned.
"Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21,000, affirming a bullish sentiment. The index closed above its 10-day moving average, signaling positive momentum. Key levels to monitor include 21,000 as immediate support and 21,300 as the initial resistance," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
"Demonstrating resilience, Nifty Bank robustly rebounded from a crucial support level at 47,000, confirming a bullish trend. The index closed above the resistance at 47,500, highlighting its strength. Having closed above the 10-day moving average, Nifty Bank finds immediate support at 47,500, while 48,000 acts as the intitial resistance," Shah stated.
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.