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Domestic benchmarks scaled fresh record highs on Wednesday, led by gains in banks, automobile and metal stocks. The indices were up led by gains in technology, metal and automobile stocks. The 30-share BSE Sensex pack surged 702 points or 0.98% to settle at 72,038, while the broader NSE Nifty index moved 213 points or 1% up to close at 21,655. India VIX, fear index, rose 5.99% to 15.56-level.
For December 28 (Thursday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Tata Motors, MCX and Apar Industries. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 740.30 | SL: Rs 719 An analyst from LKP Securities has given a 'Buy' call on Tata Motors shares with a target price of Rs 800. The stock has zoomed 87.51% in 2023 so far and 26.19% in last six months.
"The stock has shown a sharp upward movement lately, surpassing the previous swing high. The current sentiment appears positive as the price continues to stay above the crucial moving average. On daily charts, the RSI (Relative Strength Index) indicates a bullish crossover. In the near future, the scrip is anticipated to reach Rs 800. Conversely, support at the lower end remains at Rs 719, said Rupak De, Senior Technical Analyst at LKP Securities.
LTP: Rs 3,187.45 | SL: Rs 3,100 The LKP analyst has also selected Multi Commodity Exchange Of India (MCX) shares in his stock recommendations. The brokerage has given a 'Buy' call on the counter with target prices of Rs 3,360-3,530 per share. The multibagger stock has jumped 118.66% on a year-to-date (YTD) basis and 94.08% in six months.
"The stock has consistently held above the crucial moving average in recent days, affirming a positive trend. The RSI indicates a bullish crossover, signaling a positive trend in the near term. Looking ahead, the stock could potentially advance towards levels around Rs 3,360-3,530 on the higher side, with support anticipated at Rs 3,100, said Rupak De from LKP Securities.
LTP: Rs 5,850 | SL: Rs 5,600 The analyst from LKP Securities has included Apar Industries shares in his stock picks as well with a 'Buy' call for a target of Rs 6,400. The multibagger scrip has rallied 220.69% in 2023 so far and 75.60% in the past six months.
"The stock has surged after establishing a solid base on daily charts, indicating increasing bullish sentiment. The RSI has shown a bullish crossover, implying a positive trend in the near future. Looking ahead, the stock could potentially climb towards Rs 6,400 on the higher side, with support expected at Rs 5,600," De stated.
"Nifty experienced a significant rally as 'Put' writers amassed substantial positions at 21,500. Looking ahead, the index potentially aims for a range between 21,750-21,800 on the upside, with support resting at 21,500," said Rupak De.
"Nifty Bank recently experienced a breakout from consolidation as observed on daily charts. The index could potentially target levels between 48,500-48,800 on the upside, with a support base at 48,000," said De mentioned.
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.