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Domestic benchmarks settled their last trading session of calendar year 2023 on a lower note, however, with double-digit gains on a year-to-date (YTD) basis. As we step into new year 2024 today, market participants are hopeful that the indices will continue their record run.
For January 1 (Monday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Dabur India, Suven Pharmaceuticals and Samvardhana Motherson. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 556.65 | SL: Rs 540 An analyst from LKP Securities has given a 'Buy' call on Dabur India shares with a target price of Rs 590. The stock has slipped 0.87% in a year.
"The stock has experienced a consolidation breakout on daily charts, signaling increased optimism among traders. Moreover, the price has crossed above a crucial moving average, indicating a potential shift in trend. The daily RSI (Relative Strength Index) shows a bullish crossover, further supporting the upward momentum. With the price nearing Rs 590 on the upside and supported at Rs 540 on the downside, both target and support level are clearly delineated," said Rupak De, Senior Technical Analyst at LKP securities.
LTP: Rs 729.95 | SL: Rs 700 The LKP analyst has also selected Suven Pharmaceuticals shares in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 800 per share. The stock has jumped 48.74% in the past one year.
"The stock has recently experienced a breakout from a pennant pattern on daily charts. The daily RSI exhibits a bullish crossover, further supporting the positive sentiment. With the price approaching Rs 800 on the upside and supported at Rs 700 on the downside, clear price target and support level are defined," said Rupak De.
LTP: Rs 101.60 | SL: Rs 97 The analyst from LKP has included Samvardhana Motherson shares in his stock picks as well with a 'Buy' call for a target of Rs 110. The scrip has risen 34.21% in the last one year.
"The stock has been in a 'Megaphone pattern' on daily charts. Additionally, the stock has shown an 'Inverted Head and Shoulder' pattern, indicating a potential rally over the short term. The daily RSI is in a bullish crossover. On the higher end, the price may reach Rs 110 with support at Rs 97," De mentioned.
"Nifty remained sideways during the session, fluctuating within the range of 21,650-21,750. A doji pattern has formed on daily charts, indicating indecisiveness in the market. This sentiment requires confirmation through a decisive breakout above 21,750 or a breakdown below 21,650. If it falls below 21,650, Nifty could potentially decline towards 21,500. Conversely, if there's sustained trading above 21,750, the index might aim for 22,000," said Rupak De.
"Nifty Bank slipped lower, forming a small red-bodied candle on daily charts. Resistance is situated at 48,300 on the higher end. As long as the index stays below 48,300, the trend could lean towards favoring the bears. Moreover, a decisive drop below 48,000 might drive the index below 47,500. Conversely, a decisive move above 48,300 could propel the index towards 48,800-49,000 on the higher end," said De 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.