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Domestic benchmarks on Thursday continued to move higher for the third straight session. The 30-share BSE Sensex pack rose 86 points or 0.13% to close at 66,988, while the broader NSE Nifty index moved 37 points or 0.18% up to end at 20,133. India VIX, fear index, slipped 0.13% to 12.69-level.
For December 1 (Friday), share market analysts from a domestic brokerage have assigned 'Buy' calls on Amara Raja, IOL Chemicals and Jindal Saw. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 710 | SL: Rs 660 A market expert from Prabhudas Lilladher has given a 'Buy' call on Amara Raja Energy & Mobility shares with target prices of Rs 750-770. The stock has risen 23.52% in 2023 so far and 14.25% in last six months.
"One can anticipate for some consolidation or a slight profit booking at current levels. Thereafter, it would carry on the momentum for second round of upward move. With charts looking attractive, we suggest to buy and accumulate the stock for an upside target of Rs 750-770 levels keeping the stop loss at Rs 660," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
LTP: Rs 453 | SL: Rs 448 Another analyst from Prabhudas Lilladher has selected IOL Chemicals and Pharmaceuticals in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 480-488 per share. The stock has rose 24.93% on a year-to-date (YTD) basis and climbed just 0.98% in six months.
"The stock has indicated a decent pullback from the support taken near Rs 418 level. It has further improved the bias by moving past the Rs 439-440 zone to further strengthen the trend. We suggest to buy the stock for an upside target of Rs 480-488 levels maintaining the stop loss of Rs 448," said Shiju Koothupalakkal - Technical Research Analyst at Prabhudas Lilladher.
LTP: Rs 459.35 | SL: Rs 445 The research analyst from Prabhudas Lilladher has also included Jindal Saw as well in his stock picks with a 'Buy' call for targets of Rs 480-485. The multibagger scrip has zoomed 318.73% in 2023 so far and 86.46% in the past six months.
"The stock has witnessed a short correction from the peak level of Rs 515. Currently, it is well placed to once again improve the bias. One can expect a further upward move. Support on the counter could be seen at Rs 445. And, it is anticipated to gain further for initial target of Rs 480-485 levels," said Koothupalakkal.
"Nifty ended close to the day's high on a choppy expiry day. The sentiment remains strong as long as it stays above 20,000, since put writers at the 20,000 strike will defend this level moving forward. The sentiment might weaken only if there's a drop below 20,000. Until then, the buy-on-dips strategy is likely to stay prevalent. On the higher side, 20,200-20,230 acts as a resistance zone. If breached, the index could potentially move towards 20,450-20,500," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank experienced heightened volatility on the last day of the monthly expiry, navigating a broad trading range. Facing immediate resistance at 44,700, a level associated with a previous correction, a breakout above this point is anticipated to trigger additional short-covering moves towards 45,000. The lower end support is situated at the 44,300-44,200 zone, acting as a supportive cushion for the bulls," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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.