Produced by: Prashun Talukdar Designed by: Mohsin Shaikh
Domestic benchmarks scaled their fresh all-time high levels on Friday, led by sharp gains in technology, banks and financials. The 30-share BSE Sensex pack rose 304 points or 0.44% to close at 69,826, while the broader NSE Nifty index moved 68 points or 0.33% up to end at 20,969. India VIX, fear index, shed 1.59% to 12.47-level.
For December 11 (Monday), share market analysts from a few domestic brokerages have assigned 'Buy' calls on HDFC Bank, India Cements and Samvardhana Motherson International. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,653 | SL: Rs 1430 An analyst from Prabhudas Lilladher has given a 'Buy' call on HDFC Bank shares with target prices of Rs 2,100-2,300. The stock has inched 1.49% up in 2023 so far and 3.26% in last six months.
"Next major resistance zone is at around Rs 1,730 level, which has been acting as a strong hurdle for the last 2 years. The stock has moved past the 50-EMA (Exponential Moving Average) is at around Rs 1,605 and strong support maintained near the important 200-MA is at Rs 1,430. A decisive weekly close above Rs 1,730 shall awaken a giant towards the next higher target of Rs 2,100 level. With the RSI (Relative Strength Index) recovering strongly from the oversold zone, indicating a decent rise to signal a buy has much upside potential visible from current levels. With charts looking good, we suggest buying and accumulating the stock for an upside target of Rs 2,100–2,300 levels for medium- to short-term timeframe," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
LTP: Rs 272.50 | SL: Rs 260 An analyst from LKP Securities has selected India Cements Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 300 per share. The stock has risen 22.66% on a year-to-date (YTD) basis and 18.43% in six months.
"The stock has moved up higher following a consolidation on daily charts, suggesting increased optimism. Additionally, it remains above the critical moving averages, further indicating an uptrend. In the short-term, the stock may reach Rs 300 as long as it stays above Rs 260," said Rupak De, senior technical analyst at LKP Securities.
LTP: Rs 95.35 | SL: Rs 90 The analyst from LKP has also included Samvardhana Motherson International shares in his stock picks with a 'Buy' call for a target of Rs 110. The scrip has surged 25.96% in 2023 so far and 13.85% in the past six months.
"The stock has broken out of a consolidation pattern on daily charts, suggesting increased optimism. It is hovering within a broadening wedge. Additionally, it remains above the critical moving averages, further indicating an uptrend. In the short-term, the stock may reach Rs 110 as long as it stays above Rs 90," said Rupak De mentioned.
"Going forward, 21,000 is likely to act as a crucial level for Nifty as call writers have built their maximum positions at that strike price. A resumption of the current uptrend might be seen above 21,000, with the potential to reach towards 21,550. On the lower end, put writers have built significant positions at 20,900 and 20,800. Below these levels, profit booking might increase," said De from LKP.
"Nifty Bank witnessed a significant rally during the week, but has been consolidating around 47,000 post-rally. A breakout from the current consolidation level could push the index towards 48,000 in the short term. Support is placed at 46,500, where put writers have built significant positions. A decisive move above 47,200 might trigger a significant rally," 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.