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Domestic benchmarks scaled fresh high levels on Monday, led by sharp gains in consumer, metal and automobile stocks. The 30-share BSE Sensex pack rose 103 points or 0.15% to close at 69,929, while the broader NSE Nifty index moved 28 points or 0.13% up to end at 20,997. India VIX, fear index, climbed 2.30% to 12.76-level.
For December 12 (Tuesday), share market analysts from a few domestic brokerages have assigned 'Buy' calls on Union Bank, West Coast Paper, GAIL and Jindal Steel. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 698.90 | SL: Rs 650 An analyst from Prabhudas Lilladher has given a 'Buy' call on West Coast Paper Mills shares with a target price of Rs 775. The stock has risen 29.96% in 2023 so far and 40.67% in last six months.
"The stock, after witnessing a gradual correction from Rs 780, has bottomed out Rs 640 level, taking support and indicating a decent pullback to improve the bias with upside potential visible to carry on the momentum further ahead. The RSI (Relative Strength Index) also has indicated a trend reversal from the oversold zone to signal a buy. We suggest to buy and accumulate the stock with an upside target of Rs 775 keeping the stop loss near Rs 650," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
LTP: Rs 120.25 | SL: Rs 115 An analyst from LKP Securities has selected Union Bank of India in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 132 per share. The stock has jumped 47.73% on a year-to-date (YTD) basis and 67.71% in six months.
"Union Bank displays a promising uptrend, evident in the higher highs and higher lows formation on daily charts. Sustaining above its short-term moving average and featuring a bullish crossover in the RSI, the stock exhibits positive technical signals. Initiating a long position at the current market price with a strict stop loss at Rs 115 could be considered, targeting an upside potential with a goal set at Rs 132. The technical indicators suggest a favorable outlook for the stock," said Kunal Shah, Senior technical and Derivative analyst at LKP Securities.
LTP: Rs 140.80 | SL: Rs 134 The analyst from LKP has also included GAIL (India) shares in his stock picks with a 'Buy' call for a target of Rs 152. The scrip has surged 45.76% in 2023 so far and 33.84% in the past six months.
"GAIL appears poised for a bullish trend, with an uptrend channel breakout, trading above both long and short-term moving averages. The RSI and True Strength Index (TSI) signal bullish crossovers, reinforcing positive momentum. Consider initiating a long position in the Rs 139-141 range, maintaining a strict stop loss at Rs 134 (14-day moving average) for a potential upside target of Rs 152. The technical indicators suggest favorable conditions for a bullish market stance," said Kunal Shah mentioned.
LTP: Rs 727.35 | SL: Rs 680 The analyst from LKP has also selected Jindal Steel & Power shares in his stock picks with a 'Buy' call for targets of Rs 770-800. The scrip has risen 22.32% in 2023 so far and 38.33% in the past six months.
"Jindal Steel has recently experienced a robust breakout on daily charts, accompanied by a significant surge in trading volumes. The stock is currently trading above its short-term moving averages, signifying a positive trend. The momentum indicator, RSI, is above the 60-level, confirming the presence of bullish momentum in the stock. A lower-end support is identified at Rs 680, providing a cushion for the bulls. The potential upside targets for Jindal Steel are set at Rs 770-800," said Shah.
"Nifty traded mostly sideways as traders stayed on the sidelines at the beginning of a data-packed week. There's a strong resistance at 21,000, with call writers actively building positions. A decisive breakthrough above 21,000 is necessary to resume the uptrend. Until then, it's anticipated that the market will consolidate within a broader range," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank encountered resistance at higher levels, but the overall sentiment remains bullish, supported by a robust foundation at the 46,800 level. The index is currently adopting a 'buy-on-dip' strategy, suggesting that any declines towards the specified support zone present opportunities to initiate long positions. A significant breakthrough and closure above 47,500 are anticipated to trigger additional upward momentum towards the 48,000 mark," said Kunal Shah from LKP.
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.