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Domestic benchmarks on Tuesday settled higher after hitting record intraday highsat fresh closing highs, led by sharp gains in consumer, energy and state-owned lenders. The 30-share BSE Sensex pack rose 122 points or 0.17% to close at 71,437, while the broader NSE Nifty index moved 34 points or 0.16% up to end at 21,453. India VIX, fear index, fell 0.23% to 13.87-level.
For December 20 (Wednesday), share market analysts from a domestic brokerage have assigned 'Buy' calls on Allcargo Logistics, Granules India and Tata Steel. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 287.50 | SL: Rs 275 Analysts from Religare Broking have given a 'Buy' call on Allcargo Logistics shares with a target price of Rs 320. The stock has slipped 29.21% in 2023 so far and 0.81% in last six months.
"Allcargo has ended a year-long corrective phase, with a breakout from the declining trend line on weekly charts. It formed a base around the support zone of medium-term moving average, i.e. 100 EMA, before the reversal," Religare stated.
LTP: Rs 400.50 | SL: Rs 388 Religare has also selected Granules India in its stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 425 per share. The stock has surged 25.06% on a year-to-date (YTD) basis and 36.57% in six months.
"Granules has been in a steady uptrend after witnessing a breakout from a contracting triangle price pattern. It has recorded a breakout from a bullish flag pattern while holding above its short term moving average," the brokerage said.
LTP: Rs 135.50 | SL: Rs 131 Analysts from Religare have also included Tata Steel shares in their stock picks with a 'Buy' call for a target of Rs 143. The scrip has risen 13.63% in 2023 so far and 18.60% in the past six months.
"Metal index is trading near its record high and Tata Steel is trading in sync. It rebounded higher strongly finding support at its long term moving average, i.e. 200 DEMA. Price action coupled with uptick in volumes indicates bullish tone to continue," Religare mentioned.
"The rotational buying across the key sectors has been pushing the index higher with marginal correction in between. And, all indications are in the favor of ongoing trend continuing and we expect Nifty to inch towards 22,150 levels. Traders should continue with the 'buy on dips' approach, with the support zone now around 20,700-21,000 levels," the brokerage said.
"The banking index is also taking a breather after the recent surge and trading largely in sync with the Nifty. Participants should utilize this phase to accumulate private banking majors on dips and stay selective in the PSU space. We expect the index to hold the 47,000-47,400 zone and eyeing the 48,200-49,600 levels in coming sessions," Religare noted.
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.