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Domestic benchmarks on Wednesday settled with sharp cuts after hitting record highs. The indices were dragged by state-owned lenders, metal and automobile stocks. The 30-share BSE Sensex pack slumped 931 points or 1.30% to settle at 70,506, while the broader NSE Nifty index moved 303 points or 1.41% down to close at 21,150. India VIX, fear index, surged 4.20% to 14.45-level.
For December 21 (Thursday), share market analysts from a domestic brokerage have assigned 'Buy/Hold' calls on Oil India, ONGC and Asian Paints. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 363 | SL: Rs 340 An Analyst from LKP Securities has given a 'Buy' call on Oil India shares with target prices of Rs 400-420. The stock has surged 68.99% in 2023 so far and 44.65% in last six months.
"The momentum indicator, RSI (Relative Strength Index), has confirmed the bullish sentiment by registering a positive crossover. The stock's lower-end support is identified at Rs 340, serving as a solid foundation for potential upward movements. With this positive momentum, the stock has the potential to reach upside targets of Rs 400-420," said Kunal Shah, Senior technical and Derivative analyst at LKP Securities.
LTP: Rs 204.05 | SL: Rs 180 The LKP analyst has also selected Oil and Natural Gas Corporation (ONGC) in his stock recommendations. The brokerage has given a 'Buy on dip' call on the counter with target prices of Rs 240-250 per share. The stock has jumped 35.63% on a year-to-date (YTD) basis and 27.37% in six months.
"ONGC is exhibiting a robust uptrend, maintaining consistent higher highs and higher lows on daily charts. The stock is currently trading above its short-term and long-term moving averages, particularly the 50-EMA (Exponential Moving Average) and 100-EMA, establishing a strong support zone. ONGC's current market dynamics suggest a 'buy on dip' strategy, with immediate support identified at Rs 180. The stock holds the potential to achieve upside targets of Rs 240-250," Shah stated.
LTP: Rs 3,288 | SL: Rs 3,235 Another analyst from LKP Securities has included Asian Paints shares in his stock picks with a 'Hold' call for a target of Rs 3,550. The scrip has risen 7.90% in 2023 so far and shed 0.85% in the past six months.
In the near future, there's an expectation for the stock to trend towards Rs 3,550, with support positioned at Rs 3,235, said Rupak De, Senior Technical Analyst at LKP Securities.
"Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21,500, resulting in increased call writing at the 21,500 strike, subsequently leading to a significant downturn. There might be a consolidation phase for the index in the near term. Resistance is expected around 21,500, while support is anticipated at 21,100," said Rupak De.
"Nifty Bank saw intense selling pressure, resulting in the formation of a bearish engulfing candle on daily charts. The immediate resistance for the index is situated at the 47,600-47,700 zone, and a breakthrough above this level could pave the way for further upside, targeting 48,000. However, the overall sentiment remains bearish, suggesting a cautious approach with a preference for selling on any upward movements," said Kunal Shah from 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.