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Domestic benchmarks settled at record highs on Monday, led by gains in financials, banks and energy stocks. The 30-share BSE Sensex pack rallied 1,384 points or 2.05% to close at 68,865, while the broader NSE Nifty index moved 419 points or 2.07% up to end at 20,687. India VIX, fear index, spiked 4.93% to 12.99-level.
For December 5 (Tuesday), share market analysts from a few domestic brokerages have assigned 'Buy' calls on ICICI Bank, Minda Corporation and Atul Ltd. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 991 | SL: Rs 954 An analyst from LKP Securities has given a 'Buy' call on ICICI Bank shares with a target price of Rs 1,030. The stock has risen 9.81% in 2023 so far and 4.67% in last six months.
"ICICI Bank's stock has reignited its upward momentum after a year of underperformance. The stock witnessed a breakout from a falling trendline accompanied by a surge in volumes, confirming the reversal. The lower-end support for the stock is established at Rs 954 and the potential upside target is set at Rs 1,030," said Rupak De, senior technical analyst at LKP Securities.
LTP: Rs 378.90 | SL: Rs 367 The market expert from LKP has also selected Minda Corp in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 410 per share. The stock has surged 84.83% on a year-to-date (YTD) basis and 28.83% in six months.
"Minda Corp has given a consolidation breakout on daily charts. The stock has sustained above the critical moving average. The daily RSI (Relative Strength Index) is in bullish crossover. The lower-end support for the stock is established at Rs 367 and the potential upside target is set at Rs 410," Rupak De stated.
LTP: Rs 6,775 | SL: Rs 6,300 An analyst from Prabhudas Lilladher has included Atul Ltd shares in her stock picks with a 'Buy' call for a target of Rs 7,800. The scrip has slipped 17.45% in 2023 so far and 0.04% in the past six months.
"The stock has made a decent correction from the higher levels of Rs 10,600 to Rs 6,400, where it has taken support multiple times and has almost made a triple bottom formation pattern on daily charts. The RSI indicator also is recovering from its oversold zone and hence we recommend a positional buy in this stock for an upside target of Rs 7,800, keeping a stop loss placed at Rs 6,300," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
"Nifty had already surged past the critical resistance level of 19,850. Since then, there has been a significant shift in 'put' positions towards higher strike prices, foreseeing a robust upward rally in the near future. The overall sentiment appears highly bullish, until Nifty fall below 20,400. On the higher end, the index might move towards 21,000," said Rupak De from LKP Securities.
"Nifty Bank bulls made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is anticipated to persist, with robust support identified at the 46,000-45,800 zone, serving as a cushion for the bulls. The ongoing momentum rally has the potential to propel the index higher towards the levels of 47,000-48,000," 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.