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Domestic benchmarks settled at fresh closing highs on Tuesday, led by sharp gains in metals, banks and financials. The 30-share BSE Sensex pack jumped 431 points or 0.63% to close at 69,296, while the broader NSE Nifty index moved 168 points or 0.81% up to end at 20,855. India VIX, fear index, spiked 3.57% to 13.46-level.
For December 6 (Wednesday), share market analysts from a domestic brokerage have assigned 'Buy' calls on ITC, IDFC First Bank and Kotak Mahindra Bank. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 452.40 | SL: Rs 442 Analysts from Religare Broking have given a 'Buy' call on ITC Ltd shares with a target price of Rs 474. The stock has risen 35.92% in 2023 so far and 2.17% in last six months.
"ITC has registered a fresh breakout from a consolidation range, which continued for almost three months. The breakout has been accomplished with a strong surge in volumes, thus offering a fresh buying opportunity. The structure of the FMCG index is an added positive," Religare stated.
LTP: Rs 89.55 | SL: Rs 86 Religare has also selected 89.55 in its stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 95 per share. The stock has surged 46.44% on a year-to-date (YTD) basis and 21.34% in six months.
"IDFC First Bank has been in a steady uptrend for over one and a half years. It has witnessed a breakout from brief consolidation while holding above its short-term moving average on weekly charts. The price action and the uptick in volumes suggest resumption of the prevailing uptrend," the brokerage said.
LTP: Rs 1,827 | SL: Rs 1,780 Religare has also included Kotak Mahindra Bank shares in its stock picks with a 'Buy' call for a target of Rs 1,925. The scrip has edged 0.11% up in 2023 so far and slipped 6.74% in the past six months.
"We are seeing strong traction in the private banking names and Kotak Bank is expected to witness a catch-up move. After being in the corrective phase for more than seven months, it has witnessed a breakout from a bullish inverse head and shoulder pattern with noticeable volumes, suggesting that the bullish tone could continue," Religare mentioned.
"Nifty is gradually inching towards the 21,000 mark. It may take a breather due to overbought reading but the bias is likely to remain on the positive side. We recommend continuing with stock-specific approach, preferring largecap and quality midcap counters that were on the sidelines," the brokerage said.
"Nifty Bank has made a noticeable contribution in the recent surge and reached a new record high as well. Buoyancy in the private banking majors indicates that the prevailing tone could continue. So, traders should align their positions accordingly and stay selective in the PSU space," 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.