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Domestic benchmarks settled at fresh closing highs on Wednesday, led by sharp gains in technology, energy and consumer goods stocks. The 30-share BSE Sensex pack jumped 358 points or 0.52% to close at 69,654, while the broader NSE Nifty index moved 83 points or 0.40% up to end at 20,938. India VIX, fear index, rose 2.09% to 13.74-level.
For December 7 (Thursday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Info Edge, Gujarat Narmada Valley and FDC. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 4,750.05 | SL: Rs 4,500 An analyst from LKP Securities has given a 'Buy' call on Info Edge (India) shares with target prices of Rs 5,000-5,100. The stock has risen 21.44% in 2023 so far and 13.52% in last six months.
"The Naukri.com-owner's stock is poised for a potential breakout as it forms a cup and handle pattern on daily charts. The momentum indicator, RSI (Relative Strength Index), has confirmed the buy signal with a positive crossover. The scrip has strong support at the lower end, around Rs 4,500, acting as a cushion for the bulls. Anticipated upside targets for Naukri stock are in the range of Rs 5,000 to Rs 5,100," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
LTP: Rs 737.80 | SL: Rs 700 The LKP analyst has also selected Gujarat Narmada Valley Fertilizers and Chemicals Ltd in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 780-790 per share. The stock has jumped 31.11% on a year-to-date (YTD) basis and 25.96% in six months.
"Gujarat Narmada Valley is currently in a robust uptrend, maintaining higher highs and higher lows on daily charts. The stock has experienced a notable surge in volumes and is trading above its short-term moving averages. The support level is identified at Rs 700, providing a strong foundation for the bullish trend. Potential upside targets are estimated at Rs 780 to Rs 790," Shah stated.
LTP: Rs 413 | SL: Rs 390 The analyst from LKP has also included FDC Ltd shares in his stock picks with a 'Buy' call for targets of Rs 440-450. The scrip has surged 50.13% in 2023 so far and 39.53% in the past six months.
"FDC stock has shaped a rounding bottom formation on daily charts, accompanied by a surge in volumes. The momentum indicator RSI has provided a positive crossover and is sustaining above the level of 60, affirming the bullish sentiment. The stock has a lower-end support at Rs 390, which acts as a foundation for the bulls. Potential upside targets for FDC are identified at Rs 440 to Rs 450," said Kunal Shah.
"Nifty formed a hanging man pattern on daily charts, suggesting the possibility of a bearish reversal. The bearish formation around the crucial resistance of 21,000 amplifies the bearish sentiment. The support lies at 20,850, below which the market may witness a healthy correction in the short term. On the other hand, a move above 21,000 might trigger a resumption of the bullish trend," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank experienced profit booking at higher levels in anticipation of the upcoming key RBI policy event. Despite this, the overall market sentiment remains bullish. It is advisable to adopt a 'buy-on-dip' strategy, maintaining a positive outlook as long as the index sustains above the critical level of 46,400. The immediate hurdle is positioned at 47,250, and a successful breach beyond this level is anticipated to pave the way for further upside momentum towards the 48,000 level," said Kunal Shah of 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.