Stock recommendations by market analysts for January 4, 2024: ITC, Berger Paints and IRFC
Produced by: Prashun Talukdar Designed by: Manoj Kumar
Sensex, Nifty fell sharply
Benchmark indices on Wednesday settled with sharp cuts as IT and metal stocks dragged. The 30-share BSE Sensex pack dived 536 points or 0.75% to settle at 71,357, while the broader NSE Nifty index moved 148 points or 0.69% down to close at 21,517. India VIX, fear index, fell 3.30% to 14.10-level.
Stocks with potential 'Buy' calls for January 4
For January 4 (Thursday), share market analysts from a few domestic brokerages have assigned 'Buy' calls on ITC, Berger Paints and IRFC. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
ITC share price target
LTP: Rs 477.45 | SL: Rs 458 Analysts from Religare Broking have given a 'Buy' call on ITC shares with a target price of Rs 492. The stock has jumped 46.01% in the past one year. "We are seeing noticeable traction in the FMCG majors and ITC is trading in sync with the move. The stock has witnessed a breakout from a buying pivot and is likely to inch gradually towards its record high," Religare stated.
Berger Paints share price target
LTP: Rs 598 | SL: Rs 585 Religare has also selected Berger Paints shares in its stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 640 per share. The stock has risen 25.09% in a year. "We are seeing a noticeable recovery in the paint counters and Berger Paints is also set to resume the trend. It has witnessed a breakout from a consolidation phase after spending nearly three months. Traders can consider creating fresh longs in the mentioned zone," Religare said.
IRFC share price target
LTP: Rs 100.80 | SL: Rs 96 An analyst from LKP Securities has included Indian Railway Finance Corp Ltd (IRFC) shares in his stock picks with a 'Buy' call for a target of Rs 111. The multibagger scrip has rallied 203.16% in the past one year. "The stock has experienced a consolidation breakout on daily chart, signaling increased optimism. Its price has been consistently above the critical moving averages, affirming a positive trend. Furthermore, the daily RSI shows a bullish crossover," said Rupak De, Senior Technical Analyst at LKP.
Nifty outlook
"Nifty dipped below the support level of 21,650, resulting in a decline towards 21,500. The prevailing sentiment appears weak, highlighted by the index closing below the crucial support at 21,650. If it continues to drop below 21,500 in the upcoming days, it could potentially exacerbate the negative sentiment, especially with expectations of substantial unwinding by put writers below 21,500. The broader market outlook suggests a 'sell-on-rise' strategy as long as it stays below 21,650," Rupak De mentioned.
Disclaimer
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.