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Benchmark indices on Thursday settled with decent gains, led by buying interest across all sectors. The 30-share BSE Sensex pack jumped 491 points or 0.69% to settle at 71,848, while the broader NSE Nifty index moved 141 points or 0.66% up to close at 21,659. India VIX, fear index, fell 5.44% to 13.33-level.
For January 5 (Friday), share market analysts from a few domestic brokerage have assigned 'Buy' calls on Canara Bank, CDSL and REC. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 465.75 | SL: Rs 420 An analyst from LKP Securities has given a 'Buy' call on Canara Bank shares with target prices of Rs 500-525. The stock has jumped 42.21% in the past one year. "Canara Bank is currently exhibiting an uptrend characterized by consistent higher highs and higher lows on daily charts. The momentum indicator, RSI, has recently provided a positive crossover, confirming the bullish sentiment," said Kunal Shah, Senior technical and Derivative analyst at LKP.
LTP: Rs 1,882.45 | SL: Rs 1,750 An analyst from Prabhudas Lilladher (PL) has selected Central Depository Services (India) Ltd shares in its stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 2,000-2,170 per share. The stock has surged 66.92% in a year. "CDSL has witnessed a strong rally run in the last two months. We can anticipate for a further rise in the coming days for next targets of Rs 2,000 and Rs 2,170 levels visible. The crucial support zone would be maintained near Rs 1,750," said Shiju Koothupalakkal, Technical Research Analyst at PL.
LTP: Rs 436 | SL: Rs 407 The analyst from PL has also included REC Ltd shares in his stock picks with a 'Buy' call for targets of Rs 475-492. The multibagger scrip has rallied 252.04% in the past one year. "The stock has been in a strong uptrend since the last 7-8 months. We suggest to buy the stock keeping stop loss placed at Rs 407 and expecting targets of Rs 475-492 levels in the near future. At the same time, a decisive breach below Rs 395 shall negate the mentioned view," Koothupalakkal from PL stated.
"Nifty's swift recovery following two bearish days indicates continued dominance by the bulls. The present sentiment suggests a promising trajectory towards 21,800-21,850 for the index. If it surpasses 21,850, we might anticipate a further climb toward 22,000. Notably, Nifty appears to have a short-term support level around 21,500. A downward shift would likely initiate only if it falls below this mark. Until then, it seems favorable for buyers to take advantage of market dips," said Rupak De, Senior Technical 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.