Produced by: Prashun
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Domestic benchmark indices closed with sharp gains on October 10 (Tuesday). The 30-share benchmark BSE Sensex pack surged 567 points or 0.87 per cent to close at 66,079, while the broader NSE Nifty index moved 178 points or 0.91 per cent to settle at 19,689. India VIX, fear index, slipped 1.42% to 11.24-level
For October 11 (Wednesday), share market analysts at a few brokerages have assigned 'Buy' calls on MMTC, Dr Reddy's Laboratories, Oil India and Bank of India. Check share price targets, analysis, investment rationale and other crucial details about these technical bets
LTP: Rs 58.45
An analyst at Prabhudas Lilladher (PL) has given a 'Buy' call on MMTC shares with target prices of Rs 80-90. The stock has surged 51.82% on a year-to-date (YTD) basis. "The stock has given a good return in the last 3 months and made a high of Rs 70. After a short correction from Rs 70 to Rs 54, this stock has again come on the radar. The 50-EMA (Exponential Moving Average) lies around the Rs 51 level. With strong support at Rs 44 and the RSI (Relative Strength Index) improving with volume, one can go long in this stock from an upside target of Rs 80-90 in the coming days. Keep stop loss near the Rs 44 level," said Vaishali Parekh, Vice-President - Technical Research at PL
LTP: Rs 5,485.90
PL's analyst has also picked Dr Reddy's in its technical stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 6,000 per share. The scrip has jumped 29.54% in 2023 so far. "The stock has witnessed a decent correction from the peak of Rs 5,991 and took support around Rs 5,380. It has been consolidating for some time in the range of Rs 5,600–5,350. The RSI has indicated a steady rise. We recommend buying this stock for an upside target of 6,000 with a stop loss of Rs 5,300," said Vaishali Parekh from PL
LTP: Rs 319
An analyst at LKP Securities suggested a 'Buy' rating on Oil India shares with a target price of Rs 325. Oil India shares have ascended by 48.51% in 2023 so far. "The stock has recently experienced a breakout from a consolidation pattern on the daily charts and is currently trading above a crucial moving average. Additionally, the RSI has shown a bullish crossover. Key levels to watch are the support at Rs 307 and resistance at Rs 325," said Rupak De, Senior Technical analyst at LKP Securities
LKP Securities' analyst suggested a 'Buy' rating on Bank of India shares with a target price of Rs 115. Oil India shares have risen 17.49% in 2023 so far. "Bank of India has displayed strong bullish momentum recently by breaking through a significant resistance or supply zone. The RSI is currently at a healthy level, indicating positive market sentiment. Additionally, the stock is trading above its 100-day moving average, further supporting the bullish outlook. Traders might consider taking advantage of a potential retracement in the stock's price, with a suggested long position at the current price. Setting a stop loss at Rs 95 provides downside protection, while targeting a price of Rs 115 offers a potential upside opportunity," said Rupak De from LKP Securities
"Nifty has finally crossed the immediate hurdle of short-term moving average (20-EMA) and we expect Nifty to test 19,800. However, the sustainability of the move would depend upon the performance of the heavyweights, especially from the banking and IT pack. Meanwhile, mixed global cues could keep the volatility high. Amid all, traders should avoid aggressive trades and prefer a hedged approach," said Ajit Mishra, SVP - Technical Research at Religare Broking
"Bulls made a strong comeback, defending the support zone of 44,000-43,800, where fresh put writing is evident. The next immediate hurdle is positioned at 44,500, and a break above this level is expected to trigger further short covering, potentially pushing the index towards the 45,000 mark. Additionally, the momentum indicator RSI has provided a positive crossover, confirming a buy signal," 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