Domestic benchmark indices finished with sharp gains on October 11 (Wednesday). The 30-share benchmark BSE Sensex pack surged 394 points or 0.60 per cent to close at 66,473, while the broader NSE Nifty index moved 122 points or 0.62 per cent to settle at 19,811. India VIX, fear index, slipped 2.52% to 10.99-level.
For October 12 (Thursday), share market analysts at a brokerage have assigned 'Buy' calls on Gail India, InterGlobe Aviation (IndiGo's parent) and Ipca Laboratories. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 123.45
Analysts at Religare Broking has given a 'Buy' call on Gail India shares with a target price of Rs 132. The stock has gained 27.80% on a year-to-date (YTD) basis.
"Gail has been consolidating in a tight range for the past four weeks and currently trading near its lower band of consolidation. Chart patterns are in favor of a resumption of up move soon. Keep stop loss placed at Rs 120," Religare stated.
LTP: Rs 2,532.40
Religare analysts have also picked InterGlobe Aviation (IndiGo's parent) in their technical stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 2,650 per share. The scrip has jumped 23.97% in 2023 so far.
"IndiGo has been trading in a corrective phase after hitting a new record high of Rs 2,745.10 in July 2023. It has formed a base in the last three weeks and looks set to resume the uptrend. Once can buy the counter with a stop loss of Rs 2,430," Religare analysts said.
LTP: Rs 938.50
Religare suggested a 'Buy' rating on
Ipca Laboratories shares too with a target price of Rs 1,020. Ipca Laboratories shares have risen 12.17% in 2023 so far.
"We are seeing a mixed trend within the pharma pack and Ipca Labs is showing noticeable resilience. It has witnessed a breakout from the multi-week consolidation zone, with a noticeable surge in volumes. Expect the positive tone to strengthen. Keep stop loss at Rs 920," Religare said
"On hourly charts, Nifty has moved above the 200-period Simple Moving Average (SMA) following a breakout from an inverted head and shoulders pattern. In the short term, the index is likely to maintain its momentum. On the upside, it could potentially approach the 20,000 level. The support range is positioned at 19,700-19,750," said Rupak De, Senior Technical analyst at LKP Securities.
"For Nifty Bank, support is evident at 44,400 and resistance is likely at 44,700 levels. The overall undertone of the index remains bullish, suggesting that a 'buy on dip' approach is appropriate. If the index manages to break above the 44,700 level, it is likely to see further upside potential toward the 45,000 mark," 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.