Domestic benchmark indices finished in the red on October 12 (Thursday). The 30-share benchmark BSE Sensex pack slipped 65 points or 0.10 per cent to close at 66,408, while the broader NSE Nifty index moved 17 points or 0.09 per cent down to settle at 19,794. India VIX, fear index, fell 3.34% to 10.62-level.
For October 13 (Friday), share market analysts at a few brokerages have assigned 'Buy' calls on UTI AMC, Wockhardt, Motilal Oswal Financial, ACC and Asian Granito India. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 797
An analyst at Prabhudas Lilladher (PL) has given a 'Buy' call on UTI Asset Management Company shares with a target price of Rs 1,200. The stock has declined 7.16% on a year-to-date (YTD) basis.
"The stock has support around Rs 730 level. It has a resistance range of Rs 840–880 levels. The risk-reward is favourable over the long term. The stock looked attractive, with the RSI (Relative Strength Index) indicator also showing a trend reversal. We recommend buying and accumulating this stock for an upside target of Rs 1,200, keeping a stop loss of Rs 700," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
LTP: Rs 244.35
The analyst from PL has also picked Wockhardt in its technical stock recommendations, giving a 'Buy' call with a target price of Rs 280 per share. The scrip has risen 9.13% in 2023 so far.
"The stock has potential to carry on the upward move further in the coming days. The RSI also has indicated a trend reversal. We suggest to buy and accumulate this stock for an upside target of Rs 280 level, keeping a stop loss of Rs 220," Parekh from PL stated.
LTP: Rs 1,002
An analyst from LKP Securities suggested a 'Buy' rating on Motilal Oswal Financial Services shares with a target price of Rs 1,020. Motilal Oswal Financial shares have gained 44.22% in 2023 so far. "Key support is evident at Rs 880 level (stop loss), which is expected to act as a buffer for the bulls. The stock's potential upside target is set at Rs 1,020," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
LTP: Rs 2,025.50
Kunal Shah has assigned a 'Buy' call for ACC with target prices of Rs 2,100-2,160. ACC shares have fallen 16.98% in 2023 so far. "The momentum indicator, RSI, has displayed a positive crossover, affirming a 'Buy' signal. Support is visible at Rs 1,970, which is expected to act as a cushion for the bulls. The potential upside targets for ACC are Rs 2,150 and Rs 2,200. Keep stop loss at Rs 1,960," said Shah stated.
LTP: Rs 74.50
The LKP Securities' analyst has also placed a 'Buy' call for Asian Granito India, suggesting target prices of Rs 80-85. The stock has moved 44.52% higher in 2023 so far. "The momentum indicator, RSI, has confirmed this with a positive crossover, signaling a 'Buy'. Support is noticeable at Rs 65 (stop loss), expected to serve as a cushion for the bulls. The potential upside targets for Asian Tiles are Rs 80 and 85," said Kunal Shah.
"Nifty remained in a range-bound pattern. Looking ahead, we can expect the market to continue this range-bound movement until Nifty makes a decisive breakout either above 19,850 or below 19,750. A clear breakout above 19,850, it could potentially propel the index towards the 20,000 level," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank continued its consolidation phase, encountering resistance at 44,700 and support at 44,400. The overall market sentiment remains bullish and any dips should be considered as opportunities to initiate fresh long positions. The target is 45,000, where the highest open interest exists on the call side. A break above 44,700 is expected to accelerate upward momentum, driven by fresh short-covering activities," said Kunal Shah from 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.