Domestic benchmark indices extended their fall for the third straight session on October 16 (Monday). The 30-share BSE Sensex pack slipped 116 points or 0.17% to close at 66,167, while the broader NSE Nifty index moved 19 points or 0.10% down to settle at 19,732. India VIX, fear index, spiked 5.03% to 11.15-level.
For October 17 (Tuesday), a domestic brokerage's share market analyst has assigned 'Buy' calls on Samvardhana Motherson International, Star Cement and Metro Brands. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 97.20 | SL: Rs 94
An analyst at LKP Securities has given a 'Buy' call on Samvardhana Motherson International shares with target prices of Rs 105-110. The stock has gained 28.40% in 2023 so far.
"Motherson has experienced an upward move after a brief consolidation on daily charts. Sustained trading above the critical moving average is expected to enhance positive sentiment in the stock price. Additionally, the RSI (Relative Strength Index) is showing a bullish crossover. In the short term, the stock is poised to potentially reach the range of Rs 105-110. On the downside, there is strong support at Rs 94," said Rupak De, Senior Technical analyst at LKP Securities.
LTP: Rs 176.45 | SL: Rs 162
LKP Securities' market expert has also selected Star Cement in its stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 195 per share. The stock has surged 55.81% on a year-to-date (YTD) basis.
"Star Cement stock has shown a notable breakout on the weekly chart, supported by significant trading volume. The RSI is at a strong 70, indicating robust momentum. This makes it an opportune time to consider a long position in the stock during pullbacks within the 168-172 range, while setting a stop loss at 162. The target on the upside stands at 195, reflecting the stock's potential for further gains," LKP's Rupak De said.
LTP: Rs 1,192 | SL: Rs 1,145
Metro Brands is the last technical bet from LKP's analyst for today. He has given a 'Buy' rating on the counter with target prices of Rs 1,280-1,320. The scrip has risen 37.66% in 2023 so far.
"The stock has been finding support at the critical moving average on the daily chart, indicating a positive trend. Besides, the RSI is in a bullish crossover, pointing towards strong momentum. Over the short-term, it is likely to move towards 1,280-1,320. On the lower end, support is placed at Rs 1,145," said Rupak De from LKP Securities.
"Nifty hovered between 19,700 to 19,780 and has formed an inside body candle formation which is indicating incisiveness between the bulls and bears. For the bulls, 19,800 would be the immediate breakout level, above the same the index could rally till 19,850-19,880. On the flip side, below 19,700, the selling pressure is likely to accelerate and could retest the level of 19,640-19,620," said Shrikant Chouhan, Head of Research (Retail) at Kotak 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.