Produced by: Prashun Talukdar
Designed by: Manoj Kumar
Domestic benchmark indices paused their three-session fall and settled higher on October 17 (Tuesday). The 30-share BSE Sensex pack rose 261 points or 0.29% to close at 66,428, while the broader NSE Nifty index moved 80 points or 0.4% up to settle at 19,812. India VIX, fear index, fell 3.38% to 10.70-level.
For October 18 (Wednesday), share market analysts from Religare Broking have assigned 'Buy' calls on Tata Motors, Sun Pharmaceutical Industries and ITC. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 656 | SL: Rs 638
Analysts at Religare have given a 'Buy' call on Tata Motors shares with target prices of Rs 692. The stock has gained 66.16% in 2023 so far.
"Auto pack has been witnessing traction from the last few sessions and Tata Motor is trading in sync. It has registered a decisive breakout from the symmetrical triangle pattern, with a noticeable surge in volumes. Expect the uptrend to continue," Religare stated.
LTP: Rs 1,135.05 | SL: Rs 1,110
Religare has also selected Sun Pharmaceutical Industries in its stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 1,215 per share. The stock has risen 13.85% on a year-to-date (YTD) basis.
"Sun Pharma is among the top performers within the pharma space and is currently consolidating in a range around its record high. The recent price action indicates the possibility of a breakout soon," Religare said.
LTP: Rs 453.50 | SL: Rs 444
ITC is the last technical bet from Religare for today. He has given a 'Buy' rating on the counter with target prices of Rs 472. The scrip has surged 36.25% in 2023 so far.
"ITC has been in a steady uptrend for over one and a half years. It has formed a base around 20-EMA (Exponential Moving Average) on weekly charts, after a dip from its record high. Traders should use this phase to create longs," analysts at Religare mentioned.
"A decisive close above 19,850 in Nifty could prompt further recovery towards 20,050 or higher. On the flip side, a decline below 19,500 would again change the bias on the negative side and push the index to 19,200 i.e. the lower band of the broadening formation. Meanwhile, we suggest staying stock-specific, with a focus on risk management," Religare Broking said.
"Nifty Bank has been continuing its underperformance due to the pressure in private banking majors. A break below 43,900 could trigger the next leg of the down move towards the major support zone of long term moving average i.e. 200-EMA, which currently lies around 43,200. In case of a recovery, we need sustainability above 44,700 to change the tone," the brokerage stated.
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.