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Domestic benchmark indices staged a rebound to end higher on September 29 (Friday). The 30-share BSE Sensex pack rose 320 points or 0.49% to close at 65,828, while the broader NSE Nifty index moved 115 points or 0.59% up to settle at 19,638. India VIX, fear index, dived 10.68% to 11.45-level. The indices were closed on Monday due to Mahatma Gandhi Jayanti (October 2)
For October 3 (Tuesday), share market analysts at a few brokerages have assigned 'Buy' calls on Hero MotoCorp, L&T Finance Holdings, Dr Reddy's Laboratories and Hindustan Oil Exploration Company. Check share price targets, analysis, investment rationale and other crucial details about these technical bets
LTP: Rs 133.05
An analyst at LKP Securities has given a 'Buy' call on L&T Finance Holdings shares with target prices of Rs 145-150. The stock has gained 48.25 per cent in 2023 so far
"L&T Finance Holdings is showing signs of a potential bullish breakout after a period of consolidation as it approaches the resistance of a falling trendline. The momentum indicator, RSI (Relative strength index), has provided a positive crossover, signaling a potential reversal in the stock's direction. Crucially, there is visible support at the Rs 125 level, which is expected to act as a cushion for the bulls. If this support holds, it may pave the way for a move towards upside targets of Rs 145 and Rs 150," said Rupak De, Senior Technical analyst at LKP Securities
LTP: Rs 260.75
Prabhudas Lilladher's market expert has picked Exide Industries in its stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 295 per share. The stock has surged 44% in 2023 so far
"The stock has witnessed a decent rally with a strong uptrend maintained. Recently after peaking out near Rs 280 zone, it has slightly slipped with profit booking and taken support near the significant 50-EMA (Exponential Moving Average) level with Rs 254 forming a good base where it has consolidated quite well and is well poised for further rise with signs of positive bias witnessed. The RSI is well placed currently cooling off from near the overbought zone and has indicated a trend reversal to signal a buy. We suggest to buy and accumulate the stock for an upside target of Rs 295 keeping the stop loss of Rs 248," said Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher
LTP: Rs 172.70
Vaishali Parekh of Prabhudas Lilladher has assigned a 'Buy' call on Hindustan Oil Exploration, suggesting target prices of Rs 190-210 levels. The stock has ascended by 22.53% on a year-to-date (YTD) basis. "It has formed a double bottom formation pattern in the daily charts at around Rs 150 levels, forming a good base. Currently, a decent recovery moving past the significant moving average of 200-DMA (Day Moving Average) has improved the bias and further a decisive move past the resistance zone of Rs 176 shall strengthen the trend to anticipate more uptrend in the coming days. We suggest to buy this stock for an upside target of Rs 190-210 levels, keeping the stop loss near Rs 150 zone," she stated
LTP: Rs 3,056.95
An analyst from Choice Broking has a 'Buy' rating on the counter with a target price of Rs 3,217. Share of Hero MotoCorp have risen 12.51% in 2023 so far. "The stock is displaying a commendable adherence to a steadfast trendline support since June, reflecting its resilience in the market. The recent bounce off this support level indicates a promising surge for the stock. A strategic buy position at the current price is advisable, with a target set at Rs 3,217. To prudently manage risk, it is recommended to establish a stop-loss at Rs 2,955," said Sumeet Bagadia, Executive Director at Choice Broking
LTP: Rs 5,586.75
Sumeet Bagadia of Choice Broking has a 'Buy' call on Dr Reddy's with a target price of Rs 5,920. The stock has jumped 32.04% on a YTD basis. "After consolidating within the support price breakout range of Rs 5600 to Rs 5415, the scrip underwent a significant correction and reversed its price trajectory from the bottom, forming a robust bullish candle at the support level. Technical indicators suggest that Dr Reddy's may have the potential to reach a target price of Rs 5,920 in the near term. To effectively manage risk, it is advisable to implement a stop loss at Rs 5,410 to protect your investment in case of an unexpected market reversal," Bagadia stated
"Nifty ended the month of September with gains, following a weak August closing. The recent selling pressure was halted around the 50-EMA. However, we need to close above 19,750 to witness a decent rally over the short term. A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700. On the flip side, a fall below 19,470 might trigger the resumption of the downtrend," said Rupak De of LKP Securities
"Nifty Bank saw a resurgence in bullish momentum as the bulls successfully defended the key support level at 44,200. However, challenges persist as the 20-DMA at 45,000 continues to act as a strong resistance. The index appears to be consolidating within a range, with levels of 44,200 on the downside and 45,000 on the upside defining this range. A decisive break on either side of this range will likely trigger fresh trending moves. In particular, the support at 44,200 is crucial and could determine the index's near-term direction," 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