Domestic benchmark indices settled lower on October 4 (Wednesday). The 30-share BSE Sensex pack tanked 286 points or 0.44% to close at 65,226, while the broader NSE Nifty index moved 93 points or 0.47% down to finish at 19,436. India VIX, fear index, shed 1.63% to 11.66-level.
For October 5 (Thursday), share market analysts at a few brokerages have assigned 'Buy' calls on Suzlon Energy, Tata Consultancy Services (TCS), HDFC Bank and Bank of Maharashtra (BoM). Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 28.25
An analyst at LKP Securities has given a 'Buy' call on Suzlon Energy shares with target prices of Rs 30-32, keeping a stop loss placed at Rs 27. The stock has turned into a multibagger on a year-to-date (YTD) basis, by gaining 164.02 per cent.
"Suzlon has experienced upward momentum over the past two days after breaking out of a consolidation phase. Additionally, the stock has remained above a crucial moving average. The Relative Strength Index (RSI) is currently showing a bullish crossover and is on the rise. Support is established at Rs 27 on the lower end, while resistance is observed in the range of Rs 30 to Rs 32 on the higher end," said Rupak De, Senior Technical analyst at LKP Securities.
LTP: Rs 3,545
LKP Securities' market expert has also picked Tata Consultancy Services (TCS) in its stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 3,800 per share, keeping a stop loss at Rs 3,430. The stock has risen 8.69% in 2023 so far.
"TCS exhibited a bullish sentiment as it formed a bullish engulfing candle pattern on the daily chart, signaling a bullish reversal. Furthermore, the stock managed to close above its 20-day moving average (20-DMA), confirming its bullish undertone. The momentum indicator RSI is poised for a positive crossover, further affirming the presence of strong momentum. Support for TCS is currently at Rs 3,430, with potential upside levels at 3,640 and 3,800," LKP's Rupak De stated.
LTP: Rs 1,532
The analyst from LKP Securities also selected HDFC Bank in his technical picks. Rupak De has assigned a 'Buy' call on the private lender as well, suggesting a target price of Rs 1,650 with a stop loss at Rs 1,485. The stock has slipped 5.94% on a year-to-date (YTD) basis. "HDFC Bank has shown a strong upward movement, rebounding from the day's low. Multiple swing highs and lows can be observed around Rs 1,515, suggesting that this level is likely to provide support for the stock price. Additionally, a positive divergence is evident on the daily chart. In the short term, it is anticipated that the stock will advance toward Rs 1,650. On the downside, support is positioned at Rs 1,485," he said.
LTP: Rs 49
Analysts from Hensex Securities have placed a 'Buy' rating on Bank of Maharashtra (BoM) with target prices of Rs 60-65. BoM shares have surged 60.39% in 2023 so far. Bank of Maharashtra has broken a strong resistance of Rs 42 and is expected to move up further. Price action analysis based on a short-term time period is definitely positive. This means that there is a strong uptrend in the stock for the given time period. Buyers are extremely bullish on the stock," Hensex stated.
"Nifty remains bearish as it traded below critical moving averages. Looking ahead, the market may continue to follow a bearish trend as long as it remains below 19,500, with initial support likely around 19,330, a fall below the said level might take Nifty towards 19,250-19,200," said Rupak De of LKP Securities.
"Bears in Nifty Bank maintained their control, causing the index to break below the support at 44,200. The next immediate support level is positioned at 43,800 and a breach below this level could trigger aggressive selling pressure, potentially leading to a further 2% correction in the index. On the upside, the immediate resistance is in the range of 44,250 to 44,300. A breakout above this range may incite some short-covering moves in the index," 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.