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Domestic benchmark indices extended their fall for the third consecutive session. The 30-share BSE Sensex pack slumped 571 points or 0.85% to close at 66,230, while the broader NSE Nifty index moved 159 points or 0.8% down to end at 19,742. India VIX fell 2.78% to 10.82-level
For today, share market analysts at different brokerages have assigned 'Buy' calls on HDFC Bank, Tech Mahindra, Hindalco and RR Kabel. Check share price targets, investment rationale, technical analysis and more crucial details
LTP: Rs 1,553.60
Prabhudas Lilladher has a 'Buy' call on HDFC Bank shares with a target price of Rs 2,025 apiece. So far this year, the stock has slipped 4.64%
"Creation of excess liquidity could affect Q2FY24 NIM (Net interest margin), although margins should bounce back in H2FY24E as credit growth picks up and liquidity is utilized. FY24 NIM could contract YoY from 3.8% to 3.6%, however, as higher cost liabilities of HDFCL are replaced, NIM could enhance over FY24-26E from 3.6% to 3.8%," said analysts at Prabhudas Lilladher
LTP: Rs 1,292.85
ICICI Securities has included Tech Mahindra in its stock recommendations. The brokerage has a 'Buy' rating on the counter with a target price of Rs 1,552 per share. The stock has gained 28.07% in 2023 so far
"EBIT margin improvement is a low hanging fruit for TechM's new CEO Mohit Joshi; however, topline revival may take some time. That said, Joshi's opening gambit (appointment of COO Atul Soneja and an internal reshuffle) bolsters our conviction for a successful turnaround. On balance, we also take cognizance that this is contingent on improving capabilities and filling white spaces in non-communication verticals, which should start reflecting in deal wins and market share gains," the brokerage stated
LTP: Rs 479.40
As per brokerage Motilal Oswal, investors can 'Buy' Hindalco shares for a target price of Rs 550 apiece. On a year-to-date (YTD) basis, the stock has shed 1.61%. "Hindalco plans to incur a capex of $4.4 billion over the next five years for several projects, including FRP capacity expansion in USA, upstream expansion at Utkal, special alumina business capacities and downstream aluminum capacities, among others. Despite near-term headwinds due to a slowdown in China and its impact on non-ferrous prices, the longterm outlook remains positive," Motilal stated
LTP: Rs 1,179.10
Prabhudas Lilladher has initiated a 'Buy' call on new-listed RR Kabel, suggesting a target price of Rs 1,407. "RR Kabel is a fastest growing player in the W&C segment. Robust growth can be attributed to its strong brand recognition, diverse product portfolio, high-quality manufacturing facilities and wide distribution network. The company accounts for 74% revenue from B2C and maintained this at higher level, being wire heavy company. RR Kabel is doing Rs 500 crore capex in next two years, aimed at augmenting its production capacity in both wire and cables," analysts at Prabhudas stated
"Nifty extended its decline as the index slipped towards 19,700. The Nifty index closed below the 20EMA, signaling a diminishing bullish sentiment. Weakness appears evident with a bearish crossover in the RSI (Relative strength index). Selling on rallies remains the favored strategy as long as it stays below 20,000. On the downside, support is situated in the range of 19,700/ 19,630," said Rupak De, Senior Technical analyst at LKP Securities
"Nifty Bank experienced a significant correction during the day, with the index dropping below the 45,000 mark for the first time in several days. Furthermore, it fell below both the 20EMA and 50EMA on the daily timeframe. The RSI is signaling bearishness with a bearish crossover on the daily timeframe. In the short term, it could potentially move towards 44,000 on the lower end, while encountering resistance at 45,000 on the higher end," De 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