Produced by: Prashun
Designed by: Manoj Kumar
Domestic benchmark indices extended their fall for the fourth consecutive session. The 30-share BSE Sensex pack slipped 221 points or 0.33% to close at 66,009 during the previous session, while the broader NSE Nifty index moved 68 points or 0.34% down to end at 19,674. India VIX fell 1.45% to 10.66-level.
For today, share market analysts at different brokerages have assigned 'Buy' calls on Reliance Industries, IRB Infrastructure Developers, HDFC Life Insurance Company and Mold-Tek Packaging. Check share price targets, investment rationale, technical analysis and more crucial details.
LTP: Rs 2,354.05
Antique Stock Broking has a 'Buy' call on Reliance Industries (RIL) shares with a target price of Rs 2,721 apiece. So far this year, the stock has shed 0.96%.
"Refining margins are likely to remain strong over the next 12 months as transport fuel incremental supply is likely to lag demand growth, though Russian discounts have come off," Antique stated.
LTP: Rs 29.77
Antique has also included IRB Infrastructure Developers in its stock recommendations. The brokerage has a 'Buy' rating on the counter with a target price of Rs 46 per share. The stock has slipped 5.10% in 2023 so far.
"IRB Infrastructure Developers is our top pick among the road space. Here are the reasons: (1) NHAI will be awarding Rs 40,000 crore out of Rs 1.4 lakh crore as BOT projects in FY24E—where competitive intensity is the lowest; (2) With GIC as 49% equity partner in private InvIT, IRB faces no challenge in raising funds; (3) Even better, the current market price continues to underprice the existing assets in hand, let alone the growth potential," the brokerage said.
LTP: Rs 648.90
As per Antique, investors can 'Buy' HDFC Life Insurance Company shares for a target price of Rs 780 apiece. On a year-to-date (YTD) basis, the stock has gained 13.61%. "The company expects to increase counter share at the parent entity from the current 45%–50% to 60%–65% by the end of FY24 and ~70% in FY25 by strengthening its relationship with HDFC Bank, enhancing collaboration, and maximizing customer engagement within the group. To further expand market share, the company has identified certain levers in terms of branches, geographies, manpower, and products. On the other hand, HDFC Life remains committed to improving its product proposition, imparting necessary training, and driving operational efficiencies leading to better conversion," it stated.
LTP: Rs 932.95
Brokerage Nirmal Bang has initiated a 'Buy' call on Mold-Tek Packaging, suggesting a target price of Rs 1,200.
"Total capex estimated for FY23 & FY24E stands at Rs 280 crore vis-a-vis cumulative Rs 300 crore incurred over the last 10 years. We believe that timely commissioning of new projects in paints and F&F will determine the growth trajectory from FY25, analysts at Nirmal Bang stated.
"Nifty experienced consistent selling pressure throughout the week, resulting in a decline of 2.80% from its all-time high. This recent correction has caused it to dip below the critical 21-day Exponential Moving Average (21EMA). The sentiment appears bearish at this point, with a key support level identified at 19,600. A breach below 19,600 could potentially initiate a more significant market correction. On the upside, 19,800 is expected to serve as a resistance level," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank witnessed a significant double top breakdown pattern, which often signals a reversal in trend. This bearish pattern was largely influenced by selling pressure in HDFC Bank. The index breached its 20-day moving average (20DMA), located at 45,000. A break above this level could trigger some short-covering, but the overall sentiment remains bearish. The prevailing sentiment in the index remains bearish. As a result, it's advisable to maintain a 'sell on rise' approach. The next immediate support is seen in the 44,500-44,400 range," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.