Domestic benchmark indices settled higher on Wednesday in a highly volatile trading session. The 30-share BSE Sensex pack rose 173 points or 0.26% to close at 66,119, while the broader NSE Nifty moved 52 points or 0.26% up to finish at 19,716. India VIX rose 3.57% to 11.59-level.
For September 28 (Thursday), share market analysts at different brokerages have assigned 'Buy' calls on Motilal Oswal Financial Services, ITC, RBL Bank and HBL Power. Check share price targets, investment rationale, technical analysis and other crucial details.
LTP: Rs 882.70
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities has given a 'Buy' call on Motilal Oswal Financial Services' shares for target prices between Rs 920 and Rs 960, keeping a stop loss placed at Rs 840. The stock has jumped 27.05% in 2023 so far.
Motilal Oswal: "The stock found strong support at the descending trendline, accompanied by a notable increase in trading volumes. It has surpassed its previous week's high with a significant surge in trading volumes, confirming a bullish reversal. Key support is evident at the Rs 840 level, which is expected to act as a buffer for the bulls. The stock's potential upside targets are set at Rs 920 and Rs 960, indicating further room for growth," the LKP analyst said.
LTP: Rs 449.35
LKP Securities has included ITC in its technical stock recommendations. LKP's Shah has a 'Buy' call on the counter, suggesting target prices between Rs 465 and 470 with a stop loss at Rs 440. The stock has gained 35% in 2023 so far.
ITC: "The stock has crossed above its 20-day moving average (20-DMA) on strong trading volumes and has exceeded the high of the previous two days. Key support is evident at the Rs 440 level, providing a solid foundation for potential upward movement. The stock's potential upside targets are set at Rs 465 and Rs 470, indicating scope for further price appreciation," said Kunal Shah of LKP Securities.
LTP: Rs 245
As per LKP's Shah, investors can 'Buy' RBL Bank shares for target prices between Rs 255 and Rs 260, keeping stop loss at Rs 239. On a year-to-date (YTD) basis, the stock has appreciated by 35.10%. "RBL Bank has experienced a symmetrical triangle breakout on the daily chart, indicating a surge in optimism. The stock has maintained its position above a critical moving average. Furthermore, the stock's RSI (Relative strength index) is showing a bullish crossover. On the upper side, it has the potential to move towards Rs 260. On the lower side, support is situated at Rs 239," the analyst stated.
LTP: Rs 253.95
Prabhudas Lilladher has placed a 'Buy' call on HBL Power Systems, suggesting a target price of Rs 300. The multibagger counter has zoomed 138.67% on a year-to-date (YTD) basis. "The stock after the decent rally has corrected to some extent. It has witnessed consolidation with improvement in the bias at current levels. The RSI has also flattened out after the slide and is well placed with much upside potential visible. With the charts looking good, we suggest to buy and accumulate this stock for an upside target of Rs 300 keeping a stop loss of Rs 238," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
"Nifty showed a strong recovery during the day, finding support at the 50-EMA. The day concluded with the formation of a bullish engulfing pattern. On the upper side, resistance is situated at 19,750. A clear breakout is necessary to anticipate a substantial rally in the index. A decisive move beyond 19,750 could potentially push the index towards 19,900. On the downside, support is established at 19,600," said Rupak De, Senior Technical analyst at LKP Securities.
"For Nifty Bank, bulls displayed resilience by defending the key support level at 44,200, which coincided with the rising trendline support. However, the index is currently trading below its 20-day moving average (20DMA) positioned at 45,000. A decisive break above this level could trigger significant short-covering. Currently, the index is trading within a broad range of 44,200 to 45,000. A clear break on either side of this range will likely lead to trending moves. Nevertheless, within this range, the overall sentiment remains bullish, suggesting that a 'buy on dip' approach may be favorable," said Kunal Shah of 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.