Domestic benchmark indices settled sharply lower on Thursday in a highly volatile trading session. The 30-share BSE Sensex pack tanked 610 points or 0.92% to close at 65,508, while the broader NSE Nifty moved 193 points or 0.98% down to finish at 19,523. India VIX, fear index, spiked 10.68% to 12.82-level.
For September 29 (Friday), share market analysts at a few brokerages have assigned 'Buy' calls on Polycab India, Avenue Supermarts (DMart), Biocon and Just Dial. Check share price targets, investment rationale and other crucial details about these strong fundamental bets.
LTP: Rs 5,285.80
Analysts at Nuvama Institutional Equities has given a 'Buy' call on Polycab India shares with a target price of Rs 6,139. The multibagger stock has zoomed 104.90 per cent in 2023 so far.
"Export is emerging as a huge growth opportunity and Polycab aims to replicate its distributor-led template in overseas markets. Recently renewed brand identity (contemporary logo, campaigns, etc) will pay off by strengthening the brand over long term. Domestic C&W (Cable & wire) demand stays strong; we expect it to grow 20% in Q2 FY24E," Nuvama stated.
LTP: Rs 3,668.90
Prabhudas Lilladher (PL) has picked Avenue Supermarts, commonly known as DMart, in its stock recommendations. The brokerage has a 'Buy' call on the counter with a target price of Rs 4,574 per share. The stock has slipped 9.94% in 2023 so far.
"We expect DMart is ready to sustain strong growth and competitiveness due to advantages in sourcing and economies of scale. We expect sales of Rs 4,800 crore with EBIDTA loss of Rs 42.4 crore by FY26," the brokerage stated.
LTP: Rs 266.50
As per JM Financial, investors can 'Buy' Biocon shares for a target price of Rs 370 apiece. On a year-to-date (YTD) basis, the stock has crawled merely 1.18% higher. "Biocon's stock price can significantly re-rate, in our view. Near-term drivers for the stock are: bAspart and bBeva approval/ launch; formulary access for Hulio; and a positive outcome for bAflibercept. The delay in approvals and a highly leveraged acquisition have admittedly spooked the street, but Biocon is relatively well-placed to play the growing biosimilars industry," the brokerage said.
LTP: Rs 253.95
JM Financial has also placed a 'Buy' call on Just Dial, suggesting a target price of Rs 830. The brokerage has upgraded Just Dial from 'Hold' to 'Buy'. "We expect the company to see strong earnings recovery over the next 2-3 years, partly aided by a low, Covid-affected base. Having surpassed pre-Covid level revenue for the first time after 12 quarters in Q1FY24, the company's core business growth revival strategy now hinges on better monetisation of its B2B listings, which contribute 26% to consolidated revenue," the brokerage mentioned.
"Nifty has experienced a significant correction as it was unable to maintain levels above 19,750. On the daily timeframe, the most recent candle has engulfed the bodies of the preceding few days' candles, which suggests a negative sentiment. The prevailing sentiment continues to favor selling during rallies. Looking ahead, the Nifty may decline towards 19,250, with immediate support situated at 19,450. Resistance is positioned at the higher end at 19,600," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank witnessed a resurgence of bearish sentiment as the bears took control, pushing the index lower. Strong resistance has formed at the 20-day moving average (20-DMA) located at the 45,000 mark. The immediate support on the downside is situated at 44,200, and a breach below this level could trigger further selling pressure, potentially taking the index down to the 43,800 mark. In this scenario, it's advisable to maintain a 'sell on rise' approach as long as the index remains below the 45,000 mark," 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.