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Domestic benchmarks settled in the red on Monday, dragged by financials, technology and consumer stocks. The 30-share BSE Sensex pack fell 326 points or 0.50 per cent to close at 64,934, while the broader NSE Nifty index moved 82 points or 0.42 per cent down to end the session at 19,444. India VIX, fear index, fell 1.41% to 11.19-level
For November 15 (Wednesday), share market analysts from a few brokerages have assigned 'Buy' calls on Tata Power, BHEL, Manappuram Finance, Union Bank and Oil India. Check share price targets, analysis, investment rationale and other crucial details about these technical bets
LTP: Rs 257.35 | SL: Rs 248 Án analyst at LKP Securities has given an 'Buy' call on Tata Power shares with target prices of Rs 276-285. The stock has risen 21.48% in 2023 so far and 23.64% in last six months.
"The RSI (Relative Strength Index) indicator suggests a buying opportunity. The stock has been holding above the 21-day Simple Moving Average (SMA) on daily charts for several days, indicating positive strength. Based on this technical pattern breakout, there is an expectation of reaching levels around Rs 276 to Rs 285 on the upside in the near future. To manage risk, it is advisable to maintain a stop loss at Rs 248 on a closing basis for this trade," said Rupak De, Senior Technical Analyst at LKP Securities.
LTP: Rs 144.80 | SL: Rs 139 De from LKP has also selected Manappuram Finance in his stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 155 per share. The stock has climbed 21.32% on a year-to-date (YTD) basis and 31.46% in six months.
"The RSI is displaying a bullish crossover. In the short term, there is a possibility that the stock could advance towards Rs 155. Support on the lower end is established at Rs 139," said Rupak De.
LTP: Rs 111.55 | SL: Rs 98 A market expert from Prabhudas Lilladher has included Union Bank of India in his technical bets with a 'Buy' call for a target price of Rs 135. The scrip has gained 37.04% in 2023 so far and 57.67% in the past six months.
"The RSI is maintained strong and is well placed currently with upside potential visible and an indication of a trend reversal to signal a buy. With charts looking attractive, we suggest buying and accumulating the stock for an upside target of Rs 150, keeping a stop loss near Rs 98," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
LTP: Rs 313.50 | SL: Rs 295 The analyst from Prabhudas Lilladher has also selected Oil India Ltd in his technical picks. He has given a 'Buy' call on the counter with a target price of Rs 350 per share. The stock has surged 45.95% on a year-to-date (YTD) basis and 20.90% in six months.
"Currently, the bias has improved with the stock making another higher bottom formation pattern on daily charts and indicating positive candle formations. We suggest buying and accumulating the stock for an upside target of Rs 350, keeping stop loss at Rs 295," said Shiju Koothupalakkal.
LTP: Rs 136.20 | SL: Rs 131 Analysts from Religare Broking have picked Bharat Heavy Electricals Ltd (BHEL) in their technical bets, suggesting a 'Buy' call for a target of Rs 148. The scrip has jumped 69.93% in 2023 so far and 69.30% in the past six months.
"BHEL has finally witnessed a breakout from its consolidation zone of Rs 114- 134 with a noticeable surge in volumes. The prevailing buoyancy in the PSU pack is adding to the positivity," Religare stated.
"Nifty has been forming a base and is likely to maintain a positive tone until it breaks 19,200. However, we need a decisive breakout above 19,500 for the index to inch towards 19,850. Meanwhile, traders should continue with stock-specific trading approach," Religare said.
"Nifty Bank is also seeing recovery in line with the benchmark index and currently hovering around the resistance zone of medium term moving average, i.e., 100-EMA on the daily chart around 44,000. A firm close above that hurdle could help the index to subside the underperformance and inch towards the 44,700-45,200 zone. In case of any dip, the 42.800-43,250 zone would cap the downside. The underperformance of the private banking majors is still a concern so maintain extra caution in stock selection," Religare mentioned.
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