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Domestic benchmarks settled in the green on Wednesday, led by gains across all sectors. The 30-share BSE Sensex pack surged 742 points or 1.14 per cent to close at 65,676, while the broader NSE Nifty index moved 232 points or 1.19 per cent up to end the session at 19,675. India VIX, fear index, fell 0.46% to 11.14-level.
For November 16 (Thursday), share market analyst from a brokerage has assigned 'Buy' calls on Tata Consultancy Services (TCS), Reliance Industries Ltd (RIL) and Asian Paints. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 3,408.60 | SL: Rs 3,330 Án analyst at LKP Securities has given an 'Buy' call on Tata Consultancy Services (TCS) shares with a target price of Rs 3,550. The stock has risen 4.51% in 2023 so far and 4.62% in last six months.
"TCS has experienced a breakout from consolidation after forming a base on daily charts. The sentiment appears positive as the stock has risen above the critical short-term moving average. The RSI (Relative Strength Index) shows a bullish crossover. On the downside, support is established at Rs 3,330, while on the upside, there is potential for the stock to reach levels around Rs 3,550," said Rupak De, Senior Technical Analyst at LKP Securities.
LTP: Rs 2,356.10 | SL: Rs 2,320 De from LKP has also selected Reliance Industries in his stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 2,410 per share. The stock has slipped 8.53% on a year-to-date (YTD) basis and 3.98% in six months.
"Reliance has experienced a breakout from a falling channel on daily charts, indicating an increase in optimism. Additionally, the stock has surpassed the critical moving average. The momentum indicator shows a bullish crossover, following a breakout from consolidation. In the short term, there is a potential upward movement towards Rs 2,410 with support situated at Rs 2,320," said Rupak De.
LTP: Rs 3,115.80 | SL: Rs 3,048 The analyst from LKP Sec has included Asian Paints too in his technical bets with a 'Buy' call for a target of Rs 3,330. The scrip has edged 2.25% up in 2023 so far but has shed 0.71% in the past six months.
"The RSI indicator suggests a buying opportunity at current levels. Additionally, the stock has been holding above the 21-day Simple Moving Average (SMA) on daily charts for the last 4 days, indicating strength. As per the current pattern, there is an expectation of reaching levels around Rs 3,330 on the upside. To manage risk, it's advisable to maintain a stop loss at Rs 3,048 on a closing basis. For potential investors, a good entry point is at Rs 3,110, and consider buying on dips around Rs 3,090," De stated.
"On daily charts, Nifty has shown significant upward momentum after a consolidation phase, indicating an increase in optimism. The overall trend appears positive, with the index consistently maintaining levels above the critical moving average. Looking ahead, bullish sentiment is likely to persist as long as the index remains above 19,500. On the upper side, resistance is anticipated in the range of 19,700 to 19,850," said Rupak De.
"Nifty Bank has consistently maintained its position above the crucial moving average on daily charts, indicating a positive trend. Key support is situated at 44,000, and the sentiment is expected to stay optimistic as long as it remains above this level. On the upside, there is a potential movement towards 44,750," De from LKP 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.