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Domestic benchmarks settled higher on Thursday, led by gains in technology, pharma, automobiles and consumer durables. The 30-share BSE Sensex pack rose 307 points or 0.47 per cent to close at 65,982, while the broader NSE Nifty index moved 90 points or 0.46 per cent up to end the session at 19,765. India VIX, fear index, spiked 4.60% to 11.65-level.
For November 17 (Friday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Reliance Industries Ltd (RIL), Zensar Tech and Happiest Minds. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 2,358 | SL: Rs 2,260 Án analyst at Prabhudas Lilladher has given an 'Buy' call on Reliance Industries shares with a target price of Rs 2,600. The stock has slipped 8.46% in 2023 so far and 3.33% in last six months.
"The RSI (Relative Strength Index) has indicated a trend reversal from the oversold zone. With charts looking good, we suggest to buy and accumulate the stock for an upside target of Rs 2,600, keeping stop loss at Rs 2,260," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher (PL).
LTP: Rs 517.45 | SL: Rs 490 Parekh from PL has also selected Zensar Technologies in her stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 572 per share. The multibagger stock has zoomed 141.24% on a year-to-date (YTD) basis and 48.27% in six months.
"We suggest to buy and accumulate the stock for an upside target of Rs 572, keeping stop loss placed at Rs 490." said Vaishali Parekh.
LTP: Rs 849.80 | SL: Rs 830 The analyst from Prabhudas Lilladher has included Happiest Minds Technologies too in her technical bets with a 'Buy' call for a target of Rs 960. The scrip has fallen 3.89% up in 2023 so far and 2.18% in the past six months.
"The stock after a short correction has bottomed out taking support near the Rs 800 zone and indicated a pullback to improve the bias. The RSI has picked up well from the oversold zone. We suggest to buy and accumulate the stock for an upside target of Rs 960, keeping stop loss at Rs 830," Parekh stated.
"Nifty encountered resistance near 19,850, resulting in a sharp intraday decline. However, the index displayed strength by closing above the previous session's high. In the short term, the market outlook suggests a 'buy on dips' strategy as long as Nifty maintains 19,500 level. A breakthrough above 19,850 could propel it towards 20,000," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank encountered resistance at 44,500. The index continues to adopt a 'buy on dip' strategy, with support at 43,700. A close above 44,500 is anticipated to trigger an additional short-covering, potentially propelling the index towards the 45,000 mark," 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.