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Domestic benchmarks closed in the red on Monday, dragged by automobile, metal and consumer stocks. The 30-share BSE Sensex pack fell 140 points or 0.21 per cent to finish at 65,655, while the broader NSE Nifty index moved 38 points or 0.19 per cent down to end the session at 19,694. India VIX, fear index, rose 2.70% to 12.15-level.
For November 21 (Tuesday), share market analysts from a few domestic brokerages have assigned 'Buy' calls on Voltas, Airtel, Aptech and GHCL. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 831.95 | SL: Rs 810 An analyst at LKP Secuties has given an 'Buy' call on Voltas shares with target prices of Rs 860-880. The stock has risen 3.65% in 2023 so far and 2.75% in last six months.
"Voltas is poised for a potential breakout from a falling trendline and has recently closed just above its 200-day moving average (200-DMA). The stock has a visible support level at Rs 810 and the upside potential targets for Voltas are identified at Rs 860 and Rs 880," said Kunal Shah, Senior Technical analyst at LKP securities.
LTP: Rs 963.75 | SL: Rs 940 Shah from LKP has also selected Bharti Airtel in his stock recommendations. The analyst has given a 'Buy' call on the counter with target prices of Rs 1,020-1,060 per share. The multibagger stock has climbed 18.47% on a year-to-date (YTD) basis and 20.19% in six months.
"The stock finds support at Rs 940, coinciding with its short-term moving average of 20-DMA. Anticipated potential upside targets for the stock are at Rs 1,020 and Rs 1,060," said Kunal Shah.
LTP: Rs 543 | SL: Rs 520 The analyst from Prabhudas Lilladher has included Birla Corporation 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 the decent erosion has bottomed out and taken support near Rs 520 zone, indicating a decent pullback with a positive bullish candle pattern on daily charts. It has moved past the significant 200 period MA of Rs 534 level, improving the bias and further rise is anticipated. We suggest to buy and accumulate the stock for an upside potential target of Rs 640 levels keeping the stop loss near Rs 520," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
LTP: Rs 261.90 | SL: Rs 240 The analyst from Prabhudas Lilladher has included SBI Life Insurance Company too in her technical bets with a 'Buy' call for a target of Rs 280. The scrip has risen 6.85% up in 2023 so far and slipped 23.09% in the past six months.
"The stock has corrected well from the peak level of Rs 421 and currently is near the support zone of Rs 240. It has indicated a positive candle to improve the bias. With daily charts looking attractive, we suggest to buy and accumulate this stock for an upside target of Rs 280 keeping a stop loss of Rs 240," Parekh stated.
"Nifty is currently trading within a broad consolidation phase, forming an inside bar candle pattern, with support observed at 19,650 and resistance at 19,800. For a decisive trending move, the index needs to break out of this range with significant volumes on either side. Despite the consolidation, the broader picture remains bullish, with major support identified in the 19,550-19,500 zone. A break above 19,850 is anticipated to open up room for the index to reach all-time high levels," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
"Nifty Bank has formed a doji candle on daily charts, suggesting indecisiveness at the current levels. The index encounters formidable resistance at 44,000, where the highest open interest is concentrated on the call side. A breakthrough above this level is anticipated to trigger sharp short-covering moves. Conversely, the lower-end support is positioned at 43,300, and a breach below this level could pave the way for further downside movement towards the 42,800 level. This data highlights a delicate balance in market sentiment, with potential for significant moves based on key resistance and support levels," Shah 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.