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Domestic benchmarks settled in the green on Tuesday, led by gains in financials, metals and pharma stocks. The 30-share BSE Sensex pack climbed 276 points or 0.42 per cent to close at 65,931, while the broader NSE Nifty index moved 89 points or 0.45 per cent up to end the session at 19,783. India VIX, fear index, rose 0.69% to 12.23-level.
For November 22 (Tuesday), share market analysts from a few domestic brokerages have assigned 'Buy' calls on Garden Reach Shipbuilders & Engineers (GRSE), HCL Tech, HDFC Life and Airtel. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 810.50 | SL: Rs 770 An analyst at Prabhudas Lilladher has given an 'Buy' call on Garden Reach Shipbuilders shares with a target price of Rs 907. The stock has jumped 68.73% in 2023 so far and 69.58% 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 907 keeping the stop loss of Rs 770," said Vaishali Parekh, Vice-President - Technical Research, Prabhudas Lilladher.
LTP: Rs 1,326.05 | SL: Rs 1,288 Analysts from Religare Broking has selected HCL Technologies in their stock recommendations. They have given a 'Buy' call on the counter with a target price of Rs 1,395 per share. The multibagger stock has climbed 27.57% on a year-to-date (YTD) basis and 18.41% in six months.
"We are seeing a rebound in the IT pack and HCL tech is leading from the front. It has witnessed a fresh breakout from a two-month long consolidation phase and currently trading at its record high. The chart pattern and uptick in volumes indicate a steady upmove ahead," Religare stated.
LTP: Rs 667 | SL: Rs 648 Religare has included HDFC Life Insurance too in its technical bets with a 'Buy' call for a target of Rs 705. The scrip has risen 16.96% up in 2023 so far and 17.64% in the past six months.
"HDFC Life has witnessed a breakout from a corrective pattern after spending nearly four months and inching gradually higher. The buoyancy in the insurance counters and price patterns are pointing toward the bullish tone to continue," the brokerage said.
LTP: Rs 970.45 | SL: Rs 947 Religare has also picked Bharti Airtel in its technical bets with a 'Buy' call for a target of Rs 1,015. The scrip has gained 19.29% in 2023 so far and 21.03% in the past six months.
"Bharti Airtel has been in a gradual uptrend for the last seven months and trading near lifetime highs. It has witnessed a fresh breakout from the consolidation range with a noticeable surge in volumes. All indications are in the favor of prevailing tone to continue," the brokerage noted.
"Nifty has been witnessing consolidation in a narrow range after the recent up move, however, the tone is still positive. A decisive breakout above 19,850 would trigger the next leg of up move towards a newer high. In case of any dip, we expect the 19,500-19,600 zone to offer a cushion. Meanwhile, traders should continue with a 'buy on dips' approach and focus on stock selection," Religare mentioned.
"The underperformance of the private banking majors is currently weighing on the sentiment and indications are still mixed. We need a firm close above the 44,100 mark to subside the pressure. On the flip side, a breakdown of long-term moving average (200-EMA) which currently lies around 43,300 would derail the hope for recovery," the brokerage 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.