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Domestic benchmarks settled in the red on Friday, dragged by technology and consumer good stocks. The 30-share BSE Sensex pack slipped 48 points or 0.07% to close at 65,970, while the broader NSE Nifty index moved 7 points or 0.04% down to end at 19,795. India VIX, fear index, rose 0.13% to 11.33-level.
For November 28 (Tuesday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Vardhman Textiles, Divi's Labs and Granules India. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 421 | SL: 408 An analyst from LKP Securities has given a 'Buy' call on Vardhman Textiles shares with a target price of Rs 450. The stock has jumped 29.30% in 2023 so far and 29.62% in last six months.
"The stock exhibits a strong bullish outlook, marking a consolidation breakout on weekly charts. It consistently trades above its crucial moving average, as well as the 21- and 14-day moving averages, reinforcing positive momentum. With an RSI (Relative Strength Index) of 67, momentum strength is evident. Consider initiating a long position in the Rs 418-422 range, setting a stop loss at Rs 408, and targeting an upside of Rs 450," said Rupak De, Senior technical analyst at LKP Securities.
LTP: Rs 3,760 | SL: Rs 3,690 LKP Securities has also selected Divi's Labs in its stock recommendations. It has given a 'Buy' call on the counter with target prices of Rs 3,860-3,930 per share. The multibagger stock has climbed 11.49% on a year-to-date (YTD) basis and 8.11% in six months.
"The stock is currently experiencing a breakout on daily charts. This breakout is supported by an increase in trading volume, suggesting positive momentum in the stock. On the higher end, the stock might reach towards Rs 3,860 to Rs 3,930. To manage risk, it's recommended to maintain a stop-loss at Rs 3,690," said Rupak De.
LTP: Rs 386 | SL: Rs 377 LKP has included Granules India as well in its stock picks with a 'Buy' call for a target of Rs 430. The scrip has risen 20.53% up in 2023 so far and 37.20% in the past six months.
"Granules has exhibited a flag pattern breakout on daily charts, indicating a potential increase in optimism. Moreover, the stock found support at the 21-EMA (Exponential Moving Average). The surge in volume has substantiated the latest rally. The potential upside seems to be around Rs 430, with support placed at Rs 377," the LKP analyst mentioned.
"Nifty has encountered difficulty surpassing the resistance range of 19,850-19,900. On the downside, 19,700 has held as a near-term support level. As long as there's no breakout, the index is expected to continue moving sideways. A decline below 19,700 could potentially trigger a market correction. Conversely, a clear move above 19,900 might prompt a significant rally, potentially driving the index towards a new all-time high," said Rupak De from LKP Securities.
"The sentiment appears sideways in the short term. 44,000 level is poised to remain a pivotal point. A decisive move above this mark could potentially trigger a substantial rally for the index. On the downside, visible support resides around 43,500," De 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.