Produced by: Prashun Talukdar Designed by: Manoj Kumar
Domestic benchmarks settled in the green on Tuesday, led by gains in energy, metals and automobile stocks. The 30-share BSE Sensex pack rose 204 points or 0.31% to close at 66,174, while the broader NSE Nifty index moved 95 points or 0.48% down to end at 19,890. India VIX, fear index, jumped 7.45% to 12.18-level.
For November 29 (Wednesday), share market analysts from a domestic brokerage have assigned 'Buy' calls on HCL Tech, Max Financial Services and Praj Industries. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,319.90 | SL: Rs 1,275 Analysts from Religare Broking have given a 'Buy' call on HCL Technologies shares with a target price of Rs 1,395. The stock has risen 26.98% in 2023 so far and 17.20% in last six months.
"We are seeing a noticeable recovery in the IT pack and HCL Tech is trading in sync with the move. It has witnessed a fresh breakout from a two-month long consolidation phase. The chart pattern and uptick in volumes indicate a steady up move," Religare noted.
LTP: Rs 1,008.95 | SL: Rs 974 The brokerage has also selected Max Financial Services in its stock recommendations. It has given a 'Buy' call on the counter with a target price of Rs 1,075 per share. The stock has jumped 47.60% on a year-to-date (YTD) basis and 44.77% in six months.
"The stock has been in a strong uptrend for the last six months and is trading at its 52-week high level. It has registered a fresh breakout from a brief consolidation range, offering fresh buying opportunities," Religare mentioned.
LTP: Rs 619.45 | SL: Rs 598 Religare analysts have included Praj Industries as well in their stock picks with a 'Buy' call for a target of Rs 652. The scrip has gained 73.05% in 2023 so far and 60.42% in the past six months.
"The counter has been in a strong uptrend for the last six months and trading near life highs. It has ended a 2-month long consolidation with a noticeable surge in volumes. Price action suggests that bullish tone may continue," the brokerage stated.
"Nifty has finally surpassed the hurdle at 19,850 and now we expect the index to inch toward a new high. We reiterate our view to continue with the 'buy on dips' approach and prefer stocks with relatively higher strength for fresh buying," Religare said.
"The banking index is also trying to recover its lost ground. We suggest focusing on the other sectors for long trades until it decisively reclaims the 44,100 mark. A firm close above that hurdle could help Nifty Bank to inch towards the 44,700-45,200 zone. In case of any dip, the 42,800-43,250 zone would offer some cushion," the brokerage further said.
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.