Stock recommendations for November 30, 2023: Gujarat Gas, Chambal Fertilisers and Quess Corp
Produced by: Prashun Talukdar Designed by: Manoj Kumar
Sensex, Nifty gain sharply
Domestic benchmarks settled in the green on Wednesday, led by gains in banks, financials, automobile and technology stocks. The 30-share BSE Sensex pack jumped 728 points or 1.10% to close at 66,902, while the broader NSE Nifty index moved 207 points or 1.04% up to end at 20,097. India VIX, fear index, spiked 4.37% to 12.71-level.
Stocks with potential 'Buy' calls for November 30
For November 30 (Thursday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Gujarat Gas, Chambal Fertilisers and Chemicals and Quess Corp. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
Gujarat Gas share price target
LTP: Rs 435 | SL: Rs 423 An analyst from LKP Securities has given a 'Buy' call on Gujarat Gas shares with a target price of Rs 465. The stock has slipped 11.25% in 2023 so far and 13.54% in last six months.
Gujarat Gas: Technical view
"On daily charts, the stock has surpassed the recent consolidation, indicating increased optimism. Furthermore, the stock has crossed above the crucial moving average. In the short-term, the momentum is expected to stay robust and any declines might attract buying interest. Nonetheless, a significant drop below 423 could drive the stock into a consolidation phase," said Rupak De, senior technical analyst at LKP Securities.
Chambal Fertilisers share price target
LTP: Rs 318.50 | SL: Rs 305 The market expert has also selected Chambal Fertilisers in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 338 per share. The stock has rose 1.38% on a year-to-date (YTD) basis and 13.73% in six months.
Chambal Fertilisers: Technical view
"Chambal Fertilizer displays a bullish trend reversal. The stock rebounded robustly from a key support level to trade above significant long-term and short-term moving averages. The RSI (Relative Strength Index) exhibits a bullish crossover, signaling potential upward momentum. Consider initiating a long position in the Rs 315-320 range, setting a stop loss at Rs 305 (14-day moving average) with a target of Rs 338. Capitalizing on dips could prove advantageous in this upward trajectory," De from LKP stated.
Quess Corp share price target
LTP: Rs 499 | SL: Rs 482 The LKP analyst has included Quess Corp as well in his stock picks with a 'Buy' call for a target of Rs 540. The scrip has risen 21.03% in 2023 so far and 21.31% in the past six months.
Quess Corp: Technical view
"Quess Corp exhibits a robust performance after a significant consolidation breakout, demonstrating resilience by rebounding from a solid support level at Rs 485. Currently, it is trading above both long-term and short-term moving averages, coupled with a bullish RSI crossover. The stock displays a positive momentum. Investors are advised to capitalize on any stock dips within the Rs 490-500 range, setting a stop loss at Rs 482 and targeting a potential rise of up to Rs 540," De said.
Nifty outlook
"Nifty moved up smartly as the bulls remained at the helm following a consolidation breakout on daily charts. Besides, the index is sitting comfortably above the crucial short-term moving average. The overall trend looks positive with broader market participation. Over the short-term, Nifty might move towards 20,450-20,500 unless it falls below 19,850," Rupak De from LKP Securities mentioned.
Nifty Bank outlook
"Currently, Nifty Bank is in a strong buy mode. The index has established a solid support base within the 44,300-44,200 zone, providing a cushion for bullish sentiment. The next significant hurdle for the index is at 44,700, and its ability to decisively surpass this level will determine whether a period of consolidation is in store for the near term," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Disclaimer
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.