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Domestic benchmarks extended their gains for the second straight session during previous trade. The 30-share BSE Sensex pack rose 283 points or 0.44 per cent to close at 64,364, while the broader NSE Nifty index moved 97 points or 0.51 per cent up to end the session at 19,231. India VIX, fear index, fell 1.73% to 10.88-level.
For November 6 (Monday), an analyst from a domestic brokerage has assigned 'Buy' calls on L&T Finance, Godrej Consumer Products and Arvind Fashions. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 140.50 | SL: Rs 130 Kunal Shah, Senior Technical & Derivative analyst at LKP Securities has given a 'Buy' call on L&T Finance shares with a target price of Rs 152. The stock has gained 56.37% in 2023 so far and 44.40% in last six months.
"L&T Finance Holdings shows promising signs for potential investors. With an RSI (Relative Strength Index) at 61, indicating momentum strength, the stock appears well-positioned. Consider initiating a long position in the range of Rs 136-140, setting a stop-loss at Rs 130 for downside protection and aiming for a target of Rs 152," Shah said.
LTP: Rs 1,021 | SL: Rs 960 The LKP analyst has also selected Godrej Consumer Products in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 1,100-1,170 per share. The stock has climbed 14.27% on a year-to-date (YTD) basis and 8.21% in six months.
"The stock has shown a breakout from a falling trendline on the charts, supported by a sharp surge in trading volumes. The RSI momentum indicator has rebounded strongly from oversold territory, indicating renewed strength. Additionally, the stock has broken above its 200-day moving average (200DMA) positioned at Rs 988, confirming a change in trend. With support visible at 960, acting as a cushion for the bulls, the stock presents potential upside targets in the range of Rs 1,100 to Rs 1,170," Kunal Shah stated.
LTP: Rs 344 | SL: Rs 300 The analyst has also picked Arvind Fashions in his long-term bets. Shah has given a 'Buy' rating on the counter with target prices of Rs 450-600. The multibagger scrip has slipped 0.59% in 2023 so far but has gained 21.64% in the past six months.
"The stock has established a robust base formation at lower levels. It has been consolidating within a broad range between Rs 265 and Rs 380 and is currently displaying indications of an impending significant move in the near term. The stock continues to be in a 'buy on dip' mode, with support at Rs 300, and holds the potential for upside targets of Rs 450 and Rs 600," said Kunal Shah of LKP Securities.
"We can see maximum put writing at 19,200 level which may act as strong support for Nifty while we can see maximum open interest in 19,300 call option. So, one should only be bullish on Nifty if it closes above its crucial 100-day moving average placed at Rs 19,300," Shah stated.
"Nifty Bank encountered difficulty surpassing the immediate resistance level of 43,500, where a significant amount of call writing was observed. The lower-end support for the index is situated at 42,800, and a breach below this level could intensify selling pressure," the LKP analyst mentioned.
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.