Produced by: Prashun Talukdar Designed by: Manoj Kumar
Domestic benchmarks settled lower on Tuesday, pausing their three-day winning run. The 30-share BSE Sensex pack fell 16 points or 0.03 per cent to close at 64,942, while the broader NSE Nifty index moved 5 points or 0.03 per cent down to end the session at 19,407. India VIX, fear index, rose 0.78% to 11.19-level.
For November 8 (Wednesday), share market analysts from a few brokerages have assigned 'Buy' calls on Hero MotoCorp, L&T Finance, Muthoot Finance and AB Capital. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 3,134 | SL: Rs 3,064 Analysts at Religare Broking have given an 'Buy' call on Hero MotoCorp shares with a target price of Rs 3,275. The stock has risen 15.27% in 2023 so far and 21.54% in last six months.
"The stock has witnessed a base formation within the auto pack. It has been consolidating within the Rs 2,900-3,250 zone. Holding strongly above 20-EMA (Exponential Moving Average). Indications are in the favor of a fresh breakout," Religare said.
LTP: Rs 141.80 | SL: Rs 137 Religare analysts have also selected L&T Finance Holdings in their stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 148.5 per share. The stock has surged 57.83% on a year-to-date (YTD) basis and 45.67% in six months.
"The stock has been in a steady uptrend from last more than six months, trading above key moving averages. It has given a fresh breakout from multi-month consolidation with a noticeable surge in volumes," Religare stated.
LTP: Rs 1,333.80 | SL: Rs 1,280 Analysts at Religare have also included Muthoot Finance in their technical bets. The brokerage has assigned a 'Buy' rating on the counter with a target price of Rs 1,440. The multibagger scrip has climbed 22.12% in 2023 so far and 24.69% in the past six months.
"The stock has been inching gradually higher after forming a fresh pivot above the support zone of multiple moving averages while the majority are struggling in the prevailing corrective phase. It has retested the previous swing high and may take a breather before resuming the up move," Religare mentioned.
LTP: Rs 174.25 | SL: Rs 165 Prabhudas Lilladher (PL) has selected AB Capital in its technical bets. The brokerage has given a 'Buy' call with a target price of Rs 195. The scrip has risen 11.94% in 2023 so far but has slipped 0.09% in the last six months. "The stock has been in a consolidation phase for quite some time hovering between the range of Rs 166 and Rs 174 levels. The RSI has been steadily on the rise and has maintained a positive bias and with the chart looking attractive," said Vaishali Parekh, Vice-President - Technical Research at PL.
"Nifty took a breather after three days of advance and ended almost unchanged. We may see further consolidation in the index in line with the global peers, however there will be no shortage of stock-specific opportunities. Traders should align their positions accordingly, with a focus on sectors that are trading in sync with the benchmark," Religare said.
"Nifty Bank is also witnessing a rebound but the pace of advance is gradual. It has now reached closer to the resistance zone, i.e. 43,800-44,100. We need a decisive break to reclaim buoyancy else consolidation would resume. Meanwhile, stay selective with a focus on private banking majors," 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.