Domestic equity markets ended flat amid mixed cues in the previous session. BSE Sensex added 0.01% to settle at 62,792.88, while Nifty50 rose 0.03% to 18,599. With RBI MPC this week, markets are expected to remain cautious in the near term. Here's Nifty, Bank Nifty outlook and stock recommendations from Religare Broking.
“Nifty has been holding strong while hovering in a range while preparing for the next leg of the up move. A decisive close above 18,700 in Nifty would pave the way for a new high. In case of further consolidation, 18,350 would continue to act as critical support. Meanwhile, stay focused on stock selection and prefer sectors like auto, FMCG & realty and pick selectively from the midcap and smallcap pack as well,” said Religare Broking.
“Banking index has taken a breather after making a new record high. Though the tone is still positive, we need a decisive surge to regain the momentum. On the downside, a breakdown below the 43,400-43,700 zone would change the bias. We suggest limiting positions and waiting for clarity,” Religare Broking said.
LTP: Rs 150.15 | Stop-loss: Rs 147
Religare Broking has a ‘buy’ call on Ashok Leyland stock with a target price of Rs 156. So far this year, the stock has risen around 1.14%.
“We are seeing noticeable traction in the auto pack and Ashok Leyland is also seeing a rebound after retesting the support zone of multiple moving averages. The chart pattern indicates gradual recovery to continue,” said Religare Broking.
LTP: Rs 118.05 | Stop-loss: Rs 113
Religare Broking has Bharat Electronics Limited (BEL) as one of its technical stock picks. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 128 per share. The stock has risen around 17% in YTD time.
“BEL is among the consistent performers within the defence-related stocks. It has recovered strongly after retesting the major support zone around 90 levels and currently trading at a record high. We expect the prevailing momentum to extend,” Religare Broking said.
LTP: Rs 2,881.45 | Stop-loss: Rs 2,780
Religare Broking has a ‘buy’ call on Titan shares with a target price of Rs 3,090. So far in 2023, the stock has gained over 12%.
“Titan has witnessed a breakout from a consolidation range and made a new record high as well. The overall buoyancy combined with indications from the oscillators is pointing towards further room on the upside,” Religare Broking 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