Domestic Benchmark indices NSE Nifty 50 and BSE Sensex trimmed gains and settled almost flat on Tuesday. The Nifty 50 rose 33 points or 0.18% to 18,348 and Sensex rose 18.11 points or 0.03% to end at 61,981.79. In sectoral indices, Bank Nifty rose 69.35 points or 0.16% to 43,954.45.
“Nifty has recovered strongly after retesting the crucial support at 18050 levels. Indications are in favour of a positive tone to continue, thanks to rotational buying across sectors. On the higher side, Nifty has the potential to test the 18,500-18,700 zone. Traders should continue with stock specific trading approach,” said Religare Broking.
“The banking index has been trading in a narrow band around its record high. A decisive close above 44,000 mark would prompt fresh momentum while the 43,200-43,500 zone would act as a cushion in case of any dip. Maintain focus on accumulating private banking counter,” Religare Broking said.
LTP: Rs 152.20 | Target: Rs 164 |
Stop-loss: Rs 147
Religare Broking has a ‘buy’ call on Ashok Leyland stock with a target price of Rs 164. So far this year, the stock has risen around 2.46%.
“We’re seeing noticeable traction in the auto space and Ashokley is trading in sync with the trend. After the trendline breakout, it is hovering in a narrow range and is likely to see a breakout soon,” said Religare Broking.
LTP: Rs 630.20 | Target: Rs 658 |
Stop-loss: Rs 61
Religare Broking has Berger Paints Limited as one of its technical stock picks. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 658. The stock has risen around 9.13% in YTD time.
“Berger Paint has given a breakout from a reversal pattern and surpassed the major moving averages too. It has witnessed a marginal dip to the short-term moving avg. i.e. 20 EMA, offering a fresh buying opportunity,” Religare Broking said.
LTP: Rs 371 | Target: Rs 405 |
Stop-loss: Rs 358
Religare Broking has Indian Hotel Company (IHCL) among its technical stock picks with a target price of Rs 405. So far in 2023. The stock has gained nearly 17%.
“Indian Hotels has formed a fresh buying pivot after a marginal retracement to the neckline area of the consolidation range. The chart pattern indicates the prevailing trend to continue,” 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.