Benchmark indices Nifty, Sensex ended flat in the volatile session on August 14. At close, the Sensex was up 79.27 points or 0.12% at 65,401.92, and the Nifty was up 6.20 points or 0.03% at 19,434.50.
“The recent price action indicates the corrective tone to continue in Nifty, after the failed attempt to surpass the hurdle at 19,650. And, a decisive break of 19,300 levels may push the index to 19,100 ahead. In case of a rebound, the 19,530-19,650 zone would continue to act as resistance,” said Religare Broking.
“The banking index has been continuing its underperformance and tested the support zone of medium-term moving average i.e. 100 EMA on the daily chart. It may see some breather after the recent slide but the 44,500-45,000 zone would be tough to cross. On the downside, the 42,900-43,400 zone would offer the needed cushion,” Religare Broking said.
Share market analysts at Religare Broking have buy calls on Titan Company, HCL Technologies, and 'sell' call on Kotak Mahindra Bank shares. Check share price targets, investment rationale, technical analysis, and more.
LTP: Rs 3,010.65 | Stop-loss: Rs 2,930
Religare Broking has a ‘buy’ call on Titan shares with a target price of Rs 3,165 apiece. So far this year, the stock has risen around 17.31%.
“Titan has been gradually inching higher from more than 4 months with a noticeable surge in volumes. After hitting an all-time high in July, it retraced towards its medium term moving average and then formed a base. The recent price action indicates a gradual up move ahead,” the brokerage said.
LTP: Rs 1,171 | Stop-loss: Rs 1,120
Religare Broking has HCL Technologies as one of its technical stock picks for August 16. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 1,260 per share. The stock has fallen around 12.56% so far this year.
“HCL Technologies has been a top performer within the IT pack. It has rebounded strongly in the last two weeks and is likely to maintain this tone. The existence of multiple support around 1,120 levels is further adding to the positivity,” share market analysts said.
LTP: Rs 1,794.10 | Stop-loss: Rs 1,820
Religare Broking has a ‘sell’ call on Kotak Mahindra Bank stock with a target price of Rs 1,745 per share. So far in 2023. the stock has fallen around 1.65%.
“Kotak Bank has been underperforming within the private banking space, after the failed attempt to surpass the hurdle around 2,000 levels. It has recently breached the support zone of the previous swing low at 1,820 levels and is likely to fill the gap on the daily chart,” 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.