After showing a smart recovery in the previous session, the Indian equity indices remained in a consolidation mood on August 1. BSE Sensex ended 68.36 points or 0.10% down at 66,459.31, and the Nifty50 settled 20.30 points or 0.10% lower at 19,733.50
“Nifty has been witnessing consolidation for the last two weeks and is likely to hold this tone in the near future. However, the bias is still positive as it is holding strongly above the support zone of short-term moving average i.e. 20 EMA. A decisive close above 19,850 would result in resumption of the trend ahead. Meanwhile, traders should look for buying opportunities across sectors and accumulate them on dips,” said Religare Broking
“Banking index is trading largely in sync with the benchmark and hovering around the support zone of 20 EMA now i.e. around 45,300 levels. A mixed trend among the private banking majors is capping upside and the PSU majors are also not offering any decisive signals. We thus suggest utilising this phase to gradually add private banks until the trend resumes,” Religare Broking said
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Share market analysts at Religare Broking have buy calls on IDFC First Bank, Coromandel International, and Tata Chemicals shares. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 88.50 | Stop-loss: Rs 85
Religare Broking has a ‘buy’ call on IDFC First Bank shares with a target price of Rs 93 apiece. So far this year, the stock has risen around 44%
“IDFC First Bank has been gradually inching higher from the past 10 months and has closed near record highs. The stock has witnessed a breakout from the base while holding above the support zone of short-term moving average i.e. 20 EMA,” the brokerage said
LTP: Rs 1,042 | Stop-loss: Rs 995
Religare Broking has Coromandel International as one of its technical stock picks for Wednesday. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 1,130 per share. The stock has risen around 16% so far this year
“Coromandel International Limited has witnessed a breakout from consolidation range. It has also seen a follow-up buying after the breakout with strong volumes. The chart pattern and indicators are suggesting the momentum to continue,” share market analysts said
LTP: Rs 1,071.00 | Stop-loss: Rs 1,048
Religare Broking has a ‘buy’ call on Tata Chemicals stock with a target price of Rs 1,125 per share. So far in 2023, the stock has fallen around 13%
“Tata Chemicals has witnessed a breakout from a multi-month symmetrical price pattern, with a noticeable surge in the volume. It also reclaimed its previous swing high, adding to the positivity,” 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