Domestic equity markets continued to move higher on Tuesday. However, profit booking at higher levels trimmed some gains. BSE Sensex gained 273.67 points, or 0.42%, to end at 65,617.84, while NSE's Nifty50 gained 92.30 points, or 0.48%, to close at 19,448.20
“Nifty has been hovering in a narrow range around its record high, to digest the vertical rise from 18,600 to a new record high i.e. 19,523.60 levels. We expect the index to find immediate support at 19,300 and major support at 19,000 levels, which also coincides with the short-term moving average i.e. 20 EMA. In case of an upmove, it might face a hurdle around 19,500-19,700 zone. Meanwhile, it is prudent to focus on a stock-specific trading approach,” said Religare Broking
“Banking index is also seeing profit-taking after the recent surge and inching closer to the crucial support zone of 44,500 levels. Currently, a mixed trend among the private banking majors is capping the movement but we expect this to end soon. Traders should utilise this phase to gradually accumulate the top performers,” Religare Broking said
Share market analysts at Religare Broking have buy calls on Ashok Leyland, BHEL, and Jindal Steel and Power (JSPL) shares. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 167.40 | Stop-loss: Rs 162
Religare Broking has a ‘buy’ call on Ashok Leyland shares with a target price of Rs 175. So far this year, the stock has risen around 12.6%
“We have been seeing consistent buying in the auto pack and Ashok Leyland is also trading in sync. It has formed a fresh buying pivot while consolidating around the support zone of short-term moving average i.e. 20 EMA on the daily chart,” said Religare Broking
LTP: Rs 94.30 | Stop-loss: Rs 88
Religare Broking has BHEL as one of its technical stock picks for Wednesday. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 106 per share. The stock has fallen around 17.6% in YTD time
“BHEL has ended seven-month long consolidation phase, with a noticeable surge in volume. It also reclaimed the previous swing high, adding to the positivity. The chart pattern combined with a strong uptick in volumes indicates the prevailing tone to continue,” Religare Broking said
LTP: Rs 627.20 | Stop-loss: Rs 610
Religare Broking has a ‘buy’ call on JSPL stock with a target price of Rs 665 per share. So far in 2023. the stock has risen around 5.4%
“JSPL is among the top performing counter in the metal space, based on the recent price action and we expect the tone to continue. It has witnessed a fresh breakout from a broadening formation and is likely to make a new record high soon,” 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