Domestic benchmark indices settled at fresh closing highs on Tuesday. BSE Sensex gained more than 205.21 points, or 0.31% to end the session at 66,795.14, while NSE's Nifty50 rose 37.80 points, or 0.19% to close at 19,749.25
“Nifty has been inching higher with every passing day and currently trading around its record high. We expect the positive tone to continue, citing favourable global cues and rotational buying across sectors. In case of any intermediate dip, the 19,300-19,500 zone would offer the cushion. Participants should continue with a “buy on dips” approach with a focus on stock selection,” said Religare Broking
“The banking index has rebounded strongly after the recent corrective phase and made a new record high as well. We expect the prevailing trend to continue till it manages to hold 44,500. However, choppiness in the banking majors may continue to keep the traders on the edge. Amid all, we reiterate our preference for private banks and suggest staying selective in the PSU space,” Religare Broking said
Share market analysts at Religare Broking have buy calls on Bharat Electronics (BEL), Indraprastha Gas (IGL), and Granules India shares. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 127.35 | Stop-loss: Rs 124
Religare Broking has a ‘buy’ call on Bharat Electronics shares with a target price of Rs 133 apiece. So far this year, the stock has risen around 27%
“We are seeing a steady uptrend in defense-related counters and BEL is trading in tandem with the trend. It has formed a fresh buying pivot while holding above the support zone of short-term moving average and looks set for a breakout now,” the brokerage said
LTP: Rs 494.45 | Stop-loss: Rs 482
Religare Broking has IGL as one of its technical stock picks for Wednesday. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 520 per share. The stock has risen nearly 18% so far this year
“IGL has been witnessing a steady uptrend for the last one year, inching closer to its record high. The recent consolidation has established a base around 480 levels, offering fresh buying opportunity to those who missed the chance earlier,” share market analysts said
LTP: Rs 310 | Stop-loss: Rs 300
Religare Broking has a ‘buy’ call on Granules India stock with a target price of Rs 332 per share. So far in 2023. the stock has fallen around 3%.
“The pharma pack is also witnessing decent traction and Granules looks upbeat to resume the trend. It has seen a breakout from a consolidation range and is holding comfortably above the support zone of the moving averages ribbon,” 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