Domestic equity markets settled flat on Tuesday after a volatile trading session. BSE Sensex fell only 29.07 points to settle at 66,355.71, while NSE's Nifty50 added 8.25 points, or 0.04% to end the day at 19,680.60
“Nifty has been witnessing profit booking after finding resistance around the 20,000 mark. We expect the index to find immediate support at 19,500 and major at 19,300 levels, which coincide with the short-term moving average i.e. 20. In case of an up move, it might face a hurdle around 19,880-20,000 zone. Meanwhile, it is prudent to focus on a stock-specific trading approach,” said Religare Broking
“Banking index is trading sideways after the recent surge and oscillating in the define range of 900 points i.e. 46,350 on the higher side and 45,450 on the downside. We reiterate our preference for private banking majors and suggest staying selective in the PSU space. Maintain a positive stance for near future till 45,400 is intact,” Religare Broking said
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Share market analysts at Religare Broking have buy calls on Aditya Birla Capital, Coromandel International, and PowerGrid shares. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 188.70 | Stop-loss: Rs 184
Religare Broking has a ‘buy’ call on Aditya Birla Capital shares with a target price of Rs 202 apiece. So far this year, the stock has risen around 21%
“Aditya Birla Capital has been trading in a steady uptrend for the last eight months, after breakout from a broadening formation. It is holding strongly above the support zone of short-term moving average i.e. 20 EMA indicating momentum in place and looks set to resume the trend now,” the brokerage said
LTP: Rs 967.55 | Stop-loss: Rs 952
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 1,000 per share. The stock has risen nearly 7% so far this year
“Coromandel had earlier registered a breakout from a bullish reversal pattern. Currently, it is trading in a consolidation range while holding firm above the support zone of multiple moving averages. The chart pattern combined with strong volumes suggests a bullish tone to continue,” share market analysts said
LTP: Rs 251.15 | Stop-loss: Rs 246
Religare Broking has a ‘buy’ call on PowerGrid stock with a target price of Rs 262 per share. So far in 2023, the stock has fallen around 16%
“The stock has been inching higher gradually for the last six months and formed a fresh buying pivot while holding above the support zone of medium-term moving average and rising trendline support. The stock is set to cross the previous swing high and inch higher. Uptick in volumes is adding to confirmation,” 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