Domestic equity markets continued to rally on Tuesday. BSE Sensex gained 274 points, or 0.42%, to hit a record closing high of 65,479.05, while NSE's Nifty50 rose 66.45 points, or 0.34%, to scale a fresh closing peak of 19,389. Share market analysts expect the positive momentum to continue
“Nifty has reclaimed the record high of late and inching higher with every passing day. It may take a breather after the vertical rise but the tone is likely to remain positive. Since all key sectors are contributing to the move, traders should maintain their focus on stock selection and utilize dip to gradually add those counters. It has formed a higher base at the 18,700-18,900 zone,” said Religare Broking
“Banking index has also ended a 6-week long consolidation phase and seeing a steady up move. We are seeing participation across the pack but reiterate our preference for private banking majors and suggest staying selective in the PSU space. Maintain a positive tone till 44,500 is intact,” Religare Broking said
Share market analysts at Religare Broking have buy calls on Bank of Baroda, Bharat Forge, and Sun Pharma shares. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 202.35 | Stop-loss: Rs 192
Religare Broking has a ‘buy’ call on Bank of Baroda shares with a target price of Rs 223. So far this year, the stock has risen around 8.8%
“Bank of Baroda has given a breakout from a consolidation range. The chart pattern combined with uptick in volumes indicates the prevailing trend to continue,” said Religare Broking
LTP: Rs 837.10 | Stop-loss: Rs 815
Religare Broking has Bharat Forge as one of its technical stock picks for Wednesday. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 880 per share. The stock has fallen around 5% in YTD time
“Bharat Forge has been consolidating in a range and formed a fresh buying pivot, after the marginal dip from its record high. It retested the support zone around the 750 level twice and then inched higher to reclaim the major moving averages,” Religare Broking said
LTP: Rs 1,048.80 | Stop-loss: Rs 1,015
Religare Broking has a ‘buy’ call on Sun Pharma stock with a target price of Rs 1,120 per share. So far in 2023. the stock has risen around 5.6%
“The pharma index has witnessed a trend reversal and Sun Pharma is set for a fresh breakout. It has been consolidating in a range for the last eight months and currently trading at the middle of the band. The last three weeks' pause has resulted in the formation of a buying pivot,” 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