Benchmark indices NSE Nifty50 and BSE Sensex ended Tuesday’s session broadly in green. The Nifty 50 surged 126.20 pts or 0.68% to 18,817.40 and the BSE Sensex rose 446.03 points 0.71% to 63,416.03. Share market analysts expect positive momentum to continue.
“Nifty has been hovering around the record high while consolidating in a narrow range. It has recently tested the first line of defensive i.e. 20 EMA around 18,600 on the daily chart and witnessed a rebound. We need sustainability above the 18,850 zone to test the new milestone of ‘19,000’ and inch higher,” said Religare Broking.
“Banking index has already spent six weeks in a consolidation range, after making a new record high. We need a decisive close above 44,250 to fuel a fresh upmove else range bound bias would continue. On the downside, the 43,400 level holds support,” Religare Broking said.
LTP: Rs 352.85 | Stop-loss: Rs 339
Religare Broking has a ‘buy’ call on Birlasoft shares with a target price of Rs 339. So far this year, the stock has risen around 18%.
“Birla Soft has been inching higher for the last 2 months, after breakout from a corrective phase. It formed a fresh buying pivot while holding above the support zone of short-term moving average. The recent price action indicates upmove to continue,” said Religare Broking.
LTP: Rs 1,398.70 | Stop-loss: Rs 1,348
Religare Broking has M&M India as one of its technical stock picks for Wednesday. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 1,510 per share. The stock has risen nearly 11% in YTD time.
“M&M has been gradually inching higher for the last 3 months, after retesting the lower band of the broadening formation. It has formed a fresh buying pivot while holding above the support zone of short-term moving average i.e. 20 EMA and looks set to retest the upper band of the pattern and even surpass the same,” Religare Broking said.
LTP: Rs 762.50 | Stop-loss: Rs 736
Religare Broking has a ‘buy’ call on JSW Steel with a target price of Rs 736. So far in 2023, the stock has fallen over 1%.
“JSW steel has rebounded after retesting the support zone of short-term moving average i.e. 20 EMA on the daily chart. The chart pattern and confirmation indicators are pointing towards a steady rise from hereon,” Religare Broking said.
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