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Benchmark indices ended Tuesday’s session marginally higher. Meanwhile, Bank Nifty hit a new all-time high of 44,498.60. The Nifty 50 rose 35.20 points or 0.19% to 18,633.85 and BSE Sensex advanced 122.75 points or 0.20% to 62,969.13. Domestic market to take cues from global peers and macro data to be released during the week.
“Nifty looks set to retest its record high soon. Rotational buying across sectors is helping the index to inch higher. However, mixed trend on the global front is capping the momentum. We recommend maintaining positive tone till Nifty holds 18,250 levels,” said Religare Broking.
“Banking index has finally made a new record high and gradually inching higher. We expect the positive trend to continue and are eyeing 45,000+ zone soon. Traders should prefer private banking majors over the PSU pack,” Religare Broking said.
LTP: Rs 286.15 | Target: Rs 304 | Stop-loss: Rs 280 Religare Broking has a ‘buy’ call on M&M Financial stock with a target price of Rs 164. So far this year, the stock has risen around 18%.
“M&MFin is among the top performers from the financial Pack. It has taken a pause around the support zone of the short-term moving average i.e. 20 EMA, after making a new record high. Indications are in the favour of resumption of the uptrend soon,” said Religare Broking.
LTP: Rs 2,656.55 | Target: Rs 2,760 | Stop-loss: Rs 2,600 Religare Broking has HUL as one of its technical stock picks. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 2,760 per share. The stock has risen around 3.7% in YTD time.
“Hindustan Uniliver has rebounded after testing the support zone of short-term moving average i.e. 20 EMA. It is trading in sync with the FMCG sector. The chart pattern indicates the prevailing up trend to continue,” Religare Broking said.
LTP: Rs 1,135.85 | Target : Rs 1,220 | Stop-loss: 108 Religare Broking has HCL Tech among its technical stock picks with a target price of Rs 1,220. So far in 2023. The stock has gained nearly 10%.
“HCL Tech is among the best-performing names within the largecap IT basket based on the recent price performance. It has formed a buying pivot around the support zone of short-term moving average i.e. 20 EMA and is set to witness fresh breakout from a broader consolidation range,” 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.