Domestic benchmark indices settled on a weak note during the previous session. The 30-share BSE Sensex pack slipped 242 points or 0.36% to close at 67,597, while the broader NSE Nifty index moved 59 points or 0.29% down to end at 20,133. India VIX shed 0.61% to 10.84-level. The bourses were closed on Tuesday due to Ganesh Chaturthi.
For today, share market analysts at Religare Broking have assigned 'Buy' calls on Tata Motors, ICICI Prudential Life Insurance Company and Glenmark Pharmaceuticals. Check share price targets, investment rationale, technical analysis and more crucial details.
LTP: Rs 640.85 | Stop-loss: Rs 622
Religare Broking has a 'Buy' call on Tata Motors shares with a target price of Rs 680 apiece. So far this year, the stock has risen around 62.32%.
"Tata Motors from the auto pack has been a consistent outperformer. It has rebounded higher from its short-term moving average, i.e. 10 EMA (Exponential Moving Average), on the weekly chart with noticeable volumes and looks set to test upper end of the channel," the brokerage stated.
The carmaker said it will increase prices of its vehicles, effective October 1, 2023, up to 3%. The price increase is to offset the residual impact of the past input costs and will be applicable across the entire range of commercial vehicles, Tata Motors underscored.
LTP: Rs 601.40 | Stop-loss: Rs 581
Religare Broking has also included ICICI Prudential Life Insurance Company as one of its weekly technical stock picks. The brokerage has a 'Buy' rating on the counter with a target price of Rs 640 per share. The stock has risen 32.94% in 2023 so far.
"ICICI Prudential has been in a steady uptrend from past more than six months. It registered a breakout from a brief consolidation with noticeable volumes and looks set for resumption of uptrend," analysts at Religare said.
LTP: Rs 853.90 | Stop-loss: Rs 835
As per the domestic brokerage's stock recommendations, investors can 'Buy' Glenmark Pharma for a target price of Rs 920 per share. On a year-to-date (YTD) basis, the multibagger stock has zoomed around 100%.
"Glenmark is trading in sync with the sector. It has been in a steady uptrend from past more than nine months. It witnessed a fresh breakout from a consolidation range indicates bullish tone to continue," the brokerage mentioned.
"Nifty managed to surpassed its previous life high of 19,991.85 with decent volumes. After a swift rally from 19,500, we expect some consolidation ahead, as the momentum indicator like RSI (relative strength index) is seen trading in an oversold territory. However, the bias is likely to remain positive. We are expecting broader indices to take a breather," said Religare Broking.
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.