Domestic equity markets continued to move higher on Tuesday. BSE Sensex gained 152.12 points, or 0.23% to settle at 65,780.26, while NSE's Nifty gained 46.10 points, or 0.24% to close at 19,574.90. Broader markets outperformed the headline peers as the BSE midcap and smallcap indices gained about a per cent each. Fear gauge India VIX eased more than 1% to 10.82-level.
“Nifty has reached closer to the resistance of 19,650 and needs participation from banking to surpass the same. We feel traders should maintain caution in stock selection citing overbought indications, especially in midcap and smallcap space,” said Religare Broking.
“The banking index has formed a base around the support zone of medium-term moving average i.e. 100 EMA but facing a hurdle around the 45,000 level. A mixed trend within the private banking space is keeping the participants guessing over the next directional move. On the downside, the 43,600-43,900 zone would provide support in case of any dip,” Religare Broking said.
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Share market analysts at Religare Broking have buy calls on Indian Hotels Company (IHCL), L&T Finance Holdings, Havells India shares. Check share price targets, investment rationale, technical analysis, and more.
LTP: Rs 422.45 | Stop-loss: Rs 410
Religare Broking has a ‘buy’ call on Indian Hotel Company (IHCL) shares with a target price of Rs 446 apiece. So far this year, the stock has risen around 33%.
“Indian Hotel is trading at record high after the breakout while holding strongly above 20 EMA. Price action coupled with strong volumes suggests a bullish tone to continue,” the brokerage said.
LTP: Rs 130.05 | Stop-loss: Rs 127
Religare Broking has L&T Finance Holdings as one of its technical stock picks for September 6, 2023. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 138 per share. The stock has risen around 44% so far this year.
“L&TFH has been in a steady uptrend for more than 5 months. The upmove is supported by a rise in volumes. It has registered a breakout from a descending parallel channel,” share market analysts said.
LTP: Rs 1,359.40 | Stop-loss: Rs 1,335
Religare Broking has a ‘buy’ call on Havells India stock with a target price of Rs 1,400 per share. So far in 2023, the stock has jumped 24%.
“Havells has been gradually inching higher after forming a base around the major averages. It is currently trading near the upper range of the consolidation range and looks set for a fresh breakout,” 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.