Domestic benchmark equity indices snapped their two-day winning streak on Tuesday and settled lower. Traders took some profit off the table as no major triggers are lined up to guide the markets in the near term. BSE Sensex tanked 413.24 points, or 0.66%, to settle at 61,932.47, while Nifty50 index dropped 112.35 points, or 0.61% to close at 18,286.50 on May 16, 2023.
“We are seeing a gradual up move in Nifty however the recent price action indicates consolidation ahead. Amid all, we reiterate our bullish view till it manages to hold 18,050 levels. Meanwhile, traders should maintain their focus on stock selection and adding quality stocks in a staggered manner,” said Religare Broking.
“The banking index has been outperforming the benchmark and made a new record high as well. It may also take a breather but the bias would remain on the positive side. We recommend accumulating private banking majors on dips,” Religare Broking said.
LTP: Rs 240.95 | Target: Rs 260 | Stop-loss: Rs 235
Religare Broking has a ‘buy’ call on Coal stock with a target price of Rs 260. So far this year, the stock has risen around 7.23%.
“Coal India has given a breakout from a consolidation range after spending nearly six months and made a new record high as well. The chart formation combined with indicators is pointing towards a steady up move,” said Religare Broking.
LTP: Rs 194.75 | Target: Rs 205 |
Stop-loss: Rs 189
Religare Broking has Exide Industries Limited as one of its technical stock picks. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 295. The stock has risen around 7% in YTD time.
“Exide has formed a fresh buying pivot around the upper band of the consolidation range and looks set for a breakout from the same now,” Religare Broking said.
LTP: Rs 801 | Target: Rs 830 |
Stop-loss: Rs 787
Religare Broking has United Spirits, listed as McDowell-N on NSE, among its technical stock picks with a target price of Rs 830. So far in 2023. The stock has fallen nearly 8%.
“McDowell has formed a base after consolidating within the 730-790 zone. It is on the verge of surpassing the hurdle of the long-term moving average (i.e. 200 EMA) on the daily chart,” 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.