Dabur, NHPC, Wipro among top stock picks by SMC Global
SMC Global said that Wipro experienced a series of profit-taking and seen after reaching its 52-week high in February 2024, retracing back towards its 200 DEMA on a weekly interval.
- Jul 1, 2024,
- Updated Jul 1, 2024 3:34 PM IST
As the Indian equity market is hovering near its record levels, domestic brokerage firm SMC Global has shared four stocks- Dabur India Ltd, NHPC Ltd, Wipro Ltd Indraprastha Gas Ltd (IGL)- to bet amid the scarce opportunities to make money. The brokerage has picked the former two based on its sound fundamentals, while the latter two appear to be strong on the technical parameters. Here's what the brokerage has to say about these counters:
Dabur India | Buy | Target Price: Rs 697 | Upside Potential: 16%
Dabur India is among the top Indian FMCG players and the world’s largest Ayurvedic and natural health care company. Its portfolio includes 8 distinct power brands such as Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara and Dabur lal tel In the healthcare space; Dabur Amla and Dabur Red Paste in the personal care category; and Real in the food & beverages space. It has delivered a strong overseas performance in the overseas markets. Despite the macroeconomic headwinds, the company remained focused on rolling its consumer-centric innovation and investing heavily behind its brands, which increased by 33 per cent, to drive demand and also sustain the growth momentum. The stock is expected to will see a price target of Rs 697 in 8 to 10 months’ time frame.
Wipro | Buy | Target Price: Rs 565-570 | Stop Loss: Rs 475
Wipro's stock experienced a series of profit-taking and seen after reaching its 52-week high of Rs 545.90 in February 2024, retracing back towards its 200-day exponential moving average on a weekly interval. Despite this, the stock found support at that level and subsequently witnessed a sharp rise, breaking out above the falling trend line of a downward sloping channel. Last week, bullish momentum re-emerged as the stock successfully surpassed its key resistance level of 500.Therefore, one can buy the stock in the range of Rs 505-510 levels for the upside target of Rs 565-570 levels with stop loss below Rs 475 levels.
NHPC | Buy | Target Price: Rs 122 | Upside Potential: Rs 22%
NHPC is involved across the entire chain of hydro power project development – from concept to commissioning. It had 7144 MW installed capacity through 26 power stations as of March 2024. NHPC contribution is 15 per cent of all India installed hydro power. It aims to be a 23 GW company by 2032 and a 50 GW company by 2047. It plans to undertake investments of Rs 80,000 crore by 2032 and Rs 3,60,000 crore by 2047. The company has a strong position in the Indian hydro power segment with 15 per cent market share. Its huge capacity addition plan indicates robust growth visibility. Its venture into renewable energy projects augurs well for the company. Thus, it is expected that the stock will see a price target of Rs 122 in 8 to 10 months.
Indraprastha Gas | Buy | Target Price: Rs 545-550 | Stop Loss: Rs 465
From last three months, IGL has been consolidating in a broader range of Rs 430-490 levels with prices holding well above its 200 days exponential moving average on daily charts as well. Last week a fresh consolidation breakout was observed on the daily charts with prices moving above its key resistance level of 490.The rise in price along with rise in volumes suggest a fresh long build up into the stock. Therefore, one can buy the stock in a range of 495-500 levels for the upside target of Rs 545-550 levels with stop loss below Rs 465 levels.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
As the Indian equity market is hovering near its record levels, domestic brokerage firm SMC Global has shared four stocks- Dabur India Ltd, NHPC Ltd, Wipro Ltd Indraprastha Gas Ltd (IGL)- to bet amid the scarce opportunities to make money. The brokerage has picked the former two based on its sound fundamentals, while the latter two appear to be strong on the technical parameters. Here's what the brokerage has to say about these counters:
Dabur India | Buy | Target Price: Rs 697 | Upside Potential: 16%
Dabur India is among the top Indian FMCG players and the world’s largest Ayurvedic and natural health care company. Its portfolio includes 8 distinct power brands such as Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara and Dabur lal tel In the healthcare space; Dabur Amla and Dabur Red Paste in the personal care category; and Real in the food & beverages space. It has delivered a strong overseas performance in the overseas markets. Despite the macroeconomic headwinds, the company remained focused on rolling its consumer-centric innovation and investing heavily behind its brands, which increased by 33 per cent, to drive demand and also sustain the growth momentum. The stock is expected to will see a price target of Rs 697 in 8 to 10 months’ time frame.
Wipro | Buy | Target Price: Rs 565-570 | Stop Loss: Rs 475
Wipro's stock experienced a series of profit-taking and seen after reaching its 52-week high of Rs 545.90 in February 2024, retracing back towards its 200-day exponential moving average on a weekly interval. Despite this, the stock found support at that level and subsequently witnessed a sharp rise, breaking out above the falling trend line of a downward sloping channel. Last week, bullish momentum re-emerged as the stock successfully surpassed its key resistance level of 500.Therefore, one can buy the stock in the range of Rs 505-510 levels for the upside target of Rs 565-570 levels with stop loss below Rs 475 levels.
NHPC | Buy | Target Price: Rs 122 | Upside Potential: Rs 22%
NHPC is involved across the entire chain of hydro power project development – from concept to commissioning. It had 7144 MW installed capacity through 26 power stations as of March 2024. NHPC contribution is 15 per cent of all India installed hydro power. It aims to be a 23 GW company by 2032 and a 50 GW company by 2047. It plans to undertake investments of Rs 80,000 crore by 2032 and Rs 3,60,000 crore by 2047. The company has a strong position in the Indian hydro power segment with 15 per cent market share. Its huge capacity addition plan indicates robust growth visibility. Its venture into renewable energy projects augurs well for the company. Thus, it is expected that the stock will see a price target of Rs 122 in 8 to 10 months.
Indraprastha Gas | Buy | Target Price: Rs 545-550 | Stop Loss: Rs 465
From last three months, IGL has been consolidating in a broader range of Rs 430-490 levels with prices holding well above its 200 days exponential moving average on daily charts as well. Last week a fresh consolidation breakout was observed on the daily charts with prices moving above its key resistance level of 490.The rise in price along with rise in volumes suggest a fresh long build up into the stock. Therefore, one can buy the stock in a range of 495-500 levels for the upside target of Rs 545-550 levels with stop loss below Rs 465 levels.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.