Produced by: Prashun Talukdar
Domestic benchmarks on Thursday settled lower as banks, financials, IT, metals and energy stocks dragged. The 30-share BSE Sensex slumped 528 points or 0.68% to close at 77,620 and the broader NSE Nifty slipped 162 points or 0.69% to end at 23,527. India VIX, fear index, rose 1.33% to 14.66-level.
For January 10 (Friday), an analyst from a domestic brokerage assigned 'Buy' calls on ITC, SBI Life and HUL shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 450.45 | SL: Rs 425 The Prabhudas Lilladher (PL) analyst has given a 'Buy' call on ITC Ltd shares with a target price of Rs 520. The scrip has shed 3.04% in the past one year. "The stock has witnessed a decent erosion from Rs 500 level with support currently positioned at Rs 440. We suggest buying it for an upside target of Rs 520, keeping a stop loss of Rs 425," said Shiju Koothupalakkal, Technical Research Analyst at PL.
LTP: Rs 1,471.45 | SL: Rs 1,340 The analyst from PL has also selected SBI Life Insurance Company Ltd in his stock recommendations. He has given a 'Buy' call on the counter with an upside target of Rs 1,720 per share. The scrip has edged up 1.52% in a year. "The stock has eroded significantly from the Rs 1,930 zone and currently taken support near Rs 1,385. With a significantly favourable risk-reward ratio, we suggest to buy it for an upside target of Rs 1,720, keeping stop loss placed at Rs 1,340," Koothupalakkal stated.
LTP: Rs 2,440 | SL: Rs 2,240 The PL analyst has included Hindustan Unilever Ltd (HUL) as well in his stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 1,680, he said. The counter has slipped 5.42% in the past one year. "The stock has witnessed a significant erosion in the last 3 months from Rs 3,030 level. It has currently taken support near the Rs 2,315 zone. One can buy it for an upside target of Rs 2,870 with a stop loss of Rs 2,240," Koothupalakkal mentioned.
"For Nifty, a follow-up breach below 23,500 would validate a sell-on-rise strategy, with further downside expected. Conversely, holding this support may lead to consolidation. For the short term, 23,500 acts as a key support, while resistance is placed at 23,800, capping any upside," said Vatsal Bhuva, Technical Analyst at LKP Securities.
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