Produced by: Prashun Talukdar
Domestic benchmarks on Tuesday extended their strong upward run for the third consecutive session, led by gains in banks, financials, automobile, metal and energy stocks. The 30-share BSE Sensex jumped 598 points or 0.74% to close at 80,846 and the broader NSE Nifty moved up 181 points or 0.75% to end at 24,457. India VIX, fear index, fell 2.22% to 14.37-level.
For December 4 (Wednesday), analysts from a domestic brokerage assigned 'Buy' calls on Vedanta, SBI and Bharat Electronics shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 467.80 | SL: Rs 452 Analysts from Religare Broking have given a 'Buy' call on Vedanta Ltd shares with a target price of Rs 500. The scrip has soared 93.39% in the past one year. "A noticeable recovery is seen in the metal pack and Vedanta is trading in line with the move. The stock is currently trading above its short and long averages. This suggests that the bullish trend is likely to persist, presenting an opportunity to initiate fresh positions," the brokerage said.
LTP: Rs 853.50 | SL: Rs 830 Religare analysts have also selected State Bank of India (SBI) Ltd in their stock recommendations. They have given a 'Buy' call on the counter with an upside target of Rs 905 per share. The scrip has gained 43.52% in a year. "SBI remained an outperformer among the PSU banking basket and has now formed a new buying pivot after consolidating in a broader range. Recent price action indicates a potential steady uptrend and hence, the stock can be considered for fresh buying," the domestic brokerage stated.
LTP: Rs 312 | SL: Rs 302 Analysts have included Bharat Electronics Ltd (BEL) as well in their stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 332, they said. The multibagger counter has rallied 103.19% in the past one year. "The stock is likely to continue its ongoing upward momentum and test its record high soon. One can consider initiating a fresh position for a target of Rs 332 in the near term," Religare mentioned.
"Nifty surpassed its 24,350 resistance zone and a sustained momentum could drive the index toward 24,700. We recommend adopting a 'buy-on-dip' strategy for the index. While most sectors are contributing to the recovery, our preference remains with IT and banking, advising a selective approach in other sectors," Religare Broking said.
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