Produced by: Prashun Talukdar
Domestic benchmarks took a breather on Tuesday after witnessing a sharp cut in the previous session. This mild recovery was steered by gains in metals, pharma, healthcare and energy stocks. The 30-share BSE Sensex pack rose 234 points or 0.30% to close at 78,199 and the broader NSE Nifty index moved 92 points or 0.39% higher to finish at 23,708. India VIX, fear index, tumbled 6.32% to 14.66-level.
For January 8 (Wednesday), analysts from a domestic brokerage assigned 'Buy/Sell' calls on ONGC, Granules India and Bank of Baroda shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 264 | SL: Rs 255 Analysts from Religare Broking have given a 'Buy' call on Oil and Natural Gas Corporation (ONGC) Ltd shares with a target price of Rs 282. The scrip has risen 21.13% in the past one year. "The stock is showing signs of a reversal after a sharp correction. Its robust chart structure and attractive risk-reward ratio strengthen the bullish outlook. Traders may consider initiating fresh positions in ONGC," the brokerage said.
LTP: Rs 613.40 | SL: Rs 600 Religare analysts have also selected Granules India Ltd in their stock recommendations. They have given a 'Buy' call on the counter with an upside target of Rs 648 per share. The scrip has gained 53.16% in a year. "Granules is showing resilience, aligning with the strength seen in other pharma stocks. Investors are encouraged to hold counters like Granules, as its technical setup suggests strong upside potential," the domestic brokerage stated.
LTP: Rs 232.45 | SL: Rs 237 Analysts have included Bank of Baroda Ltd as well in their stock suggestions but with a 'Sell futures' call. The stock can hit a downward target of Rs 225, they said. The counter has slipped 12.02% in the past one year. "PSU bank stocks have been under pressure with every rebound facing selling pressure. Given the current price action and volume trends, traders may consider shorting BoB futures at the current levels," the broking firm mentioned.
"Markets continue to face significant selling pressure during recovery attempts, indicating that bears remain in control. On a positive note, the dip in the volatility index (India VIX) reflects reduced nervousness among the participants. Given these mixed signals, we recommend maintaining a 'sell-on-rise' strategy for Nifty unless it decisively surpasses the resistance at 24,250. Additionally, the start of the earnings season is expected to create stock-specific opportunities. So, traders should focus on selective positioning and prioritise risk management," said analysts at Religare Broking.
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