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Domestic benchmarks settled lower in previous trade, pausing their two-day upward run. The 30-share BSE Sensex pack fell 238 points or 0.37% to close at 63,875, while the broader NSE Nifty index moved 61 points or 0.32% down to end the session at 19,080. India VIX, fear index, rose 2.91% to 11.83-level.
For November 1 (Wednesday), share market analysts from a few brokerages have assigned 'Buy' calls on HCL Tech, Muthoot Finance, Titan and Hindustan Oil. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,275.50 | SL: Rs 1,225 Analysts at Religare Broking have given a 'Buy' call on HCL Technologies shares with a target price of Rs 1,355. The stock has risen 22.71% in 2023 so far.
"HCL Tech has been in a steady uptrend and currently hovering around record high. The recent price action combined with signals from the oscillators are pointing towards a breakout soon," Religare stated.
LTP: Rs 1,307 | SL: Rs 1,268 Religare has also selected Muthoot Finance in its stock recommendations. The analysts have given a 'Buy' call on the counter with a target price of Rs 1,440 per share. The stock has climbed 19.72% on a year-to-date (YTD) basis.
"Muthoot Finance has been inching gradually higher, after forming a fresh pivot above the support zone of multiple moving averages while majority are struggling in the prevailing corrective phase. It has retested the previous swing high and may take a breather before resuming the up move. We thus recommend to accumulate fresh in the given range," Religare said.
LTP: Rs 3,194 | SL: Rs 3,080 An analyst at Prabhudas Lilladher (PL) has picked Titan Company in its short-term bets. The brokerage has given a 'Buy' rating on the counter with target prices of Rs 3,340-3,370. The multibagger scrip has surged 24.49% in 2023 so far.
"The positive bullish candle has shown strength moving past the important 50-EMA (Exponential Moving Average) level of Rs 3,178 zone anticipating for further rise in the coming days. The RSI (Relative Strength Index) has indicated a trend reversal to signal a buy. We suggest to buy the stock for upside targets of Rs 3,340-3,370 levels, keeping a stop loss of Rs 3,080," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
LTP | Rs 164.40 | SL: Rs 154 PL also suggested Hindustan Oil Exploration Company for investors with a short-term view. The brokerage has given a 'Buy' rating for a target of Rs 192. The scrip has moved 16.55% up in 2023 so far.
"The stock has maintained a strong bottom near Rs 154 level and the consolidation has been there for quite some time with currently the bias improving to some extent. There is an anticipation for further rise in the coming days. The RSI also is well placed. We suggest to buy and accumulate this stock for an upside target of Rs 192 levels, keeping the stop loss at Rs 154," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
"Nifty has already retraced around 7% from its record high but a breakdown below 18,800 could trigger the next leg of slide towards 18,200-18,500 zone. In case of a rebound, the hurdle around 19,200-19,500 would cap the upside. Traders should align their positions accordingly, with a focus on overnight risk management," Religare stated.
"We expect any rebound towards 43,400-43,800 zone to act as a strong hurdle and participants should look for shorting opportunities on the rise. On the downside, the 41,500-41,900 zone may offer some support," the brokerage mentioned.
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.