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Domestic benchmarks rebounded during previous trade, pausing their six-day losing run. The 30-share BSE Sensex pack gained 635 points or 1.01% to close at 63,783, while the broader NSE Nifty index moved 190 points or 1.01% up to end the session at 19,047. India VIX, fear index, dived 7.03% to 10.91-level.
For October 30 (Monday), share market analysts from a few brokerages have assigned 'Buy' calls on Asian Paints, Shriram Finance, Venus Pipes and Bajaj Finance. Check share price targets, analysis, investment rationale and other crucial details about these long-term bets.
LTP: Rs 2,954.30 Analysts at Religare Broking have given a 'Buy' call on Asian Paints shares with a target price of Rs 3,939. The stock has slipped 3.02% in 2023 so far.
"We believe industry tailwinds such as festive demand, marriage season and government spending towards infrastructure & housing and demand from real-estate will aid growth for the paints sector and Asian Paints being a leader will benefit from it. Additionally, the company's plan of innovating products along with focusing on expanding in the decorative segment by growing its home décor bodes well," Religare stated.
LTP: Rs 1,936 Religare has also selected Shriram Finance in its stock recommendations. The analysts have given a 'Buy' call on the counter with a one-year target price of Rs 2,196 per share. The stock has risen 39.70% on a year-to-date (YTD) basis.
"We remain positive on Shriram Finance on the back strong growth in AUM (Assets Under Management), growth of high yielding segments and uptick in margins. The management remains positive on the growth path going forward and expects AuM growth as well as margins to sustain. It also marching towards technological development by launch of various digital initiatives and also partnering with fintech companies such as Paytm to widen its reach and provide superior user experience," Religare said.
LTP: Rs 1,395.80 Analysts at Nuvama Institutional Equities have picked Venus Pipes & Tubes in their long-term bets. The brokerage has given a 'Buy' rating on the counter with a target price of Rs 1,686. The multibagger scrip has zoomed 94.64% in 2023 so far.
"Venus Pipes posted another set of robust results in Q2 FY24 with revenue/EBITDA/PAT growing 51%/124%/95% YoY. Strong growth in value-added (seamless pipe 153% YoY), improved export sales (15% versus 1% in Q1 FY23) and benefits from backward integration aided margin expansion to 18%," Nuvama said.
LTP | Rs 7,506.20 Brokerage Geojit has suggested Bajaj Finance with a long-term view for investors. The brokerage has given a 'Buy' rating for a target of Rs 8,631. The multibagger scrip has climbed 14.48% in 2023 so far.
"The non-banking financial company (NBFC) appeared to focus on digital transformation which would also put some pressure on margins. While enhanced loan book should provide a cushion to stretched margins. However, strong presence through digital interface to acquire additional customers, locations and products provides a promising outlook for long-term growth," Geojit stated.
"After relentless selling in recent days, Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed significantly below the critical breakdown level of 19,250. As long as it stays below 19,250, the market may continue to be inclined towards selling on any upward movements. On the downside, a resumption of weakness is expected if the index falls below 18,800. This is because put writers are likely to defend the Nifty with substantial positions at 18,800, with immediate support placed at 19,000," said Rupak De, Senior Technical analyst at LKP Securities.
"After a consolidation breakdown on daily charts, Nifty Bank experienced a 2,000-point correction in a short span of time. The index appeared somewhat oversold, leading to a pullback on Friday. However, the sentiment remains predominantly bearish, and any upward movements may still face selling pressure. On the upper side, 43,000 could serve as a significant resistance level, as call writers have established substantial positions there. Support can be observed at 42,500, where writers have a strong presence," De from LKP stated.
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