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Domestic benchmarks scaled on Thursday extended their record run, led by gains in energy, pharma and consumer goods stocks. The 30-share BSE Sensex pack rose 372 points or 0.52% to settle at 72,410, while the broader NSE Nifty index moved 124 points or 0.57% up to close at 21,779. India VIX, fear index, fell 2.68% to 15.14-level.
For December 29 (Friday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Torrent Power, Ipca Labs and VA Tech Wabag. Check share price targets, analysis, investment rationale and other crucial details about these technical bets. (Today is the last trading day of the calendar year 2023.)
LTP: Rs 921 | SL: Rs 870 An analyst from Prabhudas Lilladher (PL) has given a 'Buy' call on Torrent Power shares with a target price of Rs 1,045. The stock has zoomed 83.98% in 2023 so far and 49.70% in last six months.
"There are signs of improvement with a pullback witnessed and with the RSI (Relative Strength Index) well placed. It has indicated a trend reversal to anticipate for a further rise in the coming days. With charts looking attractive, one can buy and accumulate the stock for an upside target of Rs 1,045 level with maintaining the stop loss near Rs 870 level," said Shiju Koothupalakkal - Technical Research Analyst at Prabhudas Lilladher.
LTP: Rs 1,106.45 | SL: Rs 1,020 The PL analyst has also selected Ipca Laboratories shares in his stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 1,230 per share. The stock has jumped 32.24% on a year-to-date (YTD) basis and 48.95% in six months.
With charts looking good, we can anticipate for next targets of Rs 1,190-1,230 levels in the coming days, keeping stop loss placed at Rs 1,020 level, said Shiju Koothupalakkal.
LTP: Rs 641.15 | SL: Rs 605 The analyst from PL has included VA Tech Wabag shares in his stock picks as well with a 'Buy' call for targets of Rs 690-720. The scrip has rallied 93.35% in 2023 so far and 30.89% in the past six months.
"We expect positional targets of Rs 690-720, keeping stop loss at Rs 605 level," said Koothupalakkal.
"Nifty remained firmly in bullish territory as the index surged to a new all-time high. Strong put writing at the 21,700 strike bolstered the bulls, propelling the index toward 21,800. Short-term support is situated at 21,700, signaling a continued bullish sentiment. A decisive move above 21,800 could lead the index toward the 22,000 mark," said Rupak De, Senior Technical Analyst at LKP Securities.
"Nifty Bank has surged above the recent consolidation phase on daily timeframe, signaling growing optimism among market participants. It has maintained its position above the critical short-term moving average, affirming the positive trend. In the short term, the outlook appears positive, maintaining a bullish stance as long as it stays above 48,500. Resistance is placed at 49,000 on the higher end," said De 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.